论我国融资参与型存托凭证信息披露模式的合理选择与制度完善——兼评《存托凭证发行与交易管理办法(试行)》中的信息披露规则
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摘要
融资参与型存托凭证是在存托协议与托管协议基础上构建而成的契约创设型证券。存托人是该类证券的名义发行人,境外企业则属于实质发行人。中国证监会发布的《存托凭证发行与交易管理办法(试行)》为该类证券设定的境外企业单独承担型信息披露模式,无法为投资者知情权提供充分保护,难以为非参与型存托凭证信息披露规则提供制度铺垫,同时,境内存托人的信息披露业务能力也不能得到培育。在充分借鉴域外融资参与型存托凭证信息披露模式设计经验的基础上,我国宜构建以境外企业承担信息披露义务为主、存托人与托管人承担信息披露义务为辅的信息披露模式。其中,存托人与境外企业应分别承担存托凭证与境外基础证券在我国的发行信息披露义务;境外企业独立承担存托凭证的上市信息披露义务;存托人应分别承担面向投资者与境外企业的中介信息披露义务;存托协议与托管协议应分别约定境外企业及托管人向存托人提供的契约性信息披露义务。境外企业、存托人及托管人通过强制性与契约性制度安排共同向投资者提供优质、充分的信息披露服务。
Financing-sponsored depository receipts are contract-created securities established on the basis of depository agreement and custodian agreement. The depository institution is the nominal issuer of the DRs, and the foreign enterprise is the actual issuer. The information disclosure mode for such securities set up in Management Measures for Depository Receipts Issue and Transaction(Trial) promulgated by China Securities Regulatory Commission that the foreign enterprise solely undertakes the responsibility can't fully protect investor's right to information, and will reduce the competitiveness of securities market of China and fail to provide system basis for information disclosure regulations of unsponsored DRs.Meanwhile the domestic depository institution's ability of information disclosure cannot be developed. On the basis of drawing on the experiences from overseas information disclosure mode design of financing-sponsored DRs, China should establish in information disclosure mode in which the foreign enterprise takes the main responsibility and the depository institution and custodian institution take the supportive responsibility. In the mode, the depository institution and the foreign enterprise should respectively undertake obligations to disclose offering information on DRs and foreign underlying securities; the foreign enterprise should solely undertake the obligation to disclose the listing information on DRs; the depository institution should respectively undertake the intermediary information disclosure obligations to investors and the foreign enterprise; the depository agreement and custodian agreement should respectively set forth the foreign enterprise's and custodian institution's contractual information disclosure obligations to depository institution. Through the mandatory and contractual arrangements, the foreign enterprise, depository institution and custodian institution all together provide excellent and adequate information disclosure services for investors.
Financing-sponsored depository receipts are contract-created securities established on the basis of depository agreement and custodian agreement. The depository institution is the nominal issuer of the DRs, and the foreign enterprise is the actual issuer. The information disclosure mode for such securities set up in Management Measures for Depository Receipts Issue and Transaction(Trial) promulgated by China Securities Regulatory Commission that the foreign enterprise solely undertakes the responsibility can't fully protect investor's right to information, and will reduce the competitiveness of securities market of China and fail to provide system basis for information disclosure regulations of unsponsored DRs.Meanwhile the domestic depository institution's ability of information disclosure cannot be developed. On the basis of drawing on the experiences from overseas information disclosure mode design of financing-sponsored DRs, China should establish in information disclosure mode in which the foreign enterprise takes the main responsibility and the depository institution and custodian institution take the supportive responsibility. In the mode, the depository institution and the foreign enterprise should respectively undertake obligations to disclose offering information on DRs and foreign underlying securities; the foreign enterprise should solely undertake the obligation to disclose the listing information on DRs; the depository institution should respectively undertake the intermediary information disclosure obligations to investors and the foreign enterprise; the depository agreement and custodian agreement should respectively set forth the foreign enterprise's and custodian institution's contractual information disclosure obligations to depository institution. Through the mandatory and contractual arrangements, the foreign enterprise, depository institution and custodian institution all together provide excellent and adequate information disclosure services for investors.
引文
(1)Regis E. Moxley, The ADR:An Instrument of International Finance and a Tool of Arbitrage, Villanova Law Review, 1962, Vol.8, p.19.
(2)参见[西]戈西马丁·阿尔弗雷泽:《跨境上市:国际资本市场的法律问题》,刘轶、卢青译,法律出版社2010年版,第10-11页。
(3)Mark A. Saunders, American Depository Receipts:An Introduction to U.S. Capital Markets for Foreign Companies, Fordham International Law Journal, 1993, Vol.17, p.48.
