预测性信息披露责任与安全港制度探究

Research on the Responsibility of Forward-looking Information Disclosure and Safe Harbor System

预测性信息属于影响投资者投资决策的重要信息,但因其是对未来的主观预测与评价,具有相当的不确定性,故不宜也不应适用传统信息披露的“真实、准确、完整”的判断标准。美国在20世纪已制定安全港制度,为符合规定的预测性信息披露人提供责任豁免空间。我国最高人民法院2022年颁布的《虚假陈述司法解释》首次确立了预测性信息安全港制度。此前已有部分司法案例开启初步探索,积累了有益的审判经验。但在既往监管实践中,证券监管机构和交易所仍倾向于根据预测内容与实际情况差异较大的客观事实认定行为人应承担责任。为完善我国预测性信息披露制度,建议通过修改《证券法》明确预测性信息披露的特殊标准,将安全港制度的适用范围延伸至行政责任认定层面,明确除外情形举证责任的合理分配,着重考察披露主体的主观状态,并就其他“软信息”设立相应的安全港制度。

Forward-looking information is an important information that affects investors'investment decisions.Because it is a subjective prediction and evaluation of the future and has considerable uncertainty,it is not appropriate and should not apply the“true,accurate and complete”judgment standards of traditional information disclosure.In the 20 th century,the United States has established a safe harbor system to provide exemption from liability for compliant forward-looking information discloser.The judicial interpretation of misrepresentation issued by the Supreme People's Court of China in 2022 established the forward-looking information safe harbor system for the first time.Previously,some judicial cases have started preliminary exploration and accumulated useful trial experience.However,in previous regulatory practices,securities regulatory agencies and securities exchanges still tend to determine the forward-looking information discloser to bear liability based on objective facts that the predicted content and the actual situation have significant differences.To improve China's forward-looking information disclosure system,it is recommended to amend the Securities Law to clarify the special standards for forward-looking information disclosure,extend the application of the safe harbor system to administrative responsibility,clarify the reasonable allocation of the burden of proof in exceptional circumstances,focus on examining the subjective element of the discloser,and establish corresponding safe harbor systems for other“soft information”.