摘要
预测性信息披露制度具有保障投资者合法权益与提升信息披露主体积极性的双重指向,我国《虚假陈述若干规定》确立的安全港规则采用“负面清单”呈现形式,并列规定了不予免责的三种除外情形,力图缓解市场信息的不对称并减轻信息披露者的合规负担。通过对该项制度的逐一检视,目前仍存在适用对象界定模糊、“重大差异”认定标准有待厘清、除外条款具体适用尚需细化等问题。因此有必要进一步优化安全港规则使其更加完善,在明确“合理、谨慎、客观”的预测性信息披露标准的基础上,从“心理确知”层面着重审查披露主体的主观善意,同时扩大安全港规则的适用主体,并从规范“充分风险提示”要求、确定“明显不合理”标准、限缩“及时更正更新”范围三个方面细化安全港规则除外条款的具体适用,以有效促进证券市场的健康发展。
Predictive information disclosure system has safeguard the legitimate rights and interests of investors and enhance the enthusiasm of information disclosure subject dual direction,judicial interpretation of the safety port rules in the form of“negative list”,stipulated at the same time does not trigger not exempt of three exception,tries to alleviate the market information asymmetry and reduce the burden of compliance.Through the inspection of this system one by one,there are still some problems,such as the vague definition of the applicable objects,the identification standard of“major differences”need to be clarified,and the specific application of the exclusion clauses need to be refined.Therefore,it is necessary to further optimize the safe port rules to make them more perfect.On the basis of clarifying the“reasonable,prudent and objective”predictive information disclosure standards,focus on examining the subjective goodwill of the disclosure subject from the level of“true knowledge”,and expand the applicable subject of the safe port rules.In order to effectively promote the healthy development of the securities market,the exclusion provisions includes the requirements of“sufficient risk warning”,the determination of“obviously unreasonable”standard,and the restriction of the scope of“timely correction and update”.
作者
王利元
WANG Liyuan(Shanghai University of Political Science and Law,Shanghai 201701,China)
出处
《中国证券期货》
2025年第4期78-85,共8页
Securities & Futures of China
关键词
信息披露
预测性信息
安全港规则
虚假陈述
Information Disclosure
Predictive Information
Safe Harbor Rules
False Statements
