内幕交易、信息披露做出更多、更详细的规范,确保市场安全有效规范运行,保护中小投资 者的信息获得权,从而把他们从孤立无援中解放出来。 5前路与希望 作为“乌龙指事件”主角之一,杨剑波被证监会处罚,从光大离职。告别证券业的杨剑波 选择了回到母校上海财经大学任教,但他认为证监会对他的处罚不合法理,2014年2月, 杨剑波提起诉讼状告证监会,请求撤销其做出的《行政处罚决定书》和《市场禁入决定书》。 漫长的审理过程之后,杨剑波一审败诉。但他并没有放弃,当庭表示上诉。“民告官” 注定是一条艰难曲折的道路,杨剑波坦言在状告证监会的过程中,自己也有相当的压力以及 些需要克服的东西。“但我一直心态都很好。从来没有心理不适,更没有沮丧过。” 与此同时,温州的郭女士也在等待,我国目前内幕交易引发的民事诉讼方面并没有明确 的司法解释,投资者损失如何计算、因果关系如何认定等都还缺乏相应的法律条文支撑。投 资者们的索赔之路,注定崎岖艰难 “乌龙指”衍生出的两起案件,无论结果如何,都将为最高人民法院研究出台内幕交易和 利用未公开信息交易民事贲任的司法解释提供实践基础。一次有争议的监管,以及随后的依 法维权,恰恰是司法自我完善的重要途径。看到“乌龙指”背后的法治价值,我们才能看到现 代性监管在中国逐渐成熟的希望。 (案例正文字数7886字)
11 内幕交易、信息披露做出更多、更详细的规范，确保市场安全有效规范运行，保护中小投资 者的信息获得权，从而把他们从孤立无援中解放出来。 5 前路与希望 作为“乌龙指事件”主角之一，杨剑波被证监会处罚，从光大离职。告别证券业的杨剑波 选择了回到母校上海财经大学任教，但他认为证监会对他的处罚不合法理，2014 年 2 月， 杨剑波提起诉讼状告证监会，请求撤销其做出的《行政处罚决定书》和《市场禁入决定书》。 漫长的审理过程之后，杨剑波一审败诉。但他并没有放弃，当庭表示上诉。“民告官” 注定是一条艰难曲折的道路，杨剑波坦言在状告证监会的过程中，自己也有相当的压力以及 一些需要克服的东西。“但我一直心态都很好。从来没有心理不适，更没有沮丧过。” 与此同时，温州的郭女士也在等待，我国目前内幕交易引发的民事诉讼方面并没有明确 的司法解释，投资者损失如何计算、因果关系如何认定等都还缺乏相应的法律条文支撑。投 资者们的索赔之路，注定崎岖艰难。 “乌龙指”衍生出的两起案件，无论结果如何，都将为最高人民法院研究出台内幕交易和 利用未公开信息交易民事责任的司法解释提供实践基础。一次有争议的监管，以及随后的依 法维权，恰恰是司法自我完善的重要途径。看到“乌龙指”背后的法治价值，我们才能看到现 代性监管在中国逐渐成熟的希望。 （案例正文字数 7886 字）
The Legal responsibility and Compensation to Investors in Everbright Securities Fat Finger scandal Abstract: Capital market is a market under the restriction of law. If capital market runs out of control, all participants will be hurt. Although capital market can help build a prosperous economy, investors'interests cannot be violated deliberately. The regulators should largely bear legal responsibility to forbid misconducts driven by the great interest, both subjective and objective. In face of the ahead or lagged laws and regulations, regulators need to exercise powers and perform duties in accordance with not only legal authorization, but also fairness and justice The most important is to guarantee open and transparent environment everywhere, and differentiate and analyze a path towards regulation corresponding to the realistic demands and cost burdens in fact argumentation and interest games. Around the 8 16 Everbright Securities fat finger'event, the teaching case discussed the technique problems due to the arbitrage system, and the short-term fluctuations of the market index by insider trading. In consequence, a broad range of investors suffer huge losses by the hedging trades of Everbright Securities. The case further discussed the legal responsibility behind the severely big swings of the capital market, and civil claims of the two cases derived from the "fat finger case. The true value of the rule of law refers to providing practical basis to the judicial interpretation of insider trading and the civil responsibilities of the use of non-public information trading. Only cast focus on this point, China can make a progress in the rule of law, and thus regulation of modernity will gradually mature in the foreseeable future Key words: Everbright Securities; Fat Finger; Insider Trading; Legal Responsibility; Civil Litigation Claims: Securities law
12 The Legal Responsibility and Compensation to Investors in Everbright Securities Fat Finger Scandal Abstract: Capital market is a market under the restriction of law. If capital market runs out of control, all participants will be hurt. Although capital market can help build a prosperous economy, investors‟ interests cannot be violated deliberately. The regulators should largely bear legal responsibility to forbid misconducts driven by the great interest, both subjective and objective. In face of the ahead or lagged laws and regulations, regulators need to exercise powers and perform duties in accordance with not only legal authorization, but also fairness and justice. The most important is to guarantee open and transparent environment everywhere, and differentiate and analyze a path towards regulation corresponding to the realistic demands and cost burdens in fact argumentation and interest games. Around the „8·16 Everbright Securities fat finger‟ event, the teaching case discussed the technique problems due to the arbitrage system, and the short-term fluctuations of the market index by insider trading. In consequence, a broad range of investors suffer huge losses by the hedging trades of Everbright Securities. The case further discussed the legal responsibility behind the severely big swings of the capital market, and civil claims of the two cases derived from the „fat finger‟ case. The true value of the rule of law refers to providing practical basis to the judicial interpretation of insider trading and the civil responsibilities of the use of non-public information trading. Only cast focus on this point, China can make a progress in the rule of law, and thus regulation of modernity will gradually mature in the foreseeable future. Key words: Everbright Securities; Fat Finger; Insider Trading; Legal Responsibility; Civil Litigation Claims; Securities Law