违规举牌相关争点回应与规制路径探寻

发布时间：2018-01-26 02:31

  本文关键词： 违规举牌 权益披露规则 慢走规则 股票增持 信息披露　出处：《证券市场导报》2017年09期 　论文类型：期刊论文

【摘要】：针对资本市场违规举牌乱象,现行《证券法》第193条以"责令改正和罚款"为主的行政处罚机制无法对违规举牌行为的违法性和社会危害性做全面评价,甚至被举牌人用作"漂白"违规增持行为的凭据。违规举牌与内幕交易虽均有"诱空"的外在形式,却有本质差别,以内幕交易禁止规则规制违规举牌行为并不可行。作为"诱空型虚假陈述"行为,违规举牌行为的民事责任规制是一个世界性难题,我国《证券法》短期内不宜对其民事责任做具体性规定。借助《证券法》修订契机,可在新法的"信息披露"一章中设置"持股变动信息披露"专节,并就违规举牌行为设定以"限期出售股票"、"没收违法所得"和"比例性罚款"为主的行政责任以及以"罚金"为主的刑事责任。
[Abstract]:In view of the irregularities in the capital market, the current administrative punishment mechanism of "order correction and fine" in Article 193 of the Securities Law is unable to make a comprehensive evaluation of the illegality and social harmfulness of the illegal practices. Even used by the licensee as evidence of "bleaching" illegal increase behavior. Illegal card and insider trading although there is an external form of "empty", but there are essential differences. It is not feasible to use the rules of prohibition of insider trading to regulate illegal sign raising. As an act of "inducing false statement", the regulation of civil liability for illegal behavior is a worldwide problem. China's Securities Law should not make specific provisions on its civil liability in the short term. With the help of the opportunity of amending the Securities Law, we can set up a special section on "Information Disclosure of Stock ownership changes" in the chapter of "Information Disclosure" of the new Law. It also sets the administrative liability as "selling stock within a time limit", "confiscating illegal income" and "proportional fine" as the main administrative liability and the criminal liability mainly with "fine".
【作者单位】： 西南政法大学经济法学院;
【基金】：2016年度国家社科基金重点项目“‘宽进严管’背景下市场主体信用监管制度研究”,项目编号:16AFXD16
【分类号】：D922.287;F832.51
【正文快照】： 市场违规举牌案例已有30余起。资本市场举牌之所以乱引言象频发,究其原委在于既有的举牌规范的行为模式与法我国《证券法》第86条1确立了资本市场大额股票交律后果要件存在漏洞,而不能对违反“权益披露规则”易行为的基本行为规则,即“权益披露规则”和“慢走与“慢走规则”的，

本文编号：1464405