注册制改革下证券虚假陈述的刑行共治研究

Research on the Criminal and Administrative Co-regulation of SecuritiesMisstatements in the Context of Registration System Reform

注册制改革是资本市场蓬勃有序发展的一大制度契机。注册制要求行政机关转换监管思维和模式,但由于我国资本市场虚假陈述频发,严重影响了信息披露的可靠性和证券监管的公信力,因此必须以刑法和行政法的顶层威慑来规制证券虚假陈述行为。通过完善虚假陈述行为的行政法和刑法衔接、明确证券虚假陈述犯罪的侵害法益、构建虚假陈述刑事合规、提升监管的及时性、合理分配监管权、完善举报奖励制度等手段,实现证券虚假陈述的刑行共治。

The registration system reform is a major institutional opportunity for the flourishing and orderly development of the capital market.The registration system requires administrative authorities to switch their regulatory mindset and mode,but as the frequent occurrence of securities misstatements in China’s capital market has seriously affected the reliability of information disclosure and the credibility of securities regulation,it is necessary to regulate securities misstatements with the top-level deterrence of criminal and administrative laws.By improving the convergence of administrative and criminal laws on securities misstatement,clarifying the infringement of legal interests of securities misstatements crimes,constructing criminal compliance for securities misstatements,enhancing the timeliness of regulation,reasonably allocating regulatory power,and improving the reporting reward system,the criminal and administrative co-regulation of securities misstatements can be achieved.