——美国证交会铁面执法近80年

Wherefore, the SEC enforcement nearly 80 years

　　文/贺绍奇

Wen/He Shaoji

　　美国证交会自成立之日起，就举着保护投资者的大旗，四处狙击各种犯罪活动，且不断创新制度、加强执法力度。在美国证交会那里，资本市场的法律成为“长满牙齿”的凶猛老虎。

The us securities and exchange commission since the date of establishment,Marching under the banner of the protection of investors,Sniper around various criminal activities,And innovation system/To strengthen enforcement efforts.In the us securities and exchange commission,Capital market to become law"Full of teeth"The ferocity of the tiger.

　　“很少有人会把证交会（指SEC，美国证券交易管理委员会）被其监管的行业俘获的说法当真。很简单，只要理性地阅读证交会的历史，就可证明该说法是不可靠的。”

"It is hard for some people to see the SEC(Refers to the SEC,The U.S. securities and exchange commission)Was captured by the its regulatory industry seriously.Is very simple,As long as the reason to read the history of the SEC,Can be proved that the theory is not reliable."

　　对美国证券交易委员会（以下简称“美国证交会”）历史有深入研究的资深学者塞利格曼如是说。他同时道出了全球最发达国家的证券监管机构赢得世界性声誉的真谛，那就是矢志不渝地严厉执法，并赢得专业、高效的世界性美誉。

The U.S. securities and exchange commission(Hereinafter referred to as the"The SEC")History is in-depth study of senior scholars seligman says.He also says the world's most developed countries about the true meaning of the securities regulator has won worldwide reputation,That's commitment to strict law enforcement,And win the professional/Efficient worldwide reputation.

　　矢志不渝严厉执法，赢来世界美誉

Unswervingly strict law enforcement,Won the world reputation

　　美国证交会是这样宣示其使命的：“保护投资者，维护公平、有序和有效率市场，便利资本募集。 ”

The SEC is declared its mission:"To protect investors,Maintain fair/Orderly and efficient markets,Convenient to raise capital. "

　　美国证交会由5名委员集体领导，分设4个部门和19个办事机构，目前，有员工大约3500名，其中执法部门是最大部门，有超过1100名员工，而且一直处于不断增加编制的状态。证交会执法部门2011年的预算是4.15亿美元，占整个委员会的预算大约是三分之一。

The SEC by five committee collective leadership,Set up four departments and 19 offices,At present,With about 3500 staff members,Department of law enforcement is the biggest among them,There are more than 1100 employees,And increasing has been compiled by the state.The SEC's enforcement division 2011 budget is $2011,Budget is about a third of the entire committee.

　　从美国证交会成立之日，监管执法一直就是证交会首要工作。从财力投入上，证交会全部财政预算中，用于执法的预算始终保持37.9%到41.0%之间。2011年度，证交会预算总额16.73亿美元，其中用于监管执法的预算就高达6.229亿美元。

Since it was founded in the us securities and exchange commission,Regulatory enforcement has been a priority of the SEC.From the financial investment,All of the SEC in the budget,Used in law enforcement budget always stay between 37.9% and 41.0%.The year in 2011,The SEC's budget $1.673 billion,Which is used for regulatory enforcement budget is $622.9 million.

　　在资本市场上制定一部严格保护投资者的法律并不难，但再好的法律如果不能得到有效实施，就如没有牙齿的纸老虎，无法组织资本市场成为投机者、违法犯罪冒险家的乐园。从证交会成立之日起，保护投资者，打击各种违法联邦证券法违法犯罪活动，就贯彻始终，而且不断得到加强。

In the capital market it's not difficult to formulate a strict the law to protect investors,But if it is a good law cannot be effectively implemented,As a toothless paper tiger,Unable to organize capital market speculators/Illegal crime the paradise of adventurers.Since it was founded in the SEC,To protect investors,Federal securities laws against illegal illegal and criminal activities,Is persistent,And constantly strengthened.

