證券公會自律他律角色衝突之探討

Abstract

證券市場素有國家經濟櫥窗之稱，為資金需求者與資金供給者的服務平臺，對於促進實體經濟發展扮演十分關鍵之角色，因此如何監理證券市場向為各國主管機關關切之議題。然而證券業之監理，究由業者透過自我拘束之方式自律監理，或由政府透過外力方式監督業者，各國監理者及不同時期之監理政策採取各種不同之方式。我國證券監理係由金融監督管理委員會為主管機關，並由包括證券同業公會及證券交易所等證券周邊單位協助主管機關管理證券商，則此等監理架構下，證券同業公會對於證券商之管理，其性質究屬發乎自治對會員之自律管理，抑或接受主管機關指示代行相關行政任務之他律管理？自律與他律之角色、界限及衝突即為本文探討之重點。再者，由於國內及國際間對於自律一詞尚乏明確定義，因此本文將從自律之本質出發，藉由瞭解美國及英國之證券及自律監理模式，與國際組織對於自律之要求，分析我國證券同業公會是否已充分發揮其自律監理之角色功能，並對該組織提升自律機制提供相關建議，希證券業能透過有效之自我管理減少政府之干預，並提升自我，以健全我國證券市場之發展。

The stock market, also known as a window on the economy, is a platform that serves both capital demanders and capital providers. Owing to its importance of contributing economic development, supervision over the stock market has always been a key issue for authorities around the world. The application of self-regulation model that allow the securities industry to self-govern through abnegation, or statutory regulation model under which the securities industry is subject to the regulation of authorities, differs both in terms of nation and era. The Financial Supervisory Commission (FSC), assisted by peripheral securities institutions such as Taiwan Securities Association (TSA) and Taiwan Stock Exchange (TWSE), acts as the competent authority of the Republic of China for securities supervision, and they are responsible for the management of securities firms. Under this structure, whether TSA`s supervision of securities firms originate from its autonomous governance of members or from heteronomous delegation of the authorities for exercising relevant administrative tasks remains in question. The nature, boundaries and conflicts of the self-regulation and statutory regulation roles of TSA are the key points of discussion of this article. Moreover, no single definition of self-regulation is universal accepted. Therefore, this paper aims at exploring the nature of self-regulation by studying the samples of the self-regulation of America and United Kingdom and the self-regulation applications required by international organizations, so as to further advise TSA by analyzing whether it has fulfilled its role and functions in autonomous supervision. It is hoped that, by doing so, the securities industry may undergo effective reductions in government interference and enhance operational quality through self-governance, thereby strengthening the development of our country`s stock market.