On The Market Misconduct Tribunal Of Hongkong

Market Misconduct Tribunal is a unique insitition in the securities enforcement system of Hongkong. When the Securities and Futures Commission of Hongkong (SFC) finishs its investigation on market misconduct cases, usually it will not handle them to court. Instead the SFC will present them to the Market Misconduct Tribunal, a quasi-judicial body made up of judges and experts. Market Misconduct Tribunal is able to crack down market misconduct with efficiency and accuracy as well as constrain the power of the SFC. The thesis tries to analysis the Market Misconduct Tribunal from the persepective of "the principle of the separation of accusation and trial", and provide insights for the further reform of the Administrative Punishment Committee of the China Securities Regulatory Commission(CSRC).In the first part, the thesis introduces the basic concept and the theoretical basis and the specific application of "the principle of the separation of accusation and trial." Firstly, the thesis points out the "the principle of the separation of accusation and trial" requires the total separation of the procuratorate and the court. Secondly, the thesis analyzes the two theoretical basis of the "the principle of the separation of accusation and trial":the theory of the separation of powers and the theory of natural justice. Lastly, the thesis introduce the specific application of "the principle of the separation of accusation and trial" in the securities enforcement by taking the examples of Honkong and mainland China.In the second part, the thesis comments on the Securites Enforcement System of Hongkong as well as the Market Misconduct Tribunal. The Securites Enforcement System as a whole is discussed at the beginning of this chapter. Then the thesis introduces the origin and the development of the Tribunal System of UK. After that, the thesis analyzes the origin and development of the Market Misconduct Tribunal. Lastly, the thesis summarizes the controversial reform on the Market Misconduct Tribunal in2012.In the third part, the thesis discusses the embodiment of "the separation of accusation and trial" in the Market Misconduct Tribunal. Firstly, the thesis indicates that the Market Misconduct Tribunal is fully independent from the SFC both structually and economically. Secondly, the thesis analyzes the embodiment of "the separation of accusation and trial" in the proceeding of the Market Misconduct Tribunal. Lastly, the thesis introduces the power of the Market Misconduct Tribunal empowered by law.In the fourth part, the thesis elaborates on the Securities Enforcement System of Mainland China. The thesis divides the history of securities enforcement system of Mainland China into four different periods by using the standard of whether or not the investigation is truly separated from the trial. After that, the thesis analyzes the main characteristic of the current Securities Enforcement System of Mainland China. Thirdly the thesis introduces the operation mechanism of the Administrative Punishment Committee as well as its shortcomings.In the fifth part, the thesis compares the Market Misconduct Tribunal of Hongkong with the Administrative Punishment Committee of Mainland China and reaches to the conclusion that the Market Misconduct Tribunal can provide many insights for the further reform of the Administrative Punishment Committee...