证券违法行为人财产优先用于承担民事赔偿责任

the property of a securities law-breaker shall be used first to bear civil compensation liabilities

本报讯 证监会官网7月29日消息，7月27日，证监会、财政部联合发布《关于证券违法行为人财产优先用于承担民事赔偿责任有关事项的规定》（以下简称《规定》），明确了违法行为人所缴纳的行政罚没款用于承担民事赔偿责任的具体工作机制，率先将民事赔偿责任优先原则在证券领域落地。

Report from our correspondent China Securities Regulatory Commission official website on July 29 news, July 27, China Securities Regulatory Commission, Ministry of Finance jointly issued "On securities violators property priority to bear civil liability for compensation related matters"(hereinafter referred to as "Regulations"), clarified the illegal person paid administrative fines and confiscations used to bear civil liability for compensation specific working mechanism, took the lead in giving priority to civil liability for compensation in the securities field.

实践中，行政处罚决定往往先于民事判决作出，一些行政处罚案件特别是大额行政罚没款案件中，违法行为人缴纳罚没款后，剩余财产往往难以支付民事赔偿款，导致民事赔偿责任优先原则无法落实。通过将违法行为人已缴纳的行政罚没款作退库处理，用于承担民事赔偿责任，是落实《证券法》规定的民事赔偿责任优先原则的一种可行机制安排。

n practice, administrative punishment decisions are often made before civil judgments. In some administrative punishment cases, especially in cases of large administrative fines and confiscations, it is often difficult for the remaining property of the offender to pay civil compensation after paying the fines and confiscations, resulting in the failure to implement the principle of priority of civil compensation liability. It is a feasible mechanism arrangement to implement the principle of priority of civil compensation liability stipulated in the securities law by returning the administrative fines and confiscations paid by the violator to the Treasury for civil compensation liability.

《规定》于2022年3月11日至4月10日向社会公开征求意见，市场评价积极正面。期间共收到28条反馈意见，证监会会同财政部逐条作了研究，认真吸收采纳。《规定》共十四条，主要包括申请主体、申请期限、申请材料、办理流程等内容，明确了违法行为人所缴纳的行政罚没款用于承担民事赔偿责任的具体工作机制。

The regulations solicited public opinions from March 11 to April 10, 2022, and the market evaluation was positive. During this period, a total of 28 feedback opinions were received, and the CSRC, together with the Ministry of finance, studied them one by one and seriously absorbed them. There are 14 articles in the regulations, mainly including the application subject, application period, application materials, handling procedures and other contents, which clarify the specific working mechanism of the administrative fines and confiscations paid by the violators to bear civil liability for compensation.

民事赔偿责任优先原则在多个领域均有规定，《规定》率先将其在证券领域落地，对保护投资者合法权益具有十分重要的积极意义。《规定》的出台，是践行以人民为中心的发展思想，扎实开展“我为群众办实事”实践活动的重要举措，是顺应资本市场法治环境变化，切实保护投资者合法权益的现实需要。

The principle of priority of civil liability has provisions in many fields, and the "provisions" takes the lead in implementing it in the securities field, which is of great positive significance to protect the legitimate rights and interests of investors. The promulgation of the regulations is an important measure to practice the people-centered development thought and solidly carry out the practical activities of "I do practical things for the masses". It is also a practical need to comply with the changes in the legal environment of the capital market and effectively protect the legitimate rights and interests of investors.

随着《证券法》民事赔偿制度的完善、证券集体诉讼司法解释的出台、虚假陈述民事赔偿司法解释的修改，以及《规定》的施行，从证券审判标准、诉讼程序到赔偿保障环节的中国特色证券民事赔偿体系基本形成。

With the improvement of the civil compensation system of the securities law, the introduction of the judicial interpretation of securities class action, the revision of the judicial interpretation of civil compensation for misrepresentation, and the implementation of the provisions, a civil compensation system with Chinese characteristics for securities, from securities trial standards, litigation procedures to compensation protection, has basically taken shape.

证监会、财政部下一步将认真落实《规定》要求，努力把好事办好，切实保护投资者合法权益。（邢 萌）

In the next step, the CSRC and the Ministry of finance will earnestly implement the requirements of the provisions, strive to do good things and effectively protect the legitimate rights and interests of investors. (Xing Meng)