Reexamination of Administrative Surcharges under the Financial Instruments and Exchange Act

2023 Fiscal Year Final Research Report

• Project/Area Number: 20K13366
• Research Category: Grant-in-Aid for Early-Career Scientists
• Allocation Type: Multi-year Fund
• Review Section: Basic Section 05060:Civil law-related
• Research Institution: Kyoto University
• Principal Investigator: Takahashi Yoichi 京都大学, 法学研究科, 教授 (10737399)
• Project Period (FY): 2020-04-01 – 2024-03-31
• Keywords: 課徴金

Outline of Final Research Achievements

Although the surcharge should be said to have the character of a sanction, even if it is imposed together with a criminal penalty, it does not violate the prohibition of double punishment, but only raises the problem of violation of the principle of proportionality. It should be said that a certain amount of responsibility is appropriate for the surcharge, and that the surcharge cannot be imposed until the subject is completely at fault. It is desirable to resolve the issue of whether or not a corporation can claim damages against its officers, etc., for the surcharge imposed on the corporation, by legislation based on the interests and incentives of the shareholders, etc., who are the substantial owners of the profits and losses of the corporation. Referring to the U.S. civil penalty system and Japan's Act on Unjustifiable Premiums and Misleading Representations, Japan should consider incorporating the perspective of victim relief into the surcharge system.

Free Research Field

会社法・金融商品取引法

Academic Significance and Societal Importance of the Research Achievements

課徴金制度は金融商品取引法の重要なエンフォース手段の1つである。しかし、その法的性格は必ずしも明確でない。課徴金の制裁としての性格および他の法原則との関係が明確になることで、課徴金制度を巡る解釈論上・立法論上の諸論点について解決の方向性が見得てくると考えられる。また、課徴金は被害者救済にも活用しうるところ、そのような法制度が実現すれば、社会的にも好ましいといえる。