证券预测信息“安全港”制度:美国经验与中国镜鉴  

The Safe Harbor Rule of Forward-Looking Statements:American Experience and Chinese Enlightenment

作　　者：高振翔 Gao Zhenxiang

机构地区：[1]深圳证券交易所科交中心有限责任公司,广东深圳518038

出　　处：《证券市场导报》2023年第6期15-27,38,共14页Securities Market Herald

摘　　要：证券预测信息“安全港”制度是一种旨在鼓励上市公司积极披露预测信息的免责安排。美国预测信息“安全港”制度包括美国证券交易委员会规则、判例法规则和《1995年私人证券诉讼改革法案》规则三部分,三者之间既递进升级又各有侧重。尽管美国预测信息“安全港”制度不断发展,但实践中也引发了关于警示声明是否有效、责任豁免是否应考察披露人的主观状态、“安全港”制度是否放纵了信息披露违法等争议。《最高人民法院关于审理证券市场虚假陈述侵权民事赔偿案件的若干规定》创设了中国版的预测信息“安全港”制度,力图在鼓励预测信息披露和督促披露人规范、审慎披露之间取得平衡,但目前仍存在预测信息重大性标准尚待厘清、除外情形适用条件有待细化、行政和自律监管领域免责制度缺位等问题。优化我国预测信息“安全港”制度,可从完善以理性投资者为核心的重大性标准、明确免责条件适用安排和细节、构建行政和自律监管免责机制等方面探索。The safe harbor rule of the forward-looking statements is an exemption arrangement aimed at encouraging listed companies to actively disclose prediction information.SEC rules,case law rules,and the Private Securities Litigation Reform Act of 1995 rules make up the U.S.safe harbor rule,which are progressive and focused on each other.Although the U.S.safe harbor rule has continued to evolve,the practice has also led to controversies on whether the warning statement is effective,whether the subjective state of the discloser should be examined for the liability exemption,and whether the safe harbor indulges in information disclosure violations.The Chinese version of the safe harbor rule for the forward-looking statements was created by provisions of the Supreme People’s Court on the Trial of Civil Compensation Cases for Misrepresentation Infringements in the Securities Market,attempting to strike a balance between encouraging the disclosure of forecast information and urging disclosers to make standardized and prudent disclosures.However,there are still problems such as the standard of the materiality of forecast information still needs to be clarified,the application of exclusions needs to be refined,and the absence of administrative and selfregulatory exemption systems.In order to optimize the safe harbor rule in China,it can be explored from several aspects,such as improving the materiality standard with rational investors as the core,clarifying the arrangement and details of the application of exclusion conditions,and constructing administrative and self-regulatory exclusion mechanisms.

关 键 词：证券预测信息 “安全港”制度 虚假陈述 责任豁免 风险提示 

分 类 号：D922.287[政治法律—经济法学]