权益变动披露规则重构的反思

2019年《证券法》对权益变动披露规则在信息披露规则、慢走规则以及罚则标准进行了重构,自修订成果来看,平衡理论没有得到贯彻,收购预警机制的功能进一步彰显。信息披露规则应结合最新个案逐渐形成标准,慢走规则宜保留并转向责任的分担。限制表决权及大额罚款的行政处罚仍是违规责任承担的主要方式,未来没收违法所得应有适用空间,并可探索代表人民事诉讼作为重要的救济手段。

Reflection on the Reconstruction of Equity Change Disclosure Rules

The Securities Law of 2019 restructured equity change disclosure rules in the information disclosure rules,walking slowly rules,and penalty standards.Judging from the results of the revision,the balance theory has not been implemented,and the function of the acquisition early warning mechanism has been further demonstrated.Information disclosure rules should gradually form standards based on the latest cases,and the walking slowly rules should be retained and shifted to the sharing of responsibilities.Administrative penalties that restrict voting rights and large fines are still the main way to assume responsibility for violations.There should be room for confiscation of illegal gains in the future,and civil litigation can be explored as an important remedy.