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由于世界各国在证券发行上市信息披露标准上不统一,存在一定的差异,严重阻碍证券跨境发行和上市活动。虽然各国纷纷通过自己国内立法单方面协调在其境内跨境证券发行上市行为,并就跨境信息披露标准作出与对境内外企业上市信息披露不同规定,但还需要设计一套完善的跨境信息披露机制。对此,国际证监会组织IOSCO发布一系列准则来协调和统一跨境信息披露差异。其中,IOSCO发布《证券监管目标和原则》、《外国发行人跨国证券发行与首次上市国际披露准则》、《关于上市公司持续和重大事项报告的准则》等几个重要准则对协调跨境信息披露差异性冲突起到积极作用。上述准则要求各国在跨境信息披露时积极遵守对等性、及时性、同一性、公平性等标准要求,对构建我国国际板跨境信息披露制度具有重要的借鉴意义。
Due to the non-uniform standards of information disclosure in securities issuance and listing in various countries in the world, there are certain differences that seriously hinder the cross-border securities issuance and listing. Although all countries, through their own domestic legislation, unilaterally coordinate the issuance and listing of cross-border securities in their own countries and make different provisions on cross-border disclosure of information with respect to the disclosure of information on domestic and foreign enterprises, it is also necessary to devise a set of sound cross-border information Disclosure mechanism. In response, IOSCO IOSCO issued a series of guidelines to coordinate and unify cross-border disclosure of information differences. Among them, IOSCO released several important guidelines such as “Securities Regulatory Targets and Principles”, “Guidelines for International Issuance of Cross-border Securities Issuance and Initial Public Offering by Foreign Issuer” and “Guidelines for Reporting on Continuing and Significant Events of Listed Companies”, etc. to coordinate cross-border information disclosure Differences conflict play a positive role. The above guidelines require that all countries actively comply with the standards such as equivalence, timeliness, identity and fairness in cross-border information disclosure and have important reference to construct the cross-border information disclosure system for international boards of our country.