(4)红筹股企业是指在境外离岸法域注册并通过资产置换或VIE(Variable Interest Entity)协议控制架构方式实质控制我国境内企业资产及业务且在境外证券交易所挂牌上市的企业。
(5)Anonymous, SEC Regulation of American Depository Receipts:Disclosure LTD., Yale Law Journal, 1956, Vol.65, p.868.
(6)SEC Securities Act Release, No. 3593[1952-1956 Transfer Binder] Fed.Sec.L.Rep.(CCH)76,372(Jan. 25, 1956).
(7)Douglas B. Spoors, Exploring American Depository Receipts:The international Augmentation of U.S. Securities Markets, Transnational Lawyer, 1993, Vol.6, pp.196-197.
(8)Anonymous, SEC Regulation of American Depository Receipts:Disclosure LTD., Yale Law Journal, 1956, Vol.65, pp.868-869.
(9)参见中国证监会:《关于就〈上海证券交易所与伦敦证券交易所市场互联互通存托凭证业务监管规定(试行)〉公开征求意见的通知》(2018年8月31日发布),http://www.csrc.gov.cn/pub/zjhpublic/zjh/201808/t20180831_343425.htm,2018年9月17日访问。
(10)此类招股说明书应披露如下信息:与招股说明书内容相关的一般介绍(其中包括存托协议)、境外企业基本信息、境外企业章程主要条款、境外企业资本结构、分红与汇率、存托凭证发行目标、存托人与托管人介绍、投资者权益介绍、存托凭证的风险、境外基础证券市场价格信息、基础证券上市所在地的证券市场介绍、存托凭证与基础证券的转换等。See Part A in Schedule XIX of Securities and Exchange Board of India(Issue of Capital and Disclosure Requirements)Regulations, 2009, available at https://www.sebi.gov.in/legal/regulations/jun-2018/securitiesand exchange board of india-issue-of-capital-and-disclosure-requirementsregulations2009lastamended-on-february-12-2018-_39242.html, 2018年9月19日访问。
(11)Marie-Claire Cordonier Segger, Peter Holmgren, D. Andrew Wardell, Financing Sustainable Landscapes through Innovative International Economic Law and Governance Instruments, Global Journal of Comparative Law, 2018, Vol.7, pp.187-189.
(12)Jonathan W. Royston, The Regulation of American Depository Receipts:Americanization of the International Capital Markets, North Carolina Journal of International Law and Commercial Regulation, 1985,Vol.10, p.87.
(13)Mark A. Saunders, American Depository Receipts:An Introduction to U.S. Capital Markets for Foreign Companies, Fordham International Law Journal, 1993, Vol.17, pp.66-69.
(14)Chad M. Jennings, The American Depository Revision:Restructuring ADRs For Emerging-Market Investments, Virginia Journal of International Law, 2014, Vol.54, pp.738-741.
(15)该数据来源于纽约梅隆银行存托凭证分类统计数据网,https://www.adrbnymellon.com/directory/dr-directory?showNewDRs=yes,2018年9月23日访问。
(16)Brendan M. Daniels, The Phantasmal Presence:American Depository Receipts and Personal Jurisdiction, Federal Courts Law Review, 2016,Vol.9, pp.6-7.
(17)Harold Schimkat, The SEC’s Proposed Regulation of Foreign Securities Issued in the United States, Fordham Law Review, 1992, Vol.60,pp.210-211.
(18)Douglas B. Spoors, Exploring American Depository Receipts:The international Augmentation of U.S. Securities Markets, Transnational Lawyer, 1993, Vol.6, p.189.
(19)蒋辉宇:《跨国证券融资法律监管目标的合理选择》,《法学》2013年第2期。
(20)Joseph Velli, American Depository Receipts:An Overview, Fordham International Law Journal, 1994(S38), Vol.17, pp.46-47.
(21)Anonymous, SEC Regulation of American Depository Receipts:Disclosure LTD., Yale Law Journal, 1956, Vol.65, p.865.
(22)Chad M. Jennings, The American Depository Revision:Restructuring ADRs For Emerging-Market Investments, Virginia Journal of International Law, 2014, Vol.54, p.748.
(23)Vincent M. Chiappini, How American Are American Depository Receipts? ADRs, Rule 10B-5 Suits, and Morrison v. National Australia Bank, Boston College Law R eview, 2011, Vol.52, p.1822.
