證券糾紛特別代表人訴訟規則的限制型釋義

Restrictive Interpretation of Litigation Rules of Special Representative in Securities Disputes

中國大陸《證券法》第95條第3款創制的特別代表人訴訟，是一種具有特色的群體訴訟制度。關於特別代表人訴訟規則的釋義，存在擴張型釋義與限制型釋義兩種模式，前者主張程序啟動的開放性與利益保護的傾斜性，後者強調程序啟動的保守性與利益保護的兼顧性。限制型釋義模式不但有利於社會公共利益，也有利於上市公司的利益，而且不會損害投資者與投資者權利保護機構的利益。從利益衡量的結果看，對特別代表人訴訟規則進行法教義學分析應以限制型釋義為基本模式。在程序啟動規則的限制型釋義上，嚴格遵守遞進式提出方式，設置訴訟審查的形式標準與實質標準。在當事人規則的限制型釋義上，設定實質化的權利人範圍裁定程序，設計投資者保護機構訴訟實施權的監督體系。在訴訟攻擊防禦方法的限制型釋義上，明確主張責任與證明責任的分配規則，合理提高推定原則的適用門檻。

The special representative litigation system created in paragraph 3 of Article 95 of the securities law of Chinese Mainland is a group litigation system with characteristics. As for the interpretation of the special representative’s procedural rules, there are two modes: expansion interpretation and restriction interpretation. The former advocates the openness of procedure initiation and the inclination of interest protection, while the latter emphasizes the conservatism of procedure initiation and the consideration of interest protection. The restrictive interpretation model is not only conducive to the social and public interests, but also to the interests of listed companies, and will not damage the interests of investors and investor rights protection institutions. From the result of interest balancing, the restrictive interpretation should be the basic model for the legal dogmatics analysis of the litigation rules of the special representative. In the restrictive interpretation of the start-up rules, we should strictly abide by the progressive way of submission, and set the formal and substantive standards of litigation review. In the restrictive interpretation of the parties’ rules, we should set up a substantive ruling procedure for the scope of obligees and design a supervision system for the litigation implementation right of investor protection institutions. In the restrictive interpretation of litigation attack and defense methods, it clearly advocates the distribution rules of responsibility and burden of proof, and reasonably improves the application threshold of presumption principle.