　　美国证交会执法理念及执法风格经历四个阶段演变：

The SEC's enforcement concept and style of law enforcement experience four stages of evolution:

　　第一阶段：救济性执法

The first stage:Relief law enforcement

　　从1934年证交会成立到1984年联邦《内幕交易制裁法》颁布，这一阶段执法总体上来说是救济性的，主要是帮助受害者追回损失。

From the SEC was established in 1934 to 1934 the federal[Insider trading sanctions]issued,This stage of the total law enforcement relief,Mainly is to help the victims recover losses.

　　在1934年证交会成立时，执法主要是由地区办公室承担。在随后40年间，地区办公室主要负责案件查办，而证交会总部的交易和市场部则扮演监督和协调的角色，并负责将涉嫌犯罪的案件移送司法部起诉。到1944年，10年间，证交会就查办了涉嫌违反联邦或州证券法的44399人，其中获得对1057件针对企业和个人永久禁入裁决。“二战”期间，证交会居无定所，临时迁到费城，1948年返回华盛顿，尽管如此，在此期间，证交会也查办了大量案件。

The SEC was established in 1934,Law enforcement is mainly borne by the regional office.In the 40 years later,Regional office is mainly responsible for the case investigation,While the SEC's headquarters of trading and marketing play the role of supervision and coordination,And is responsible for the suspected criminal case is transferred for the justice department sued.By 1944,Ten years,The SEC is investigating the alleged violation of federal or state securities laws in 44399,1057 for a permanent no-go decision for enterprises and individuals."The second world war"During the period,The SEC of no fixed abode,Temporarily moved to Philadelphia,Return to Washington in 1948,In spite of this,During this period,The SEC investigation and also a lot of cases.

　　从20世纪50年开始持续到60年代，执法重任逐步转移到证交会总部，越来越多的案件查办和起诉都转移到总部。在整个50年代，总共查办了50个案件。到60年代，案件数量激增到每年40件。随着执法案件增多，1972年8月，威廉姆·蔡斯（William J. Casey）对证交会内部机构设置与资源配置进行重组，把分散交易和市场部、公司融资部、投资管理部的执法力量整合到新设立的执法部，以便能够集中执法资源，加强执法活动。

From the beginning of the 20th century 50 years until 60 s,Law enforcement responsibility gradually transferred to the headquarters of the SEC,A growing number of cases for investigation and prosecution are transferred to the headquarters.In the 50 s,A total of 50 cases were investigation.To the 60 s,This case have proliferated to 40 a year.With the increased law enforcement cases,In August 1972,William chase(William J. Casey)SEC internal institutions and resource allocation to restructure,The dispersed of trading and marketing/The company finance/Investment management division of enforcement power integration to the new law enforcement department,So you can focus on law enforcement resources,Strengthen the law enforcement activities.

　　第二阶段：惩罚性执法

The second stage:Penal law enforcement

　　这一阶段监管执法转型，从救济性执法转向惩罚性执法，时期：从1984年美国联邦《内幕交易制裁法》颁布到2002年萨班斯法颁布。

The phase transformation of regulatory enforcement,From relief law enforcement to penal law enforcement,period:In 1984 the federal[Insider trading sanctions]Issued to the sarbanes act in 2002.

　　从1984年开始，证交会执法开始转型，从救济性执法转向惩罚性执法，即不仅是要帮助投资者挽回损失，更重要的是对违法者加大惩罚，让法律充分发挥其威慑力。所谓救济性执法，是指在20世纪90年代前，证交会证券执法活动法定目标是为受伤害的投资者提供救济，不具有惩罚性，即借助证交会执法追缴违法者违法所得，弥补受害者的损失，对违法者唯一惩罚就是市场禁入。证交会在执法中发现，救济性执法威慑力不足，虽然有刑事惩罚措施，但提起刑事指控必须由联邦司法部负责，而司法部对证券刑事犯罪案件一直不是十分热衷。

Starting in 1984,The SEC's enforcement began to transition,From relief law enforcement to penal law enforcement,Which is not only to help investors to recover losses,What is more important for increasing penalties,Give full play to its deterrent to law.So-called relief law enforcement,Before is to point to in the 1990 s,The SEC securities law enforcement statutory goal is to provide relief for hurt investors,No punitive,With the SEC's enforcement recovered offenders illegal income,Make up for the loss of the victims,Market for the only punish violators is allowed.The SEC found in law enforcement,Relief law enforcement lack of deterrence,Although there are criminal penalties,But the federal department of justice filed criminal charges must be responsible for,And the ministry of justice of the securities criminal case has not been very keen.

