中美资本市场反操纵监管比较及启示

The Comparison and Enlightenment of Anti-manipulation Supervision Between the U.S. and Chinese Capital Markets

市场操纵是当前资本市场最为突出的违法违规行为之一。美国法认为,操纵的本质是误导和欺诈,我国法没有规定操纵行为的实质定义。美国法规定了欺诈操纵和价格操纵两种类型,前者的构成标准低于后者,可并行适用,我国法中只有价格操纵。美国的立法技术是定义、列举、兜底和授权的模式,我国只有列举和兜底,且兜底中只有正面规定,没有反面排除的安全港规定。对《证券法》修改的启示是:界定操纵行为的本质为误导和欺诈、降低市场操纵的认定标准和增加新类型的操纵规定。

Market manipulation is one of the most prominent illegal acts in Chinese capital market. The U.S. law holds the philosophy that the essence of manipulation lies in misleading and defrauds, while the Chinese law does not have a similar practice. The Securities Exchange Act of 1934 established the legal framework of anti-manipulation in the U.S. securities market： a combination of general and specific rules, namely defraud-manipulation and price-manipulation. They can be applied in parallel, although the general rules have a lower standard. The security law of China only defines price-manipulation. The U.S. laws apply the legislative technique of definition, listing, catch-all provision and authorization, while Chinese laws only have the technique of listing and catch-all provision, and the listing provisions are including rather than excluding rules.