违规举牌相关争点回应与规制路径探寻

Responses to Debates on Purchasing Securities in Violation of the Law and Regulatory Responses

针对资本市场违规举牌乱象,现行《证券法》第193条以"责令改正和罚款"为主的行政处罚机制无法对违规举牌行为的违法性和社会危害性做全面评价,甚至被举牌人用作"漂白"违规增持行为的凭据。违规举牌与内幕交易虽均有"诱空"的外在形式,却有本质差别,以内幕交易禁止规则规制违规举牌行为并不可行。作为"诱空型虚假陈述"行为,违规举牌行为的民事责任规制是一个世界性难题,我国《证券法》短期内不宜对其民事责任做具体性规定。借助《证券法》修订契机,可在新法的"信息披露"一章中设置"持股变动信息披露"专节,并就违规举牌行为设定以"限期出售股票"、"没收违法所得"和"比例性罚款"为主的行政责任以及以"罚金"为主的刑事责任。

If investors violate the law to buy and sell stocks, investors will be punished by the securities regulatory authorities, according to article 193 of the Securities Act. However, the penalties include only ordering corrections and fines. These penalties have no deterrent effects on investors, who may further be used as evidence for ＇white washing＇ the buy and sell activities. Investor＇s purchase of the stock, in violation of article 86 of the securities law, is a ＇Soliciting Short Selling through False Statement＇. How to set civil liability on this issue is a worldly problem. It is not advisable for the Securities Law to set civil liability for short term. Utilizing the opportunity tbr amending the Securities Law, it is recommendable to set a section ＇disclosure of the change of equity ownership＇ within the chapter ＇information disclosure＇. Moreover, it is sensible to add ＇sale of stocks within a definite time＇, ＇confiscation of illegal gains＇, ＇proportional penalties＇ and other administrative penalties, and criminal penalties mainly in the form of fines.