　　在证交会推动下，国会先后通过了《1984年内幕交易制裁法》、《1988年内幕交易和证券欺诈执法法》、《1989年证券执法法》和《1990年证券和执法救济和垃圾股改革法》。这些立法不仅扩大了证交会的执法权力，同时也给予违法者惩罚的权力。证交会获得以下新的执法权力：第一，对违反联邦证券法的个人和实体采取经济惩罚的权力；第二，对违反联邦证券法反欺诈规定的上市公司董事和高管采取禁入的权力；第三，对违反联邦证券法的行为人予以追缴没收的权力。

Pushed by the SEC,Congress has passed[Insider trading sanctions in 1984]/[Insider trading and securities fraud law enforcement act (1988)]/[Securities law enforcement act (1989)]and[1990 securities and enforcement relief and trash stock reform].The legislation not only expanded the SEC's enforcement power,At the same time, it's power to punish offenders.The SEC for the following new law enforcement power:The first,In violation of the federal securities laws of the individual and entity to take economic punishment power;In the second,In violation of the antifraud provisions of the directors and executives of listed companies to take all power;In the third,In violation of the federal securities law violator recovered, seized power.

　　赋予证交会对违法者惩罚的权力包括：第一，对公司董事和高管采取禁入措施和对个人和注册实体予以处罚和训诫的权力。第二，加大了惩罚力度。1984年内幕交易制裁法给予损害三倍赔偿的处罚，刑事罚金上限提高到10万美元。1988年内幕交易和证券欺诈执法法加大了刑事处罚力度：一是将对个人的刑事罚金上限从提高到10万美元，对非自然人实体上限提高到250万美元；二是刑期上限提高到10年；三是允许对提供犯罪线索的人给予奖励。该法还同时明确了针对内幕交易者提起民事索赔诉讼的权利。

Give the SEC power including of offenders punished:The first,One Corporate directors and executives keepout measures and penalties for individuals and entities to be registered and the powers of the sermon.In the second,Increased the penalties.Insider trading in 1984 under given punishment of three times the compensation for damage,Criminal fines limit increase to $100000.Insider trading and securities fraud law enforcement act (1988) enlarged the criminal penalties:A criminal penalty limit for individuals from increased to $100000,To a natural person entity limit increase to $2.5 million;The second is sentence limit increase to 10 years;Three people is allowed to provide clues to criminal reward.The law also made clear the rights of a civil claim against insider traders.

　　但在整个90年代，证交会并没有充分运用法律赋予它的广泛权力，从1990年到2002年施乐案，证交会只提起了4件对发行人予以经济惩罚的案件，总共罚款不到500万元。

But throughout the 90 s,The SEC did not make full use of extensive law gives it power,From 1990 to 2002, xerox,The SEC filed only 4 pieces to the issuer for financial penalties,A fine less than RMB 5 million in total.

　　第三阶段：公司惩罚时代（Corporate Penalty Era）

The third stage:Company punishment era(One One Corporate Penalty Era)

　　安然、世通案后，国会通过萨班斯法，该法进一步扩大了证交会执法权力，加大了对违法的刑事惩罚力度。

enron/Worldcom after,Congress passed the sarbanes-oxley law,The law further expanded the SEC enforcement power,Increased for illegal and criminal penalties.

