证券发行交易场景下个人信息规则的适用约束与司法调适  

The Application Constraints and Judicial Adjustment of Personal Information Rules under the Scenario of Securities Issuance and Trading

作　　者：丁宇翔 Ding Yuxiang

机构地区：[1]北京金融法院审判一庭

出　　处：《中国应用法学》2022年第6期140-153,共14页China Journal of Applied Jurisprudence

基　　金：国家社科基金重点项目“民法典实质债法规范体系研究”(22AFX015)的阶段性成果。

摘　　要：证券发行和交易中要处理来自发行人端、投资者端的诸多个人信息。这些个人信息构成上的多元性和复杂性,会对个人信息保护规则适用形成结构性约束。在金融监管法上,证券公司需要履行反洗钱和投资者适当性审查义务,发行人、上市公司等需要履行反欺诈义务,这对个人信息保护规则适用形成监管性约束。金融控股集团与其内部证券公司,证券公司与其子公司之间基于金融业发展的政策需求,期待相关的个人金融信息在内部进行合理地流动和共享;基于投资者合理的知情权益诉求,发行人、上市公司核心高管、核心技术人员的部分个人信息也可能落入自愿信息披露的范围,从而对个人信息保护规则适用形成合理性约束。结构性约束之下需要适用保护强度更高的规则进行调适,监管性约束需要通过解释《个人信息保护法》和《民法典》规定进行调适,合理性约束则需要以比例原则为工具进行调适。It is necessary to process a lot of personal information that comes from issuers and investors in securities issuance and trading.The diversity and complexity of the composition of such personal information will cause structural constraints on the application of personal information protection rules.According to the financial regulation law,securities companies shall perform the obligations of anti-money laundering and investor appropriateness review,and issuers and listed companies are required to fulfi ll the obligation of anti-fraud,which will form regulatory constraints on the application of personal information protection rules.Financial holding groups and their affi liated securities companies,securities companies and their subsidiaries expect the reasonable fl ow and sharing of related personal fi nancial information based on the policy needs for fi nancial industry development.On the basis of investors’reasonable demands for informed consent rights and interests,some personal information of issuers,key offi cers of listed companies and core technicians may also fall within the scope of voluntary information disclosure,thus forming reasonable const raints on the application of personal information protection rules.Structural constraints require the application of rules with higher protection intensity for adjustment;regulatory constraints should be adjusted by interpreting the provisions of the Personal Information Protection Law and the Civil Code of China and reasonable constraints need to be adjusted by using the principle of proportionality as a tool.

关 键 词：证券发行和交易 个人信息 知情同意 规则适用约束 司法调适 

分 类 号：D923[政治法律—民商法学] D922.16[政治法律—法学]