论上市公司股东持股变动信息披露法律管制的限度——以证券公开原则与信托法上的保密义务的冲突为例

The Limitation to the Law Restrictions of the Information Disclosure to the Holding Shares of Public Listed Corporations——On a case of the conflict between publicity principle of securities and the obligation of confidentiality in the Trust Law

信托公司以委托人交付的信托财产大量投资于某一只股票时,证券界一直要求信托公司无条件披露委托人名单,从而与信托法规定的保密义务发生了冲突。实际上,信息披露管制的界限应当以“防范不公正金融交易”为限度,而委托人也不得为非法目的而利用保密义务来规避其应承担的信息披露义务。法律界应当充分注意到信托财产投资运用控制权的多样性,区分积极信托、消极信托等不同的类型分别规定信息披露的方法。

When the trust companies invest the trust assets that delivered by the trustors in a certain stock, they are asked to disclose the list of trustors unconditionally by the securities industry. Actually, the limitation of controlling information disclosure should be“keep watch of unfair financial trade”, and the trustors should not use the obligation of confidentiality as the instrument to evade the obligation of information disclosure for illegal purpose. The law world should pay attention to the variety of the controlling rights of managing the trust assets investment, distinguish different kinds of trusts such as active trusts and passive trusts to draft regulations of information disclosure separately.