摘要
美国证券交易10B-5规则是一个包容性很强的反证券交易欺诈规范。司法实践中对其予以的灵活、宽泛适用进一步发展了10B-5规则,事实上将一些传统上属于州公司法规制的领域联邦化了,使其不仅用于规制更广泛的内幕交易,也用于规制公司合并、不当管理等公司行为,包括封闭公司的侵害股东权益行为,以充分救济股东权益。为更好地救济股东权益,法院还在适用损害赔偿原则和认定赔偿金额时表现出极大的灵活性。我国可以借鉴这些法律理念和司法实践做法,扩大和灵活适用反证券交易欺诈制度,以最大程度地保护股东权益免受侵害。
Rule 10B-5 of American securities exchange is an inclusive anti-securities fraud norm.The courts further develop Rule 10B-5 through broadly interpreting it and has factually federalize some state corporation regulations,which makes the rule applicable not only to a broader scope of insider trading,but also to corporation acts,such as mergers,mismanagements etc,including infringe acts in closed corporations to fully remedy shareholders rights and interests.In order to better remedy shareholders＇ rights and interests,the courts are also flexible in deciding damages.Our country may learn a lot from those legal concepts and judiciary practices and expand the use of anti-securities fraud norm to protect shareholders rights and interests from infringement to the largest extent.
出处
《福建江夏学院学报》
2012年第4期59-68,共10页
Journal of Fujian Jiangxia University
基金
教育部人文社会科学研究项目(09XJA820015)
关键词
10B-5规则
司法适用
股东权益救济
公司法联邦化
Rule 10B-5
judiciary application
remedies for aggrieved shareholders＇ rights and interests
federalization of state corporation regulations
