证券信息公平披露规则的规范分析与检讨

The Normative Analysis and Review of Fair Disclosure Rule of Securities Information

公平披露规则要求信息披露义务人向所有证券投资者同时披露信息,以确保不同投资者在信息获取上的平等性,维护证券市场的公平诚信。公平披露规则的规制对象应为重大信息的选择性披露行为,非重大信息对于投资者判断证券价值和作出投资决策不会产生显著影响,该类信息的披露并无适用公平披露规则的必要。公平披露规则强调信息披露的同时性,这意味着信息披露义务人在披露信息时必须采取公开披露的方式,方能确保披露的信息能够被不同投资者同时获取。《证券法》虽未指明公平披露规则除外适用规定的具体内容,但运用体系解释的方法可知:基于工作、职务或业务需要而提前获取未公开信息的知情人负有法定的保密义务,信息披露义务人在信息依法公开前向前述知情人披露信息时,可以豁免适用公平披露规则。

The fair disclosure rule requires the obligors to disclose information to all investors simultaneously to ensure the equality of access to information among different investors and maintain the fairness and integrity of the securities market.The object of the fair disclosure rule is the selective disclosure of material information.Non-material information has no significant impact on investors’judgment of securities value and investment decisions,so it is not necessary to apply the fair disclosure rule when the obligors disclose such information.Fair disclosure rule emphasizes the simultaneity of disclosure,which means that the obligors must disclose information in the form of public disclosure in order to ensure that the disclosed information can be obtained by different investors simultaneously.Although the Securities Law does not specify the specific contents of the exclusions of fair disclosure rule,it can be known through systematic interpretation:the insiders who have obtained undisclosed information in advance on the basis of one’s job,position or business has a statutory obligation to keep them confidential,and the obligors may be exempted from applying the fair disclosure rule even if he/she discloses the information to such insiders before it is disclosed publicly.