从“选择披露”到“公平披露”——对美国证券监管新规则的评介与思考

信息披露是证券市场监督的有效手段 ,它有利于实现公平和公正。为完善信息披露规则和规范选择披露行为 ,美国证券暨交易委员会 (SEC)于 2 0 0 0年 8月颁布了公平披露规则 ,并于同年 1 0月正式实施。本文对公平披露规则制定的背景和目的、“重要性”的判断标准、公开披露的时间要求、公开披露的方式、违反规则的责任等重要问题进行了详细的研究与评介。作为文章的结束 ,笔者就证券立法方向。

Information disclosure is an effective method for supervising the securities market and helpful to realize fairness and justice.For reasons of perfecting the rules of information disclosure and regulating the conduct of selective disclosure,Securities and Exchange Commission of the United States(SEC)issued the Rule of Fair Disclosure in August 2000.The Rule became effective in October of the same year.Some significant issues,such as the background and goal of the rulemaking,the standard of 'materiality',the timing of required public disclosure,methods of public disclosure,liabilities for violation of the rule,amd so on,have been introduced,studied and appraised in detail in this article.At the end of this article,authors analyze and reflect on three issues which are the orientation of securities rules-regulating the conduct of selective disclosure and the technology of legislation by using comparative method.