眾律國際法律事務所

證券投資人及期貨交易人保護法之行政罰與刑罰規定 / 律師 吳英志  總編輯法學博士范國華主持律師

 關於證券投資人及期貨交易人之罰則規定，見於該法第38條、39條及40條，一一臚列如下：

第38條（刑罰）

證券商違反第三十七條第二項之規定者，其為行為之負責人處三年以下有期徒刑、拘役或科或併科新臺幣一億元以下罰金。

Where a securities firm violates Article 37, paragraph 2, the person responsible for committing the act shall be punished with imprisonment for not more than three years, or detention, or in lieu thereof or in addition thereto, a fine of not more than NT$100 million.

第39條（解除職務）

保護機構對於主管機關依第十六條所為之命令，拒不配合，或保護基金之管理、運用違反第十九條或第二十條之規定者，主管機關得以命令解除其董事、監察人、經理人或受雇人之職務。

保護機構董事、監察人、經理人、受雇人或調處委員會委員違反依第八條第二項所定管理規則，或依第二十二條第二項所定調處辦法規定之資格條件或不得為之行為者，主管機關得以命令解除其職務。

If the protection institution refuses to cooperate with an order of the competent authority given pursuant to Article 16, or if the management or utilization of the protection fund violates Articles 19 or 20, the competent authority may order the discharge of directors, supervisors, managers, or employees of the protection institution.

If the protection institution's directors, supervisors, managers, employees or mediation committee members violate the management rules adopted pursuant to Article 8, paragraph 2, or the regulations adopted pursuant to Article 22, paragraph 2 regarding qualifications or prohibited conduct, the competent authority may order their discharge.

第40條（罰鍰）

有下列情形之一者，處新臺幣十二萬元以上六十萬元以下罰鍰：

一、未依第十八條第一項第一款或第二款規定繳納提撥款者。

二、違反第三十七條第一項之規定者。

有前項情事，經主管機關處罰鍰，並責令限期辦理；屆期仍不辦理者，得繼續限期令其辦理，並按次連續各處新臺幣二十四萬元以上一百二十萬元以下罰鍰至辦理為止。

An administrative fine of not less than NT$120,000 and not more than NT$600,000 will be imposed for any of the following circumstances:

1. Failure to pay or allocate funds required under Article 18, paragraph 1, subparagraphs 1 and 2.

2. Violation of Article 37, paragraph 1.

Under either circumstance in the preceding paragraph, the competent authority will impose an administrative fine and order compliance within a specified time period. Upon failure to comply by the end of that period, the competent authority may continue to order compliance within specified periods, and impose fines of not less than NT$240,000 and not more than NT$1.2 million for each instance of failure until compliance is effected.

前開罰則構成要件之條文內容，摘錄如下，請自行參酌：

第8條第2項

保護機構業務之指導、監督、財務之審核、辦理變更登記相關事項，與其董事、監察人、經理人及受雇人之資格條件及其他應遵行事項之管理規則，由主管機關定之。

Management rules for the protection institution governing guidance, supervision, financial auditing, amendment registration, the qualifications of directors, supervisors, managers and employees, and other matters to be observed by the protection institution shall be prescribed by the competent authority.

第16條

主管機關為保護證券投資人及期貨交易人，必要時，得命令保護機構變更其章程、業務規則、決議，或提出財務或業務之報告資料，或檢查其業務、財產、帳簿、書類或其他有關物件。

As necessary for the protection of securities investors and futures traders, the competent authority may order the protection institution to amend its articles of incorporation, operating rules, or resolutions, or to produce materials from financial or operating reports, and may inspect its operations, assets, account books, documents, and other relevant items.

第18條第1項第1款或第2款

保護機構為利業務之推動，應設置保護基金；保護基金除第七條第二項之捐助財產外，其來源如下：

一、各證券商應於每月十日前按其前月份受託買賣有價證券成交金額之萬    分之零點零二八五提撥之款項。

二、各期貨商應於每月十日前按其前月份受託買賣成交契約數各提撥新臺    幣一點八八元之款項。

For the furtherance of its operations, the protection institution shall establish a protection fund. In addition to assets contributed in accordance with Article 7, paragraph 2, sources of fund assets shall include the following:

1. Allocation by every securities firm of 0.00000285 (2.85 millionths) of the total volume of consigned securities trades during the previous month, to be made by the 10th of each month.

2. Allocation by every futures commission merchant of NT$1.88 for each futures consignment contract executed during the previous month, to be made by the 10th of each month.

