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題名:網際網路對證券市場管理法制影響之研究─美國證券管理法制變革對我國的啟示
作者:江朝聖 引用關係
作者(外文):Chao-Sheng Chiang
校院名稱:國立臺北大學
系所名稱:法律學系一般生組
指導教授:賴英照
學位類別:博士
出版日期:2009
主題關鍵詞:網路私募公開發行網路券商ATS股東論壇公司治理網路股東會網路證券不法行為證券交易Internetonline shareholders'' meetingATScorporate governanceprivate placementpublic offeringdirect public offeringonline brosecurities regulations
原始連結:連回原系統網址new window
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科技對證券市場管理法制的影響並不是第一次,但沒有像網路產生這麼全面性的影響。美國在過在十年來已經累積相當多的實務及研究經驗相當值得網路應用尚未那麼廣泛的我國參考,這是本文的寫作動機。在研究方法上採用的是比較法的方法,藉由比較我國與美國的法制,並以美國的經驗為基礎,以對於我國未來證券法制的發展提供建議。本文主要包括四個部分:網路對證券發行市場與交易市場之影響、網路對於股東在公司治理地位上之影響、及證券法令如何適用到網路證券交易行為。
網路對美國證券發行市場法制的影響方面,2005年的改革法案對公開發行法制有了相當程度的改變。首先,知名成熟公司(Well-known Seasoned Issuer)不再適用緘默期的法制,在等待期也大幅放寬書面資料的採用,在申報案生效後發行人只要將公開說明書上傳到網站並通知投資人,即認已履行證券法中交付公開說明書的義務。我國公開發行法制與美國有所不同,並無截然不同的三個時期的劃分,但對於發行人應向投資人交付公開說明書的義務並無不同,本文建議採用美國notice & access的送達方式,並在應股書或應募書中加記可取得公開說明書的網址,使投資人能盡早取得公開說明書的資料,以使公開說明書能真正成為投資人作成投資決定的參考依據。
在發行市場方面,隨著網路的應用,有許多新的網路中介者的出現。規範的重點在於對這些新的中介者是否應登記成為證券商而加以管理,本文建議對於證券商與入口網站合作的部分,由交易量來看,至少應比照證券商分公司加以管理。另外對於另類交易系統(alternative trading system, ATS)美國法上著重於交易的公平性、透明性、可監控性等等,這些面向也值得為我國未來對ATS規範的參考。我國未來若開放設立ATS,應注意交易標的的選擇,以避免對現有的證券交易所、櫃買中心產生太大的排擠效果。
在網路對於股東在公司治理地位的影響上,美國2007年的委託書新制所採取的送達委託書資料的方式是目前為止本文認為最理想的方式,因為股東可以自行選擇最適當的受送達方式,建議我國可以酌參。而採用網路股東會及電子投票,可以便利股東參與股東會,而達到促進股東參與的效果。我國公司法對於電子化召集股東會也經修法增訂而有了法律依據,但本文認為仍有一些問題,例如:電子化並未定義,股東會召集通知若要採電子化應先取得股東的同意,但由美國實務的運作來看,要取得股東事前同意可謂曠日費時,最後亦捨棄此要件而另謀他途。至於對於新興的股東論壇會對公司經營產生什麼樣的正面幫助,本文不敢樂觀看待,但仍待實務實施的成效來加以驗證。
最後,由美國近十年來的經驗來看,現行實體法仍可以對網路證券行為加以適當規範,因為證券不法行為並不會因為採用網路這項媒界,而改變其不法性質,所以並無修法的必要。但是由於網路的跨國性,資料傳播的迅速性及資料量相當大,因此,重要的是主管機關要面對網路證券行為的這項特性,而調整其執法的技巧。
Technological change is nothing new in the world of finance. The telegraph and telephone has been two earlier ones with extraordinary impact. However, the Internet has much more impacts on securities regulations than ever. Therefore, we can say that the Internet has changed the landscape of securities market, including primary and secondary market. For example, the legislator wish investors made their investment decision only based on the prospectus provided by the issuer when the Securities Act was enacted in U.S. in 1933. Based on this view, the issuers are suggested to avoid making public statement before filing with SEC. For the same reason, most documents are prohibited during the waiting period which lasts from filing with SEC to effective date. However, the Internet has made information distribute much faster today than several decades ago. Therefore, the presumption which investors made their investment decision only based on prospectus seems unrealistic from modern view. During the past ten years, U.S. Securities and Exchange Commission has noticed these changes and amended some regulation models. What can we learn from these American experience? Furthermore, the Internet also makes shareholders much more easily communicate with other shareholders and the issuers. Some companies held online shareholders' meeting instead of physical ones. In addtion to that, U.S. and European countries have encouraged issuers and shareholders to set up online shareholders forum for shareholders to exchange opinions. The U.S. regulation regime takes the least interference to this kind of forum. Do these changes mean that shareholders will play a much more important role in corporate governance? The Internet also offers a much faster and cheaper medium for the issuers to distribute corporate information and for a proxy solicitor to solicit proxy. Last ten years, the securities industry has applied the Internet to deliver information to investors. How shall we regulate electronic communicate in securities industry? This dissertation will cover all the above questions. It will discuss how the Internet has impacts the U.S. Securities regulations during the past ten years. How can we learn from American experience? Although most of our securities regulations were transplanted from U.S., there are still some differences between these two regime. Therefore, it will compare U.S. securities regulations with Taiwanese counterpart before we discuss whether we can transplant American experience. Last but not the latest, this dissertation will make some reform suggestions to Taiwanese securities regulations in an Electronic age.
主要參考資料
壹、中文資料
一、書籍
王文宇,公司法論,元照出版社,2007年8月3版。
吳光明,證券交易法論,三民出版社,2006年7月增訂8版。
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劉連煜,新證券交易法實例研習,自版,2007年2月增訂5版。new window
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二、期刊論文
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方翊人,網路相關法律問題研究,科技法律透析,12卷11 期,頁20-35, 2000年11月。
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馮震宇,E時代證券商法律風險與規範探討 -下- ,證券暨期貨管理,第19卷第2期,頁1-26, 2001年2月。
馮震宇,E時代證券商法律風險與規範探討 -上- ,證券暨期貨管理,第19卷第1期,頁1-23, 2001年1月。
馮震宇,利用網路行使股東權之基本問題與可能性之研究,證券市場發展,13卷3期,頁71-100,2001年10月。new window
馮震宇,論網路證券詐欺之問題與因應,證券暨期貨管理,第20卷第3期,頁1-34, 2002年3月。
馮震宇,從美國通訊投票制度與實務論我國股東會採行通訊投票之可行性,證券暨期貨管理,第21卷第9期,37-69,2003年9月。
黃絹云,網際網路證券交易之法規研究,國立臺北大學法律學系碩士論文,2001年。
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羅培方,網路證券經紀商之法令遵循與問題探討,國立臺灣大學法律學研究所碩士論文,2002年。
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貳、英文資料
一、書籍
HOWARD M. FRIEDMAN, SECURITIES REGULATION in CYBERSPACE, ASPEN (3d ed. 2001 & Supp. 2008)
JAMES D. COX, ROBERT W. HILLMAN & DONALD C. LANGEVOORT, SECURITIES REGULATION CASES and MATERIALS, ASPEN (5th ed. 2006)
JOHN C. COFFEE Jr., JOEL SELIGMAN & HILLARY A. SALE, SECURITIES REGULATION: CASES and MATERIALS, FOUNDATION PRESS (10th ed. 2006)
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THOMAS LEE HAZEN, HORNBOOK on the LAW of SECURITIES REGULATION, WEST (5th ed. 2006)
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