美国证券吹哨人制度改革展望与镜鉴  

Reform Prospects of the SEC Whistleblower Program and Enlightment

作　　者：孙宝玲 Sun Baoling

机构地区：[1]中国政法大学民商经济法学院,北京100088

出　　处：《证券市场导报》2021年第11期2-11,22,共11页Securities Market Herald

基　　金：司法部法治建设与法学理论研究部级科研项目“提升证券市场信息披露有效性之监管规则优化”(项目编号:20SFB2021)。

摘　　要：2020年9月23日,SEC发布了新修订的《吹哨人规则》,对美国的证券吹哨人制度进行了改革,旨在提高制度的透明性、效率性与明确性。研究发现,新《吹哨人规则》反映了吹哨人制度发展的两大趋势:进一步促进奖金激励,以及提高举报的处理效率。本次修订也为继续讨论制度实施的深层次问题提供了契机,如线索认定的"独立分析"标准如何适用、吹哨人制度与公司内控体系如何协调等。我国新《举报规定》通过扩大奖励适用范围等举措进一步优化了证券有奖举报制度,但仍存在诸多问题。本文建议应提高举报人奖励与权益保护,明晰线索的实质与形式审查规则,加强信息公开并与证券法和公司法实践相协调,构建良好的证券有奖举报制度实施生态。On September 23,2020,the SEC issued the newly revised"Whistleblower Program Rules",which reformed the SEC whistleblower program,aiming to improve the transparency,efficiency,and clarity of the whistleblower program.The new"Whistleblower Program Rules"reflect two major trends in the development of the whistleblower program:further promoting bounty incentives and improving the efficiency of handling TCRs.It also provides an opportunity to continue to discuss the in-depth issues of the implementation of the program,such as how to apply the"independent analysis"standard for original information identification,and how to coordinate the whistleblower program and the company’s internal report system.China’s new"Provisions on the Reporting"has further optimized the reporting reward system in securities law,however,the reporting reward system still has problems.It is necessary to improve the rewards and rights protection of whistleblowers,clarify the review rules of the essence and form of TCRs,and build a good implementation ecology of the securities reporting reward system through disclosure,coordination with securities law and corporate law practices and so on.

关 键 词：吹哨人 有奖举报 多德-弗兰克法案 举报人保护 美国证券吹哨人制度 

分 类 号：D922.287[政治法律—经济法学]