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2013年11月,根据德国《有价证券交易法》,德国联邦金融监管局(以下简称BaFin)发布了《德国有价证券交易法行政罚款指南》(以下简称《指南》),专门适用于自然人或法人违反特别公开义务、表决权通知义务以及财务报告义务这三类较为常见的违法行为。这一指南事实上就是有关证券行政处罚的裁量基准。裁量基准是一种确定如何行使裁量权的行政规则,它通过对裁量权行使的范围、种类和幅度加以具体化解释,以确保裁量权行使的统一性和平等性。在国外,行政机关根据行政
In November 2013, according to the German Securities Trading Act, the German Federal Financial Supervisory Authority (“BaFin”) released the “Guidance on Administrative Penalties in the German Securities Trading Law” (the “Guide”), which applies exclusively to natural persons Or legal persons violate the special publicity obligations, the notice of voting rights and financial reporting obligations of these three types of more common violations. This guideline is in fact the basis of discretion regarding administrative penalties for securities. Discretion benchmark is an administrative rule that determines how to exercise discretion. It defines the scope, type and range of the exercise of discretionary power to ensure the uniformity and equality of the exercise of discretion. In foreign countries, the executive authorities are based on the administration