　　该法中的“公平基金”的规定允许证交会将罚没收入用于补偿受害股东。由于网络泡沫破裂，大量欺诈案件暴露，尤其是安然、世通财务造假案发后，证交会针对欺诈和上市公司的监管执法力度空前加强。2001年度，证交会查处并起诉到法院案件激增到484件，2003年，证交会70岁生日时，再次猛涨到679件，其中涉及财务欺诈的案件2001年度达到112件，2003年攀升到199件。从2002年到2006年间，美国证交会共办理执法案件3119件，平均每年约624件。

The law of the"Equity funds"Regulations allow the incomes collected from fines shall compensate for the SEC will suffer.Since the dotcom bubble burst,A large number of fraud exposure,Especially the enron/After worldcom financial fraud crime,The SEC for fraud and the regulation of listed companies an unprecedented strengthening enforcement efforts.The year in 2001,The SEC investigation and prosecute to the court case soared to 484,In 2003,,The SEC 70 birthday,Again shot up to 679 pieces,Involving financial fraud cases in 2001 to 2001,Climbed to 199 in 2003.From 2002 to 2006,The SEC's 3119 deal with law enforcement cases,About 624 items per year on average.

　　在执法案件中，内幕交易查处始终一直是证交会的执法重点。2001乣2006年，证交会提起了超过300件内幕交易诉讼，起诉了600多个人和实体，平均每年高达50件。内幕交易案件占每年证交会提起诉讼中的7%乣12%。

In the enforcement of the law case,Insider trading has always been a focus on the SEC's enforcement is investigated.乣 2001 to 2006,The SEC filed more than 300 pieces of insider trading case,Filed a lawsuit against the more than 600 individuals and entities,As much as 50 per year on average.Insider trading cases accounted for 7% of the SEC sued 乣 7% a year.

　　不仅查处案件数量激增，证交会对违法者惩罚出手力度也空前猛烈。2002年施乐1000千万美元罚款案标志着证交会执法理念和风格完成了转变。在施乐案中，证交会对施乐课以了1000万美元罚金，从而开启了公司惩罚时代（Corporate Penalty Era）。2002年，证交会对上市公司处以罚金超过1000万的就达10宗；2003年，就翻了一倍，达到20宗；2004年，翻了一番，达到40宗。2003~2004年证监会给予罚金处罚超过证监会前15年的总和。2003~2007年，违法所得追缴和民事罚款总额达到了138亿美元。2004年更高。从罚金总额来说，2003年证交会罚款总额就超过前15年罚款总和。

Not only investigate cases have proliferated,The SEC for violators punish strength is unprecedented fierce.Xerox a $10 billion fine in 2002 marked the SEC completed the transformation law enforcement idea and style.In xerox's case,The SEC to xerox imposed a $10 million fine,Thus opens the company punishment era(One Corporate Penalty Era).In 2002,,The SEC for a fine of more than 10 million listed companies of 10 cases;In 2003,,Is doubled,20 cases of;In 2004,,Has doubled,40 cases of.In 2003 ~ 2004 securities regulatory commission (CSRC) to give a fine punishment greater than the sum of the CSRC for 15 years before.In 2003 ~ 2007,The illegal income recovered and civil fines totaling $13.8 billion.In 2004, a higher.From the total amount of penalty,The SEC in 2003 before the penalty amount is more than 15 years fine combined.

　　与此同时，针对上市公司高管、董事禁入执法案件，2001年51人，2003年就攀升到170人，2004年与2003年持平。从2002年到2008年，单就证券发行环节，证交会就对60家发行人处以了罚款，罚款总额超过10亿美元。

At the same time,For a listed company executives/Director of keepout enforcement cases,In 2001, 51,Will climb to 170 people in 2003,In 2004 and 2003.From 2002 to 2002,Securities issue link,The SEC to 60 pay a fine,Fined a total of over $1 billion.

　　不仅如此，对违法者刑事处罚力度也空前加强。2003年度，有246名被告被判定罪，这些被告都是证交会协助侦办起诉的案件。

Not only that,Criminal penalties for violators and unprecedented strengthening.The year in 2003,There are 246 defendants were convicted of sin,The defendants are the SEC to help probing to prosecute cases.

