摘要
证券交易具有投机性。证券法在规制非法投机和正常交易二者之间游走,力图确定正常交易中投机行为的边界。而边界的厘定,不仅仰仗对类型化反欺诈规则的解读,还有赖于反欺诈一般条款的研究。遵从"规范解释——漏洞补充——价值填充"的法解释学路径,对恒大"否认收购"行为的规制依据进行方法论上的检视得出:我国采类型化规则模式对证券欺诈行为进行规制,虽具体化程度高,但易导致遗漏。在规制证券欺诈行为的适应性和安定性之间寻求均衡,需要构建一套一般原则与具体规则相结合的、周延的反欺诈规范体系。基于此,建议《证券法》将第五条修改为:在证券的发行、交易及其相关活动中,不得有虚假陈述、内幕交易、市场操纵、欺诈客户等证券欺诈行为,若上述行为发生在我国境内或对我国产生了可预见的实质性影响,行为人应承担法律责任。
The stock exchange is speculative.The Securities Law moves between the regulation of illegal speculation and normal trading and tries to determine the boundary of the speculative behavior in the normal trading.The determination of boundary depends not only on the interpretation of typed anti-fraud rules,but also on the study of general provisions of anti-fraud.According to the legal hermeneutic path of the"Specification Interpretation-Vulnerability SupplementValue-filling"pattern,this paper gives a methodological review to the regulation basis of Evergrande’s"denial of purchase"behavior and finds that China’s typological rule model regulates the behavior of securities frauds and although the degree of concretization is high,it is easy to lead to omission.In order to find a balance between the adaptability and stability of regulating securities frauds,it is necessary to construct a set of comprehensive anti-fraud norms system which combines general principles with specific rules.On the basis of this,it is proposed that the Securities Law amend Article 5 to:In the issuance,trading and related activities of the securities,there shall be no false statements,insider trading,market manipulation,fraudulent clients and other securities frauds.The actor shall be liable if the above-mentioned behavior occurs in China or has a predictable and substantial impact on China.
作者
张崇胜
Zhang Chong-sheng(School of Law,Nankai University,Tianjin 300350,China)
出处
《政法学刊》
2019年第6期35-42,共8页
Journal of Political Science and Law
基金
国家社科基金重大项目专项“社会主义核心价值观与我国商事立法完善”(17VHJ001)
教育部人文社会科学重点研究基地重大项目“混合所有制企业治理问题研究”(14JJD630006).
关键词
《证券法》第五条
证券欺诈
立法模式
一般条款
modification of Article 5 of the Securities Law
securities frauds
legislative mode
general provisions
