完善境内上市公司实际控制人披露监管的建议

Proposal on Improving Disclosure of Factual Controllers

以行政规章和证监会规范性文件为主体的上市公司实际控制人披露制度已在国内证券市场初步建立,但囿于实际控制人概念内涵的不确定、披露主体相关权限及配套措施的匮乏,特别是责任追究机制的不健全,目前制度的执行效果不甚理想。本文在借鉴香港《证券及期货条例》的权益披露规定经验的同时,根据大陆市场法制和监管环境的现实,就现有监管框架下可行的完善实际控制人信息披露监管措施进行了探索。

In spite of the requirements stipulated by theChina Securities Regulatory Commission on the obligation ofdisclosure on factual controllers, the status quo of listedcompanies is not satisfactory due to obscure specification ofthe concept of factual controllers, lack of power restraint,ancillary measures and accountability, in particular. This paper,based on the practice of Hong Kong as guided by Securities &Futures Act, is an attempt to reach a better solution in China inline with Chinese applicable rules and regulatory environment.