■刘常建

S LiuChangJian

　　为维护市场秩序，2008年12月证监会发布《证券期货市场监督管理措施实施办法（试行）》（以下简称《实施办法》），正式确立了若干项监督管理措施，“责令公开说明”即是其中之一。《实施办法》第十二条首次对该措施作出诠释：“责令公开说明，是指实施机构责令信息披露前后矛盾、违背公开承诺，或者有其他失信行为的当事人就特定事项公开向社会作出说明或者解释的监督管理措施”。

In order to maintain the market order,In December 2008, issued by the CSRC[Securities and futures market supervision and management measures for the implementation of the measures(trial)](Hereinafter referred to as[Measures for the implementation]),Formally established several supervision and management measures,"Public explanation shall be ordered to"That is one of them.[Measures for the implementation]Article 12 of the measures for the first time to make interpretation:"Public explanation shall be ordered to,Refers to the organization shall be ordered to make information disclosure inconsistent/Against public commitment,Or if there are other discreditable behavior of the party in respect of the specific matters to the society public explanation or explain supervision and management measures".

　　首先，“责令公开说明”监督管理措施的构成要素及其功能、特征是什么呢？

First of all,"Public explanation shall be ordered to"Supervision and management measures of the elements and its functions/Character is what?

　　构成要素

elements

　　其一，实施主体为证监会及其派出机构。

one,Implementing subject to the CSRC and its dispatched institutions.

　　其二，实施对象为证券市场活动的参与者，即公民（自然人）、法人或其他组织。

The second,Implement object for securities market participants,Namely citizens(Natural person)/The legal person or other organization.

　　其三，适用的情形有六项，或说三类。实体法上的依据， 涉及4份部门规章：《上市公司证券发行管理办法》（第六十七条）、《上市公司信息披露管理办法》（第五十九条）、上市公司并购重组财务顾问业务管理办法（第四十条）、证券发行上市保荐业务管理办法（第六十六、六十七条），两份规范性文件——《上市公司现场检查办法》（第二十七条）、《证券公司分类监管规定（2010年修订）》（第九条）。

thirdly,Applicable situation have six,Or three.Substantial basis, Involves four department regulations:[Measures for the administration of the issuance of securities of listed companies](Article sixty-seven)/[The measures for the administration of the listed company information disclosure](Article 59)/Acquisition and reorganization of listed companies financial advisor business management measures(Article 40)/The issuance of securities listing sponsor business management measures(sixty-six/Article sixty-seven),Two normative documents --[The listed company on-site inspection measures](Article 27)/[A securities company classification regulations(Amended in 2010)](Article 9).

　　从程序法上看，按照《实施办法》第十二条的定义，只有当事人具备“信息披露前后矛盾”、“违背公开承诺”、“有其他失信行为”三类情形之一时，监管机构方可采用本项监督管理措施。其中，“有其他失信行为”，即存在欺诈、内幕交易、操纵市场以及其他损害投资者合法权益的不诚实信用行为。

Look from the procedural law,According to the[Measures for the implementation]Article 12 the definition,Only the parties have"Information disclosure inconsistent"/"Against public commitment"/"There are other discreditable behavior"One of the three types of circumstances when,Regulators may use the supervision and management measures.the,"There are other discreditable behavior",I.e. there are fraud/Insider trading/Market manipulation and other damage the legitimate rights and interests of the investors don't honest credit behavior.

　　其四，实施载体为制式法律文书。《实施办法》第五十条规定，“实施监督管理措施的，实施机构应当…使用统一的格式文书”。换言之，实施主体采用口头等非正式的“责令”举措，即使达到了同样监管效果，也并不构成本项监督管理措施。

its,Implementation of the carrier for system legal documents.[Measures for the implementation]The provisions of article 50,"Implement supervision and management measures,The organization shall...Use unified format documents".In other words,Implementing subject using oral and informal"Shall be ordered to"measures,Even at the same regulation effect,Also not constitute the supervision and management measures.

　　

功能和特征 Function and characteristics

　　一是保障投资者知情权的功能。当事人从事了不诚信行为或释放了不诚信信息，却不肯主动坦诚，势必损害了投资者特别是处于信息弱势地位的中小投资者的知情权，不利于他们进行风险判断。责令其就特定事项公开向社会作出说明或者解释，将保障投资者拥有对称、完整和真实的信息，推动证券市场定价的公平和交易的公正。

One is the guarantee investors the function of the right to know.The parties engaged in the dishonest behavior or release the dishonest information,Refused to active frank,Certainly will hurt investors especially in a vulnerable position information of small and medium-sized investors' right to know,To the risk of judgment against them.It shall be ordered to the specific matters to the society public explanation or explanation,Will guarantee investors have symmetry/Complete and true information,Promote stock market pricing of fairness and trade fair.