　　第四阶段：危机后执法力度空前加大

The fourth stage:Law enforcement after crisis unprecedented increase

　　2008年金融危机，麦道夫、斯坦福庞氏骗局震惊世界，也让证交会70多年严厉执法积累起来的良好声誉岌岌可危。危机爆发也揭示了华尔街按揭证券普遍存在的欺诈。

The 2008 financial crisis,madoff/Stanford ponzi scheme shocked the world,Also let the SEC 70 years of strict enforcement of accumulated reputation is at stake.Mortgage crisis also revealed that Wall Street securities fraud is widespread.

　　2010年，多得·弗兰克法赋予了证交会更大的执法权力，以及扩大处以罚金的权力。一是给予证交会通过行政程序对任何人不仅局限于证券经纪交易商或投资顾问给予罚金处罚的权力（在此之前则必须通过联邦法院司法程序才能予以罚金处罚）。二是扩大了证交会针对经纪公司和投资顾问对次级责任(secondary liability)（或协助或帮凶责任）追究的权力。

In 2010,,Frank method gives more SEC greater law enforcement power,And expanding the power of a fine.One is to give the SEC through administrative procedures to anyone not only limited to securities broker-dealer or investment advisor to the fine punishment power(Before this is must through the federal court of judicial process can be fine punishment).Second, expanding the SEC focused on secondary responsibility for brokerage and investment advisory(secondary liability)(Or assist or accomplice liability)The power of the investigated.

　　为挽回受损的声誉，证交会以空前力度加强了执法活动，以回应公众对其执法能力的质疑。2010年，证交会开出当年最大的一张罚单，该罚单是给华尔街最显赫的投资银行——高盛公司，罚单总额为5.5亿美元。2010年，在查办案件中，平均每件和解金额为80万美元，到2011年就翻了将近一番，达到147万美元。2011年，证交会执法部门查处了735宗案件，开出了28亿美元的罚单。2012年查处734宗案件，开出30亿美元的罚单。

To restore the damaged reputation,The SEC to unprecedented efforts to strengthen the law enforcement activities,In response to the public for its law enforcement capacity.In 2010,,The SEC issued a year the biggest a ticket,The ticket is for Wall Street's most prominent investment Banks - Goldman sachs,Fines totaling $550 million.In 2010,,In the investigation case,The average settlement amount is us $800000 per piece,Will nearly double by 2011,At $1.47 million.In 2011,,The SEC's enforcement division dealt with 735 cases,Offered a $2.8 billion fine.Investigated 734 cases in 2012,Open a $3 billion fine.

　　在内幕交易和市场操纵打击力度上也是空前的。2012年，证交会查处内幕交易案件58宗，占总数8%。在过去3年中，证交会总共查处了168件内幕交易的案件。2012年提起的市场操纵案件有46件，占总数6%左右。相比2011年，上升了24%，相比过去10年的平均数，增加19%。

In the fight against insider trading and market manipulation is also unprecedented.In 2012,,The SEC investigation of 58 cases of insider trading case,8% of the total.In the past three years,The securities and exchange commission to investigate the 168 pieces of insider trading case.In 2012, filed with 46 cases of market manipulation,Accounted for 6%.Compared with 2011,Increased by 24%,Compared to the average over the past 10 years,A 19% increase in.

　　2011年，证交会执法部取得了28亿美元的罚没款。在世通案件中，证交会罚款22.5亿美元，后破产法庭降低到7.5亿美元，此外，禁止世通四个高管进入，司法部提起刑事诉讼，对其CEO CFO 和其他4个人提起罚款2700万美元，后被判罚32.4年监禁，4920万美元返还。虽有民事集团诉讼和解达成62亿美元的和解，主要由银行和金融机构支付（与世通有合作的）。

In 2011,,The SEC's enforcement division made a $2.8 billion FaMeiKuan.Living cases,The SEC was fined $2.25 billion,Reduced to $750 million after the bankruptcy court,In addition,Worldcom four executives are prohibited,The justice department filed a criminal action,The CEO The CFO And the other 4 people filed a $27 million fine,Is awarded after 32.4 years in prison,$49.2 million back.Despite a $6.2 billion civil lawsuit settlement of settlement,Mainly paid by Banks and financial institutions(Cooperation with worldcom).

