论证券市场自愿性信息披露制度及免责事由

On the Voluntary Disclosure System in the Securities Market and Exemptions from Liability

摘要: 信息披露制度是证券市场中最为重要的制度之一。我国《证券法》首次规定了自愿性信息披露，鼓励披露义务人主动披露与投资者投资决策和价值判断有关的事项，有助于投资者合法权益的维护。但过于严格的披露者的义务规定不仅有悖于该制度设立的初心，也忽视了披露者合法权益的维护，出现了自愿披露违法事件频发和披露者自愿披露积极性不高的矛盾。结合美国的“安全港规则”，我国应该通过免责事由规则的制定解决该矛盾，综合不可抗力这个现有的免责事由，将“警示性声明”确定为预测性信息披露的免责事由；将非重大性信息确定为所有自愿披露者的免责事由。恰当的信息自愿披露免责事由才能保证投资者和披露者权益平衡。

Abstract: The information disclosure system is one of the most important systems in the securities market. For the first time, China’s Securities Law provides for voluntary disclosure of information, encouraging disclosure obligations to proactively disclose matters related to investors’ investment decisions and value judgments, which helps to safeguard the legitimate rights and interests of investors. However, the overly strict obligation of the discloser not only contradicts the original intention of the system, but also ignores the protection of the legitimate rights and interests of the discloser, resulting in the contradiction between the frequent occurrence of voluntary disclosure violations and the low motivation of the discloser to voluntarily disclose. Combined with the U.S. “Safe Harbor Rules”, China should solve the contradiction through the formulation of exemptions, comprehensive force majeure as the existing exemptions, the “cautionary statement” as a predictive disclosure of exemptions; non-materiality of information Establishing an exemption for all voluntary disclosers. Appropriate exemptions from liability for voluntary disclosure of information would ensure a balance between the interests of investors and disclosers.