　　二是对不当行为的及时矫正和对当事人的教育警示功能。责令当事人就特定事项公开向社会作出说明或者解释，使其“蒙羞”，有利于快速生成外围压力，从社会公众和监管机构两个层面，震慑、敦促当事人“低头认错”，立即摒弃不诚信行为，重新回到规范运作的路子上来。

The second is to improper behavior timely correction on the parties and the education warning function.The parties shall be ordered for specific matters to the society public explanation or explanation,Make its"ashamed",Is beneficial to the rapid growth of peripheral pressure,From the social public and regulators two levels,awe/Urged the parties"Down mistake",Immediately abandon dishonest behavior,Back to standard operation way up.

　　三是促进监管机构切实履职功能。当前超出法律法规范围的新矛盾、新问题不断涌现，特别是面对上市公司，一定意义上的监管 “缺位”实难避免。随着《实施办法》的出台，“责令公开说明”这一监督管理措施得以创设。今后当欲对证券市场的严重失信者进行惩戒，且相关法律法规未予明确规定时，监管机构完全可以责令当事人作公开解释说明，让投资者掌握充分信息后自己判断，进而做出投资决策。

The third is to promote the regulators and resumption function.Beyond the current laws and regulations range of new contradiction/The new question to emerge unceasingly,Especially in the face of the listed company,A certain sense of supervision "lack"Real hard to avoid.with[Measures for the implementation]Come on stage,"Public explanation shall be ordered to"This YiJianDu management measures to create.In the future when the securities market to severe punishment on paper,And the relevant laws and regulations for the specific provision,Regulators can order the party for public explanation,For investors to grasp fully information after their judgment,And then making the investment decision.

　　特征是：其一，可以单独或者合并适用。对于有不诚信行为的当事人，可以在实施该措施的同时，一并采取其他有关监督管理措施，如责令改正、监管谈话、出具警示函、责令参加培训等。另，对于情节严重者，在实施行政处罚，乃至刑事追责的同时（或之前），也可以适用本措施。

Feature is:one,Can be alone or merger applicable.For dishonest behavior of the parties,Can in the implementation of the measures at the same time,Take along with all the other relevant supervision and management measures,Such as shall be ordered to make corrections/Supervision conversation/Warning letter issued by/Shall be ordered to attend training, etc.The other,For if the circumstances are serious,In the implementation of administrative punishment,And even criminal responsibility after at the same time(Or before),Can also apply the measures.

　　其二，纳入诚信管理，具有较强威慑功能。

The second,Into the credit management,With strong deterrence function.

　　其三，公开说明的事项一般要“连续播报”。

thirdly,The public explanation to matters of general"Continuous broadcast".

　　案例背后的四大现象

Case behind the big four phenomena

　　自2009年3月以来，《实施办法》发布实施的三年半时间里，证券市场上关于本措施运用的案例共有8起，且全都发生在2012年。在对相关案例梳理后，容易看出几个现象：

Since since March 2009,[Measures for the implementation]Issued by the three and a half years time,Securities market on the measures of using case consists of eight up,And all occurred in 2012.In the related cases after combing,Easy to see a few phenomenon:

　　一是从时间脉络看，该项措施在2012年之后才得以运用。很大程度表明监管机构在上市公司监管方面的力度在加大。同时，属适度公开监督管理措施之举——从当事人的角度，将监管机构已采取的措施告知市场，有助于监管机构在监管工作中占据主动。

A time to see from context,The measure after 2012 to use.Largely show that regulators in the regulation of listed companies of the strengthening.At the same time,Belong to moderate public supervision and management measures of the lift - from the point of view of the parties,Will regulators have taken measures to inform the market,Help regulators in the supervision work occupies initiative.

　　二是从违规事项看，涉及履行分红、资产重组等公开承诺的事项占了较大比例。从而，加大对上市公司相关公开承诺是否履行、是否如期履行的监管非常必要；同时表明，在强化相关责任人的督促、约束力度方面，“责令公开说明”问责措施较具可操作性。

Two from illegal items to see,Involving performance of share out bonus/Such as assets restructuring matters of public commitment of large scale.thus,Increase of the listed company, and the relevant public commitment whether perform/Whether as scheduled fulfill the supervision is very necessary;At the same time show that,In strengthening the relevant responsible persons of the urge/Constraint enforcement,"Public explanation shall be ordered to"Accountability measures with relatively operability.

