证券法信息披露规则的体系解释  

Systematic Interpretation of Information Disclosure Rules in Securities Law

作　　者：曾洋[1] Zeng Yang

机构地区：[1]南京大学法学院

出　　处：《南大法学》2024年第1期75-93,共19页NanJing University Law Journal

基　　金：江苏省社科基金一般项目“系统性金融风险动态平衡防控机制研究”(项目编号:19FXB003)的阶段性成果。

摘　　要：证券法“一体两面”的信息披露规则体系,以重大信息披露规则为体,以虚假陈述和内幕信息为两个违法面相,三者的信息范围及重大性标准具有一致性。2020年新修订的《证券法》颁行,新增自愿信息披露规则,形成强制披露为主、自愿披露为辅的信披制度安排。与强制披露的信息重大性具有确定性不同的是,自愿披露的信息重大性具有不确定性、延伸性和附着性,该类信息未公开时不属于内幕信息,但一经公开,则应与强制披露遵从相同的行为规范。重大性标准是信息披露规则体系的基础,非重大信息不必披露,二元重大性标准具有内在一致性,比较而言,依法披露信息的立法应采用源于证券立法哲学的投资者决策标准,该标准适用过程中的主观性可通过列举价值判断型事项进行规则补强。The two illegal ways of information disclosure are false statement and nonpublic material information.The information scope and materiality tests of these behaviors are consistent.In addition to mandatory information disclosure,voluntary information disclosure has been added to the PRC Securities Law of 2020.Compared to the materiality of mandatory information disclosure,the materiality of voluntary information disclosure is uncertain,extended and attached.The information of the latter is not nonpublic material information before it is made public,but its rules should be the same as those of mandatory information disclosure after being made public.Materiality is the basis of the rule system of information disclosure,immaterial information need not be disclosed.Different standards of materiality are inherently consistent.The legislation should adopt the reasonable investor standard rather than the price sensitivity standard.And the specific rules of mandatory information disclosure are stipulated as matters related to the value of the listed company.

关 键 词：强制信息披露 自愿信息披露 重大性 体系解释 

分 类 号：D922.287[政治法律—经济法学]