PDF《关于交易所罚款权的相关法律问题分析》

7 《上海期货交易所章程》第五十八条:交易所对违规行为,视情节轻重和后果大小,可单处或并处警告、通 报批评、暂停开仓交易、强行平仓、暂停期货业务、罚款、没收违规所得、取消会员资格或市场禁止进入等处 罚.

8 《上海期货交易所交易规则》第一百一十九条:交易所应制定违规查处办法对违规行为进行处理.

56 FUTURES AND FINANCIAL DERIVATIVES

56 期货与金融衍生品 反规则的会员处以取消会员资格、暂停或 限制交易行为、罚款、警告、暂停营业或 者其他合适的处罚9 .又例如芝加哥商业交 易所集团(CME Group),其业务规则第 402条直接规定了其可以对会员处以不超过 100万美元的罚款10 . 我国期货交易所罚款权的来源可以 认为是上述两种情况的竞合,即一方面来 源于交易所与市场参与者之间的契约性规 定,同时在我国期货市场法规及交易所规 则中,对于交易所的自律罚款权进行了授 权性及具体的规定.

三、关于交易所罚款权的适用范围 境外各交易所对于处罚权适用范围的 规定有所有不同.如芝加哥商业交易所集 团,根据其业务规则第402A条规定,不 但对于会员可以采取处罚措施,对非会员 也可以进行处罚11 .纽约泛欧证券交易所 (NYSE Euronext)旗下NYSE根据其业务规 则,只对会员组织及其雇员进行处罚12 . 各交易所自律处罚权适用范围不同 的根本原因在于对自律监管契约论的不同 认识.以作为经纪商的客户身份参与交易 的投资者为例,否定者认为其与经纪商签 订期货经纪合同,具有直接契约关系,但 其并未与交易所之间签订契约,因此交易 所对其不能行使自律监管的权利,更无法 对其违规行为加以处罚.赞同者认为客户 承诺遵守交易所的规定,交易所的自律规 则即是交易所与所有市场参与者达成的 协议.如CME Group,其业务规则(CME Rulebook)第418条规定,任何人根据交 易所的交易规则直接或间接参与交易所交 易或从交易中获益,都承认接受交易所的 管辖,受到交易所交易规则的约束并同意

9 《Securities Exchanges ACT》,REGISTERED SECURITIES ASSOCIATIONS 15A(b): An association of brokers and dealers shall not be registered as a national securities association unless the Commission determines that― (7)The rules of the association provide that (subject to any rule or order of the Commission pursuant to section 17(d) or 19(g)(2) of this title) its members and persons associated with its members shall be appropriately disciplined for violation of any provision of this title, the rules or regulations thereunder, the rules of the Municipal Securities Rulemaking Board, or the rules of the association, by expulsion, suspension, limitation of activities, functions, and operations, fine, censure, being suspended or barred from being associated with a member, or any other fitting sanction.

10 《CME Rulebook》,402.B. Sanctions,If the Panel finds that a Member has violated a Rule, the Panel may take one or more of the following actions: 11. Impose a fine upon the Member not to exceed $1,000,000 per violation plus the amount of any benefit received as a result of the violation;

《CME Rulebook》402.A. Jurisdiction and General Provisions The Business Conduct Committee ( BCC ) shall have: 1) jurisdiction over Members with respect to matters relating to business conduct, trading practices, sales practices, trading ethics and market manipulations or other actions that threaten the integrity of the market;