新《证券法》下境外发行人参照适用上市公司规则的原理及径路--兼论保障“股东权益相当”的难易

The Theory and Path for Overseas Securities Issuers Being Regarded as Domestic Listed Companies in Accordance with the New Securities Law:Discussing the Difficult and Easy Parts to Secure the Domestic Shareholders Enjoy the Equivalent Rights and Interests

境外发行人的法律管辖与适用冲突是我国深化金融改革开放过程中必须回答的问题。《存托凭证发行与交易管理办法(试行)》第2条概要性地要求境外基础证券发行人"依法履行发行人、上市公司的义务,承担相应的法律责任"。然而,法律责任是一个超越部门法划分、超越公司法、证券法以及所有关于"投资者保护的强制性规定"的庞大体系。世界银行在考察一国"保护中小投资者"的营商环境时,也是分"股东治理指数"与"纠纷调解指数"两个二级指标进行评估。由此,依据起源于货币金融学的全球要素"一价定律"理论,境外发行人除适用境外注册地公司法等法律法规外,在一线监管标准、投资者权益保护、社会责任承担等方面都应当原则性地参照东道国针对上市公司的既有规则。相较于实体法上具体规则的统一性,实现境内外投资者对等保护的难点在于我国商事立法事后救济的现状。对此,要增强制度自信,更要克服"司法失灵",从源头预防股东权益受损。

How Chinese laws be applied to the overseas securities issuers and define the jurisdiction are inevitable legal questions when China deepens the financial reform and opening up.Article 2 of Measures for the Administration of Offering and Trading of Depositary Receipts(for Trial Implementation) summarizes the requirements to the overseas securities as "performing the obligations of the issuer and the listed company in accordance with the law,and assume corresponding legal liabilities".As we all know,legal liabilities are of a wide range,not being limited to the Company Law,Securities Law or any other mandatory provisions regarding investors-protection.Doing Business 2020 Indicators published by the World Bank decomposed the topic of Protecting minority investors into two parts,namely the Extent of Shareholder Governance Index and the Ease of Dispute Resolution Index.As a result,in line with the One Price Law stemming from the economics of money and financial markets,it is suggested that the overseas securities issuers shall be principally regarded as the Chinese listed companies besides being registered under the overseas Company Law,and the said issuers shall equivalently,compared to their domestic counter parties,assume the duties to protect the investors and environment,and to act under the first-line supervisions,etc.At the same time,for the proposes of preventing damages from the shareholders and overcoming the Judicial Failure,Chinese commercial laws shall brave self-revolution in terms of paying more attention to prevention in advance other than the after-the-fact relief,which could be the main obstacle to realize the equivalent investor-protection.