　　永不停歇的制度创新

Never stop the system innovation

　　作为法治国家，公共执法部门执法活动也受到诸多制约。一是公共预算的约束。在美国，证交会查处的案件，如果起诉到法院，走完诉讼全程，每个案件大约要花费58万美元。二是执法者与违法者之间信息不对称，调查取证非常难，尤其是内幕交易案的查办；三是与私人金融机构与律师事务所、会计师事务所等私人部门提供巨额报酬相比，政府部门报酬激励严重不足，很难留住骨干专业人才。美国现任的执法部负责人原来是德意志银行法律顾问，目前已经提出辞任。目前，美国证交会执法部门已经是猎头公司为纽约最大投资银行和法律事务所猎取人才最热衷的地方，它们许多都在证交会最大案件中担任被告或辩护人。从2008年到2009年9月，有66名证交会前雇员向证交会发出了168件函，披露拟代表客户出席证交会的听证。按规定，该雇员离开证交会两年只需要报备就可以了。

As a country under the rule of law,Have also been many restricting public law enforcement law enforcement activities.It is a public budget constraints.In the United States,The SEC's investigation of the case,If Sue to the court,Through litigation,Each case will cost about $580000.2 it is information asymmetry between law enforcement and offenders,It is very difficult to investigation,Especially insider trading case;Three is with the private financial institutions and law firms/Certified public accountants compared with the private sector offers huge compensation,A serious shortage of government incentives,It is difficult to retain the backbone professionals.Current us law enforcement department head is deutsche bank legal adviser,Has now resigned.At present,The SEC enforcement division is already headhunting company recruitment for New York's biggest investment Banks and law firm favourite places,Many all of them in the SEC's biggest cases as a defendant or defendants.From 2008 to September 2008,Securities and exchange commission has 66 employees to the SEC issued 168 pieces of letter,Disclosure to ChuXiZheng intersection of the hearing on behalf of customers.According to the rules,The employee leave the SEC only need to quote for two years.

　　尽管受到上述诸多因素的制约，但美国决策者和执法机构也在不断进行制度创新来克服这些困难。

Although restricted by the above factors,But us policymakers and law enforcement agencies are also ongoing institutional innovation to overcome these difficulties.

　　第一，鼓励私人集团诉讼。在美国私人民事索赔诉讼一直被视为一支重要执法力量，其中对华尔街最具有威慑和杀伤力的就是集团诉讼。自1997年以来，每年联邦法院提起的证券集团诉讼案件都在200件以上，最高的2001年达到了创纪录的508件。2007年到2011年间，平均每年达到207件。

The first,Encourage private group litigation.In the United States private civil claims lawsuit has been regarded as an important law enforcement power,One of Wall Street's most has the deterrent and lethality is group litigation.Since 1997,Each year the federal court of securities class action cases in more than 200 pieces,The highest reached a record 508 in 2001.From 2007 to 2011,207 pieces per year on average.

　　第二，允许执法部门在严格遵守法律规定的条件和程序情况下同被告在查处中和解结案。美国证交会发布数据，证交会立案查办的案件，成功率高达92%，如此高的成功率要归功于和解制度。调查显示，证交会大约有98%的案件都是和解结案，而不是起诉到法院。最近几年，每年超过700宗查处案件中，平均每年进入诉讼的案件只有14件，而其余将近700件案件都是和解结案。

In the second,Allow law enforcement departments in strict compliance with the conditions and procedures prescribed by the law if the defendants are settled in the investigation.The SEC released data,The SEC filed for investigation of the case,The success rate is as high as 92%,Such a high success rate thanks to reconciliation system.According to the survey,The SEC about 98% of cases are settled,Not to Sue to the court.In recent years,Each year more than 700 cases investigated cases,Into action only 14 cases per year on average,And the rest of the nearly 700 cases are settled.

