诉讼主张:《外国公司问责法》下中国发行人可鉴应对之策

Reflections on the Holding Foreign Companies Accountable Act

《外国公司问责法》旨在强化在美国证券市场上市的外国公司的信息披露,进一步加强了美国证券法披露非财务信息的要求,同时也对中国发行人造成歧视。美国国内对披露非财务信息一直存在争议。受披露非财务信息法律法规影响的发行人通过游说和诉讼等方式进行抵制,取得一定效果。中国证券监管部门可加强与美国证券监管部门的双边监管合作。中国发行人可借鉴美国上市公司抵制《萨班斯-奥克斯利法》和《多德-弗兰克法》的相关条款的经验,通过协商、起诉等方式应对《外国公司问责法》。

The Holding Foreign Companies Accountable Act is aimed at strengthening disclosure by foreign companies listed in the United States.It is part of a recent expansion of non-financial disclosure under U.S.securities law.It also is a clear example of discrimination against Chinese companies listed on U.S.financial markets.For many years,non-financial disclosure has been a controversial topic in the United States.Affected U.S.companies resisted the Sarbanes-Oxley Act and Dodd-Frank Act through lobbying and litigation,and their efforts achievedpositive results.This paper suggests that Chinese authorities should step up cooperation with U.S.regulatory entities to address problems with the latest form of restrictive legislation.Chinese companies listed in the U.S.securities markets should follow the lead of listed U.S.companies in resisting the relevant provisions of the Holding Foreign Companies Accountable Act by way of lobbying and pursuing litigation in US courts.