论违规披露、不披露重要信息罪的可能性失灵——以收益权凭证交易为例证

信息披露制度是金融监管法律制度的核心内容,需要刑法保护。为确保刑法调整信息披露制度的有效性,"违规披露、不披露重要信息罪"在原《刑法》条文的基础上,对主体、客观行为和行为结果都进行了修订完善。新的金融产品的出现使"违规披露、不披露重要信息罪"出现了漏洞,面临可能性失灵的现实问题,收益权凭证交易这一新型合成型资产证券化产品就是例证。创新资产证券化产品,监管部门要依据其交易特征,出台相应监管规则,注重完善信息披露制度,防止"违规披露、不披露重要信息罪"的可能性失灵。

On Probable Malfunction of the Crime of False Disclosure of Important Information: Taking Usufruct Certificate Treading as an Example

The information disclosure system is the essential content of the legal system of financial supervision, and it needs to be protected by criminal law. In order to ensure the availability of criminal law＇ s regulating information disclosure system, based on the original regulations, ＂the crime of false disclosure of important information＂ revised the regulations concerning the subject, object and outcome of the behavior. As new financial products have emerged, new defects of this regulation have been revealed as well. Usufruct certificate treading, a new asset securitization production is an example which shows that the regulation is confronted with the problem of probable malfunction. In dealing with the new asset securitization production, the supervision authorities shall issue regulations according to the features of such product, improve the information disclosure system, and prevent the regulation＇ s probable malfunction