(2)参见[西]戈西马丁·阿尔弗雷泽:《跨境上市:国际资本市场的法律问题》,刘轶、卢青译,法律出版社2010年版,第10-11页。
(3)Mark A. Saunders, American Depository Receipts:An Introduction to U.S. Capital Markets for Foreign Companies, Fordham International Law Journal, 1993, Vol.17, p.48.
(4)红筹股企业是指在境外离岸法域注册并通过资产置换或VIE(Variable Interest Entity)协议控制架构方式实质控制我国境内企业资产及业务且在境外证券交易所挂牌上市的企业。
(5)Anonymous, SEC Regulation of American Depository Receipts:Disclosure LTD., Yale Law Journal, 1956, Vol.65, p.868.
(6)SEC Securities Act Release, No. 3593[1952-1956 Transfer Binder] Fed.Sec.L.Rep.(CCH)76,372(Jan. 25, 1956).
(7)Douglas B. Spoors, Exploring American Depository Receipts:The international Augmentation of U.S. Securities Markets, Transnational Lawyer, 1993, Vol.6, pp.196-197.
(8)Anonymous, SEC Regulation of American Depository Receipts:Disclosure LTD., Yale Law Journal, 1956, Vol.65, pp.868-869.
(9)参见中国证监会:《关于就〈上海证券交易所与伦敦证券交易所市场互联互通存托凭证业务监管规定(试行)〉公开征求意见的通知》(2018年8月31日发布),http://www.csrc.gov.cn/pub/zjhpublic/zjh/201808/t20180831_343425.htm,2018年9月17日访问。
(10)此类招股说明书应披露如下信息:与招股说明书内容相关的一般介绍(其中包括存托协议)、境外企业基本信息、境外企业章程主要条款、境外企业资本结构、分红与汇率、存托凭证发行目标、存托人与托管人介绍、投资者权益介绍、存托凭证的风险、境外基础证券市场价格信息、基础证券上市所在地的证券市场介绍、存托凭证与基础证券的转换等。See Part A in Schedule XIX of Securities and Exchange Board of India(Issue of Capital and Disclosure Requirements)Regulations, 2009, available at https://www.sebi.gov.in/legal/regulations/jun-2018/securitiesand exchange board of india-issue-of-capital-and-disclosure-requirementsregulations2009lastamended-on-february-12-2018-_39242.html, 2018年9月19日访问。
(11)Marie-Claire Cordonier Segger, Peter Holmgren, D. Andrew Wardell, Financing Sustainable Landscapes through Innovative International Economic Law and Governance Instruments, Global Journal of Comparative Law, 2018, Vol.7, pp.187-189.
(12)Jonathan W. Royston, The Regulation of American Depository Receipts:Americanization of the International Capital Markets, North Carolina Journal of International Law and Commercial Regulation, 1985,Vol.10, p.87.
(13)Mark A. Saunders, American Depository Receipts:An Introduction to U.S. Capital Markets for Foreign Companies, Fordham International Law Journal, 1993, Vol.17, pp.66-69.
(14)Chad M. Jennings, The American Depository Revision:Restructuring ADRs For Emerging-Market Investments, Virginia Journal of International Law, 2014, Vol.54, pp.738-741.
(15)该数据来源于纽约梅隆银行存托凭证分类统计数据网,https://www.adrbnymellon.com/directory/dr-directory?showNewDRs=yes,2018年9月23日访问。
(16)Brendan M. Daniels, The Phantasmal Presence:American Depository Receipts and Personal Jurisdiction, Federal Courts Law Review, 2016,Vol.9, pp.6-7.
(17)Harold Schimkat, The SEC’s Proposed Regulation of Foreign Securities Issued in the United States, Fordham Law Review, 1992, Vol.60,pp.210-211.
(18)Douglas B. Spoors, Exploring American Depository Receipts:The international Augmentation of U.S. Securities Markets, Transnational Lawyer, 1993, Vol.6, p.189.
(19)蒋辉宇:《跨国证券融资法律监管目标的合理选择》,《法学》2013年第2期。
(20)Joseph Velli, American Depository Receipts:An Overview, Fordham International Law Journal, 1994(S38), Vol.17, pp.46-47.
(21)Anonymous, SEC Regulation of American Depository Receipts:Disclosure LTD., Yale Law Journal, 1956, Vol.65, p.865.
(22)Chad M. Jennings, The American Depository Revision:Restructuring ADRs For Emerging-Market Investments, Virginia Journal of International Law, 2014, Vol.54, p.748.
(23)Vincent M. Chiappini, How American Are American Depository Receipts? ADRs, Rule 10B-5 Suits, and Morrison v. National Australia Bank, Boston College Law R eview, 2011, Vol.52, p.1822.