法学研究

文章摘要

证券市场自愿性信息披露的规制

Regulation of Voluntary Information Disclosure in the Securities Market

DOI：

英文关键词: information disclosure; misrepresentation; materiality; forward-looking information; safe harbor rule

基金项目:

作者	单位
陈洁	中国社会科学院法学研究所

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中文摘要:

自愿性信息披露制度允许并鼓励信息披露义务人自愿披露依法需要强制披露之外的与投资者作出价值判断和投资决策有关的信息。证券信息的重大性是强制性信息披露与自愿性信息披露的分界线。由于社会环境、市场发展阶段以及证券监管目标等的变化,强制性信息披露与自愿性信息披露之间可能发生转化。自愿性信息披露义务人除了应遵守与强制性信息披露相同的行为规范之外,还应满足不得与强制性信息披露相冲突、不得误导投资者、禁止不当行为的特殊规范要求。对于自愿性信息披露的违法违规行为,信息披露义务人应该承担相应的行政责任。自愿性信息披露瑕疵因具有重大性而构成虚假陈述时,信息披露义务人应承担民事赔偿责任。对于预测性信息安全港规则,应扩展免责主体的适用范围,并区分作为预测性信息之前提基础的历史性信息与纯粹的预测性内容的虚假情形,分别适用重大性判断标准和重大偏差判断标准。

英文摘要:

The voluntary information disclosure system allows and encourages disclosure obligors to voluntarily disclose information beyond the mandatory disclosure required by law, as such information is relevant to investors’ value judgment and investment decision-making. The materiality of security information serves as the dividing line between mandatory and voluntary information disclosure. Due to changes in social environment, market development, and security regulatory objectives, mandatory disclosure and voluntary disclosure may interconvert. Voluntary disclosure should not only comply with the same behavioral norms as those of mandatory disclosure, but also adhere to special norms to avoid conflicts with mandatory disclosure, prevent the misleading of investors, and refrain from improper conducts. Obligors should bear corresponding administrative liability for illegal acts in voluntary information disclosure. If defects in voluntary disclosure constitute misrepresentation due to its materiality, obligors shall bear civil liability for damages. Regarding the safe harbor rule for forward-looking information, the scope of exempted subjects should be expanded, and the criteria of materiality and those of material deviation should be applied respectively to the false of historical information, which is the premise of forward-looking information, and the false of purely predictive content.

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