论中国证券发行静默期的遵守

发布时间：2018-11-11 08:55

【摘要】：公开宣传限制制度是世界主要国际金融中心证券法律的一项重要制度。但是,中国证券法律却对此没有任何规定,或者即便有规定也存在规定的逻辑不同、规定适用范围狭窄等问题。这些问题的存在与中国资本市场法律制度的国际化进程极不协调。分析世界主要国际金融中心证券法律中有关公开宣传限制的制度以及中国证券法律中存在的问题,并进一步指出造成这种问题的原因在于中国证券发行核准程序比较长且可预期性不强,此外,中国证券发行核准制度还存在辅导制度这样的前置程序。证券发行核准制度的前述特点以及前置程序的存在在一定程度上取代了公开宣传限制制度的功能。因此,中国资本市场在国际化进程中除了需要引进公开宣传限制制度外,更重要的在于提高证券发行核准程序的效率和可预期性,建立与公开宣传限制制度相适应的配套措施和制度基础。
[Abstract]:Publicity restriction system is an important system of securities law in major international financial centers in the world. However, China's securities law does not have any provisions on this, or even if there are provisions there are different rules of logic, the scope of application of the provisions are narrow and so on. The existence of these problems is incompatible with the internationalization of Chinese capital market legal system. Analyzing the system of restrictions on publicity in the securities laws of the world's major international financial centres and the problems existing in the securities laws of China, Furthermore, it is pointed out that the reason for this problem is that the approval procedure of China's securities issuance is relatively long and not predictable. In addition, there is a pre-procedure such as guidance system in China's securities issuance approval system. The aforementioned characteristics of the securities issuance approval system and the existence of the pre-procedure have replaced the function of the public publicity restriction system to some extent. Therefore, in the process of internationalization, in addition to introducing a system of restrictions on publicity, it is more important to improve the efficiency and predictability of the securities issuance approval process. To establish appropriate measures and institutional basis for the restriction system of public publicity.
【作者单位】：北京大学法学院;
【分类号】：F832.51

【共引文献】