陈逢源

中央财经大学，北京100081



我国证券错误交易撤销之认定标准探析

陈逢源

中央财经大学，北京100081

［摘要]在证券交易的过程当中，由于过失人为差错所导致的错误交易难以避免并且往往会造成严重后果，作为其重要处置措施之一的证券错误交易撤销制度在我国仍处于空缺状态，而在域外已被广泛应用并渐趋成熟。证券错误交易的认定标准，作为其中的基础问题和适用前提无疑是该制度最核心的内容之一。本文基于对域外证券错误交易撤销制度中认定标准的考察和学习，针对我国目前错误交易处置制度的现状与问题，拟尝试从时间、对象、原因、表现形式、结果五个维度初步设计我国的错误交易认定标准，以期推动构建我国的证券错误交易撤销制度。

［关键词]证券错误交易；撤销制度；认定标准

The Research on the Identified Standards of Revocation System of Chinese Erroneous Securities Transaction

CHEN Feng-yuan

（Central University of Finance and Economics，Beijing 100081）

［Abstract］In the process of securities transaction, the occurrence of erroneous transaction caused by human error is inevitable and always has great adverse impact. As one of the important regulation, the revocation system of erroneous securities transaction has been widely used and become more mature in foreign countries but it is still vacant in our country. As one of the basic problems and applicable premise, the identified standard of erroneous transaction is undoubtedly one of the most core content of the system. Based on the investigation and study of the identified standards of erroneous securities of extraterritorial securities trading system and the present situation and problems of disposal system of erroneous trades in our country, this article tries to preliminarily design the identified standards of erroneous transaction, which contain five dimensions including the time, object, cause, manifestation and result, wishing to promote the construction of erroneous securities transaction's revocation system in our country.

［Key words］erroneous securities transaction; the revocation system; the identified standards

一、证券错误交易及其撤销制度的界定

国际证监会组织技术委员会于2005年发布的《错误交易政策研究报告》将证券错误交易界定为“因市场参与者行为或交易系统故障而导致错误执行的交易”①。与证券错误交易相关并需区分的概念是证券异常交易情况和证券异常交易行为。根据我国法律法规以及上海、深圳证券交易所的交易规则可知，证券异常交易情况是指导致或可能导致本所证券交易全部或者部分不能正常进行的情形，具体包括不可抗力、意外事件、技术故障等。证券异常交易行为是指证券市场主体在从事证券发行、交易、管理或者其他相关活动中，主观故意侵害投资者权益，进而给市场秩序造成混乱的行为。……