　　第三，“吹哨者”制度。有奖举报，重奖举报者，为知情的内幕人提供充分物资激励。美国证交会多少年前就授权在民事制裁案件中对提供有关内幕信息举报人以奖金。多得-弗兰克法规定，证交会根据举报证交会成功查办的案件中，举报人有权获得超过100万罚金10%~30%。2012年，证交会兑现了首笔“吹哨者”奖励，按照法律规定的最高提成比例，从罚没收入中给予举报人30%的奖励提成。2012年，证交会开始采用这一新的执法手段。首宗“吹哨者”奖励兑现，举报者获得了5万美元奖金，占证交会罚没收入中的30%，证交会按法律允许上限给予举报者奖励。2012年证交会获得了超过3000件举报，证交会发现，越来越多的公司高级财务主管和其他了解内情管理人加入到“吹哨者”行列。

In the third,"Blows the whistle on the"system.Prize to report,Amply rewarded whistleblowers,For the fully informed insider material incentives.How many years ago the us securities and exchange commission authorized to provide relevant information in civil sanctions cases whistle-blowers to bonuses.Dodd-frank law,The SEC's investigation of the case report according to the SEC's success,The person entitled to more than 1 million fine 10% ~ 30%.In 2012,,The SEC to cash the first"Blows the whistle on the"reward,According to the law of the highest percentage ratio,Equal to 30% of the whistleblower rewards from the incomes collected from fines shall commission.In 2012,,The SEC began to adopt the new methods of law enforcement.The first"Blows the whistle on the"Cash rewards,Whistleblowers received $50000 in bonuses,Account for the SEC confiscated income of 30%,The SEC whistleblower rewards according to the law allows the cap.In 2012, the SEC has won more than 3000 pieces of report,The SEC found,More and more companies senior finance executives and other people familiar with the administrator to join"Blows the whistle on the"ranks.

　　(作者为中国政法大学民商经济法学院教授)

(The author is professor of civil and economic law school of China university of politics and law)

　　小资料

Little information

　　澳大利亚证券监管当局情况

Australian securities regulatory authorities

　　在金融危机后，发达国家唯一没有卷入的国家就是澳大利亚。2009年一个报告表明，澳大利亚金融服务也在全球金融危机中表现强劲，在满足企业和家庭需求上有竞争力、效率和创新，是亚太地区最有效率和最具有竞争力的。与美国相比，澳大利亚虽为发达国家，但其市场规模只够得上美国的零头，但澳大利亚证券监管当局在监管执法上力度丝毫不亚于美国证交会。澳大利亚证券监管部门每年预算中平均有45.4%用于监管执法。单在2006年，澳大利亚监管当局就针对391个被告提起195件刑事、民事和行政诉讼。在内幕交易与市场操纵方面，澳大利亚证券与投资委员会设立两个执法团队，有40名全职人员负责两类案件的查办。

After the financial crisis,Only in the developed countries was not involved in the country is Australia.In 2009, a report suggests,The Australian financial services also strong performance in the global financial crisis,Competitive in meet the demand of businesses and households/Efficiency and innovation,Is the most efficient and the most competitive in the asia-pacific region.Compared with the United States,Australia is the developed countries,But the size of the market is only enough for a fraction of the United States,But Australian securities regulatory authorities in regulatory enforcement efforts nearly as much as the us securities and exchange commission.Australian securities supervision department budget with an average of 45.4% a year for regulatory enforcement.In 2006 alone,Australian regulators for 391 criminal defendants filed 195 items/Civil and administrative litigation.In terms of insider trading and market manipulation,The Australian securities and investment commission set up two law enforcement team,With 40 full-time personnel responsible for two classes of case investigation.