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以禁止选择性披露为主要内容的《公平披露规则》自2000年10月生效以来已实施十余年。该规则在保证保护投资者利益,维护上市公司的正当权益,防止内幕交易,实现市场的高效和有序运转的过程中发挥了重大作用。本文回顾了《公平披露规则》的立法背景,结合美国SecureComputing Corp一案分析SEC执法行动及对规则的具体适用,对FD规则的立法价值及其局限作出总体评述,并对规则的实施进行反思和展望。
The Fair Disclosure Rules, with the main content of prohibiting selective disclosure, has been in operation for more than ten years since its entry into force in October 2000. The rules played a significant role in ensuring the protection of investors, safeguarding the legitimate rights and interests of listed companies, preventing insider trading and realizing the efficient and orderly operation of the market. This paper reviews the legislative background of the Fair Disclosure Rules, analyzes the SEC enforcement actions and the specific application of the rules based on the SecureComputing Corp case in the United States, gives an overall review on the legislative value of the FD rules and their limitations, and reflects on the implementation of the rules. Outlook.