预测性信息虚假陈述责任认定标准

Determination of Liability for Misrepresentation of Predictive Information

摘要: 我国目前的信息披露虚假陈述认定标准是以历史性信息为规制对象建立的，对于预测性信息这种具有前瞻性和不确定性的新信息类型而言，传统的虚假陈述责任认定标准存在适用困难。《虚假陈述若干规定》对此进行了开创性的回应，但该认定标准过于模糊，不具有可操作性，且司法解释的空间过大，难以形成有效的合规预期。本文认为可以通过引入主观要件审查、清晰界定适用范围、明确信息披露行为人的风险警示义务和更正义务标准，来实现预测性信息虚假陈述责任的合理化认定。

Abstract: China’s current standards for determining misrepresentation in information disclosure are established with historical information as the object of regulation, and there are difficulties in applying the traditional standards for determining liability for misrepresentation to looking-forward information, which is a new type of information with foresight and uncertainty. “Certain Provisions on Misrepresentation” provides a pioneering response to this, but the determination standard is too vague, not operable, and the space for judicial interpretation is too large, making it difficult to form effective compliance expectations. This paper argues that the rationalisation of liability for misrepresentation of predictive information can be achieved by introducing subjective element review, clearly defining the scope of application, and clarifying the criteria for risk warning obligations and correction obligations of information disclosure actors.