评欧盟证券法的最新发展

An Evaluation of Resent Development of European Union Securites Law

随着《金融服务行动计划》的实施,四级立法程序的采用,欧盟证券法进入一个崭新的发展时期。在证券市场一体化方面,主要建立了新的统一证券服务经营机构监管制度、证券发行与上市及其信息披露制度以及上市公司要约收购制度;在投资者保护方面,主要建立了新的禁止内幕交易与禁止市场操纵制度、上市公司信息披露制度。这些新制度的确立,标志着新的欧盟证券法律体制的已基本建立起来,欧盟证券市场的一体化进程向前迈了极其重要的一步。

With the implementation of The Financial Services Action Plan and the application of the four-level legislative cess, the development of European Union Securites Law entered into a new age. The main legislaion of securities market integration set up the new and uniform regulatory and supervisory regimes of the provision of securities services, securities public offer, list and imformation disclosure, takeover bids of listed companies. The core of protective legislation created the new and uniform regulatory and superviscry systems of prohibition of insider trading and prohibition of market manipulation, imformafion disclosure of listed companies. The establishment of these new regimes indicates the creation of the new European Union securites law system, and signs a great progress in the integration of securites market in European Union.