Safe Harbor Rules under Forward-looking Statements Disclosure:Applicable Obstacles and System Improvement
The main function of the safe harbor rules promulgated for forward-looking statements disclosure is to provide a certain degree of exemption for forward-looking statements disclosure behavior in the security market,so as to encourage more forward-looking statements disclosure,and enhance the vitality of the security market.However,it is undoubtedly necessary to be more cautious to avoid making the safe harbor rules fall into a"safe haven"for security fraud.Therefore,it is necessary to make clear that the main purpose of the safe harbor rules as a legal technology is to keep a balance between stimulating the vitality of the securities market and maintaining the order of the securities market.So the design of this system needs to meet the requirements of clarity,appropriateness,and flexibility to achieve its expected goals.Through the systematic inspection of the current rules,it is found that the current safety harbor rules of forward-looking statements disclosure in China are mainly faced with three problems:First,the fault of system construction.The safety harbor rules lack strong support of the upper law.Second,the hazy content of the safety harbor rules.The application scope of the rules is not clear,and the application requirements are strict.Third,the lack of supporting systems.The realization of the purpose of the safe harbor rules is based on mature and rational investors,and the lack of investor education system may restrict the safe harbor rules to promote the benign interaction of market subjects.If the aforementioned problems cannot be reasonably solved,it may make the implementation effect of the safety harbor rules unsatisfactory,and even cause the adverse consequences of"empty system suspension".Therefore,from the perspective of enhancing the applicability of the safe harbor rules,it is necessary to adjust the rules to solve these problems.Specifically,it is necessary to clear that the safe harbor rules are aimed to encourage forward-looking statements and regard protecting small and vulnerable investors as the bottom line.What's more,on the basis of the actual situation of our security market,we should selectively learn the experience from the US development history of safe harbor rules,improve the institutional system,clarify the safe harbor rules of applicable subjects,applicable objects,and behavior types,appropriately relax its application conditions,and strengthen system support to promote its application in judicial practice.
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