第19條

保護基金應以購入政府債券或存入金融機構之方式保管。經主管機關核准，得於合計不超過保護基金淨額百分之三十之範圍內，為下列方式之運用：

一、購置自用不動產。

二、投資上市或上櫃有價證券。

三、其他有利基金保值之投資。

保護基金用於前項第一款之總額，不得超過設立時捐助財產總額百分之十。

第一項第二款投資每家上市上櫃公司股票之原始投資股數不得超過一千股。

The protection fund shall be custodized by means of government bond purchases or deposit with financial institutions. Subject to approval by the competent authority, amounts totaling no more than 30 percent of the net value of the fund may be utilized for the following:

1. Purchase of real property for use by the protection institution.

2. Investment in exchange-listed or OTC-listed securities.

3. Other investments beneficial to the fund's capital maintenance.

The total amount utilized pursuant to subparagraph 1 of the preceding paragraph may not exceed 10 percent of the total assets contributed at the time of the fund's establishment.

The amount of original investment in the stock of any exchange-listed or OTC-listed company pursuant to paragraph 1, subparagraph 2 may not exceed 1,000 shares.

第20條

證券投資人及期貨交易人有下列情形時，保護機構得動用保護基金償付之：

一、證券投資人於所委託之證券商因財務困難失卻清償能力而違約時，其於證券交易市場買賣有價證券並已完成交割義務，或委託該證券商向    認購（售）權證之發行人請求履約並已給付應繳之價款或有價證券， 而未取得其應得之有價證券或價款。

二、期貨交易人於所委託之期貨商因財務困難失卻清償能力而違約時，其於期貨交易市場從事期貨交易，而未取得其應得之保證金、權利金，    及經期貨結算機構完成結算程序後之利得。

保護基金依前項規定，償付每一證券投資人或期貨交易人之金額上限、對每一證券商或期貨商之全體證券投資人或期貨交易人之償付總額上限、償付程序及償付辦法，由主管機關定之。

保護機構依第一項規定償付後，於其償付之限度內承受證券投資人或期貨交易人對於違約證券商或期貨商之權利。

第三十四條至第三十六條規定，於保護機構依前項規定承受權利而對違約證券商或期貨商提起訴訟、上訴或聲請保全程序、執行程序時，準用之。

Use of the protection fund shall be limited to the following:

1. Payments to securities investors or futures traders in accordance with Article 21.

2. Expenditures by the protection institution for operation in accordance with this Act and other necessary expenses.

3. Payment of fees for initiation of litigation or arbitration procedures in accordance with this Act.

4. Other uses as approved by the competent authority.

Budgeting for expenditures referred to under subparagraph 2 of the preceding paragraph shall be limited to the interest earned on fund assets in the given year, provided that the competent authority may make appropriate adjustments in view of financial and operating conditions.

第22條

證券投資人或期貨交易人與發行人、證券商、證券服務事業、期貨業、交易所、櫃檯買賣中心、結算機構或其他利害關係人間，因有價證券之募集、發行、買賣或期貨交易及其他相關事宜所生民事爭議，得向保護機構申請調處。

保護機構為處理調處事項，應設調處委員會，置委員七人至十五人；其組織及調處辦法，由主管機關定之。

When a civil dispute occurs between a securities investor or a futures trader and an issuer, a securities firm, a securities service enterprise, a futures commission merchant, the Stock Exchange, the Taipei Exchange, a clearing institution or another interested party, where the dispute arises out of offerings, issuance, trading, futures transactions, or other securities-related matters, the securities investor or futures trader may apply to the protection institution for mediation.

The protection institution may establish a mediation committee comprising 7 to 15 committee members to perform mediation. Regulations governing organization of the committee and mediation procedures shall be prescribed by the competent authority.

第37條

證券商依法令開設存放客戶款項之專戶，及因業務接受客戶委託所取得之資產，與其自有財產，應分別獨立。

證券商除為其客戶辦理應支付款項或運用資產者外，不得動用前項款項或資產。

證券商就其自有財產所負債務，其債權人不得對第一項專戶款項及因業務接受客戶委託所取得之資產請求扣押或行使其他權利。

A securities firm shall keep separate and independent from its own assets the dedicated accounts it duly opens in accordance with acts and regulations for the deposit of customer monies and the assets it receives as a result of accepting customer orders in the course of business.

A securities firm may not utilize the monies or assets referred to in the preceding paragraph except for the purpose of making required payments or utilizing assets on behalf of its customers.

Creditors seeking payment of a securities firm's debt in respect of the securities firm's own assets may not seek to attach or to exercise other rights against the dedicated customer accounts or assets the securities firm receives as a result of accepting customer orders in the course of business referred to in paragraph 1..