美国证券法对衍生交易市场风险披露的监管及借鉴——以SEC“305规则”体制的监管要求为视角

Supervision of Disclosure of Financial Derivatives' Market Risk in American Securities Law and its Implication for China

在以市场风险披露为基础的衍生交易监管政策下,SEC的“305规则”体制由定量、定性信息披露要求与前瞻性信息披露的安全港规则有机构成。我国应当借鉴先进的风险监管规则,构建创新的衍生工具市场风险披露法律框架,并解决好创新规则实施过程中的成本-收益权衡问题、收益波动性问题。

In the supervisory policy based on the disclosure of financial derivatives＇ market risk, ＂305 rule＂ system is synthetically constructed by quantitative disclosure requirements, qualitative disclosure requirements and ＂safe harbor＂ provision. We should adopt advanced risk supervision approach, establish innovative legal framework for disclosure of financial derivatives＇ market risk, and carefully deal with cost-benefit tradeoff and earnings volatility when implementing the new regulation.