社交媒体时代上市公司选择性披露的监管变革——美国《公平披露规则》制度演进的启示

Regulating Selective Disclosure in the Era of Social Media——Lessons from the Institutional Evolution of Regulation FD of the United States

社交媒体信息披露的兴起有望带来更有活力的证券市场,但也对信息披露的公平原则构成重大挑战,需要面临选择性披露监管的问题。新《证券法》第83条正式在法律层面确立了我国的选择性披露监管体制,但是缺乏适应社交媒体信息披露的实施规则。美国SEC为打击选择性披露行为于世纪之交出台了《公平披露规则》,此后为适应互联网信息技术的发展分别于2008年和2013年作出了重要的重新解释。社交媒体时代的选择性披露监管规则必须兼顾两个公共政策目标:既要保障投资者公平获取信息,也要鼓励发行人灵活披露信息。“公平”理念的制度表达应从信息准入规制转变为事前通知要求。我国应当积极主动地适应技术变革,拓宽法定信息披露渠道,注重发行人的事前通知义务,限制可以仅在社交媒体上披露的信息类型,以及建立统一的、参考社交媒体交互方式的电子信息系统。

The rise of social media disclosure is expected to bring more dynamic securities market,but it also poses a major challenge to the principle of fair disclosure,thus needs to face the problem of selective disclosure.Article 83 of the new Chinese Securities Law formally establishes the selective disclosure regulatory regime in China,but it lacks the rules to adapt to the social media era.The SEC issued Regulation Fair Disclosure at the turm of the century to combat selective disclosure.Since then,it made important reinterpretations both in 2008 and 2013 to adapt to the development of Internet information technology.In the social media era,the rules of selective disclosure regulatory regime must take into account two public policy objectives,which should not only guarantee the fair access of investors to corporate information,but also encourage the issuer to disclose information flexibly.The institutional expression of the concept of“faimess”has also changed from the regulation of information access to the requirement of prior notice.Taking the institutional evolution of Regulation FD as a lesson,China should proactively adapt to technological changes by broadening statutory disclosure.channels,emphasizing isuers’prior notice obligations,limiting the types of information that can be disclosed only on social media,and establishing a unified electronic information system that references social media interactions.