　　三是从涉案主体看，上市公司控股股东、实际控制人占绝大多数。这其中，国有控股上市公司控股股东又占多数，表明在今后工作中，加大对国有控股上市公司控股股东行为监管实属必要。

From three main body see involved,The controlling shareholders of listed companies/The actual control of the vast majority of people.the,The state holding listed companies controlling shareholders and the majority,Show that in the future work,To increase the state holding listed company controlling shareholder behavior regulation is necessary.

　　四是从事件性质看，既有涉及证券市场“恶性案件”（某公司资金占用案例），也有相关技术处理上的“疑难杂症”（某公司按自身理解，起初并未将控股股东一投资方界定为关联方）。对于前者，运用本措施，一般可作为行政处罚乃至刑事追责措施的“附加使用”；对于后者，将问题提交社会公众和专业人士，则有助于澄清疑惑，达成共识，也降低监管风险。

Four from nature to see events,Both involving securities market"Malignant cases"(A company capital takes up case),Also has related technologies of processing"Incurable diseases"(A company according to their own understanding,At first did not will be the controlling shareholder a investors defined as related party).For the former,Using the measures,General can be used as administrative penalty and criminal responsibility measures after"Additional use";For the latter,Problems will submit the social public and professional,It is helpful to clarify doubts,Reach a consensus,Also reduces regulatory risk.

　　上述8起案例发生后，笔者进行了追踪考察。有的责任主体，通过“公开说明”再次作出某种公开承诺；有的责任主体，虽然在“公开说明”中无法针对相关问题立即提出可行的解决办法，但能够认可错误，表态全力加快解决进程。此外，对于监管机构采取的措施手段，市场总体反响良好，评价正面、积极。

The above 8 cases occurs,The tracking investigation.The main body of responsibility for some,Through the"Public explanation"Once again make a public commitment;The main body of responsibility for some,Although the"Public explanation"Not according to relevant problems immediately offered feasible solutions,But to be able to recognise error,Declare to speed up the solving process.In addition,For regulators to take the measures of the means,The market has a good overall,Evaluation positive/positive.

　　“督促公开说明”成好抓手 "Urged the public explanation"Into good gripper

　　“责令公开说明”监督管理措施由于记入当事人诚信档案，“杀伤力”大，一般监管机构实施起来将较为谨慎。短期看，不容易成为督促当事人整改的一种惯常用法。然而其变通方式，即通过非格式文书的“督促公开说明”形式，却有可能成为上市公司监管领域一个很好“抓手”。

"Public explanation shall be ordered to"Supervision and management measures due to the parties to the credit archives,"lethality"big,General regulators implementation up will be more cautious.Short-term look at,Not easy be urged party rectification of a customary usage.Yet its flexible way,That is, through the format of the document"Urged the public explanation"form,But might become a listed company regulatory field a very good"gripper".

　　监管机构是上市公司监管的责任主体，配有相应权力，能够而且必须要占据主动地位。当发现市场主体风险线索或可能有损投资者利益的问题时，第一时间通过非格式文书的其他书面或者口头的“督促公开”形式，促使具有不当行为的当事人作出“被动”的信息披露，虽不构成监督管理措施，却可同样成为一种针对性强的手段举措，让对方感到“痛”。

Regulators are the main responsibility of the regulation of listed companies,Equipped with corresponding power,Can and must be seizing the initiative.When the market main body found clues or risk possible damage to the interests of the investors question,The first time through the non format documents other written or oral"Urged public"form,Prompted with improper behavior of the parties to make"passive"Information disclosure,Although not constitute a supervision and management measures,But can also become a targeted means measures,Let the other person feel"pain".

　　总之，“阳光是最好的防腐剂”。坚持“关口前移、主动作为”，适当加大“督促公开说明”这一非法定监督管理措施使用，及时督促证券市场责任人作必要公开说明，使问题暴露在阳光下，有利于保护投资者知情权，有利于增强监管威慑力，也有助于监管机构更好的抓住信息披露监管主线，不断深化证券市场透明度建设，实践中有望成为提升上市公司监管效能的一条可行路径。

In a word,"Sunshine is the best preservative".Adhere to the"Passes forward/Active as",Appropriate increase"Urged the public explanation"The unauthorized use of supervision and management measures,Timely urge securities market partners as necessary to the public explanation,Make problems exposed in the sunshine,Advantageous in protects the investor right to know,To strengthen supervision deterrent force,Also help regulators better seize the information disclosure regulation lines,Deepening construction of securities market transparency,Practice is expected to become ascend the regulation of listed companies performance a feasible path.

　　(作者单位：山东证监局)

(The author unit:Shandong securities regulatory bureau)