مبانی تعهد به ارائه اطلاعات در معاملات سهام

دانشنامه حقوق اقتصادی

مقاله 6، دوره 24، شماره 12، اردیبهشت 1396، صفحه 139-174   

نوع مقاله: علمی پژوهشی

شناسه دیجیتال (DOI): 10.22067/le.v24i12.65221

نویسندگان

حسن رهپیک؛ محسن شمس الهی^*

دانشگاه علوم قضایی

چکیده

سهم نماینده‌ی حق دارنده‌ی آن بر بخشی از شرکت است، اما این حق متمایز از حق مالکیت مشاع بر جزئی از یک مال است. اگر چه حق مالک اوراق بهادار به حق عینی نزدیکتر است تا حق دینی؛ غیر ملموس بودن اوراق بهادار شناسایی اوصاف و ارزیابی کیفیت این اوراق را برای معامله گران بالقوه این اوراق دشوار نموده است. همین امر سبب شده تا در برخی نظامهای حقوقی تعهدبه افشای اطلاعات مهم مربوط به اوراق بهادار که ممکن است بر تصمیم‌گیری سرمایه‌گذاران اثرگذار باشد؛ حسب مورد در بازار اولیه و ثانویه بر فعالان مهم بازار اوراق بهادار(ناشران، متعهدین پذیره نویسی و ...) تحمیل شود. در حقوق ایران نیز در قانون اوراق بهادار مصوب1384 ایجاد نظام افشای اجباری اطلاعات در معاملات اوراق بهادار در بازار اولیه و ثانویه مد نظر قانونگذار قرار گرفته است. در این مقاله بر آنیم تا با بررسی تطبیقی رویکرد نظام‌های حقوقی مختلف در ارتباط با تعهد به ارائه اطلاعات، و مبانی تحمیل این تعهد بر فعالان بازار؛ این مسئله را مورد ارزیابی قرار دهیم که آیا با توجه به مبانی خاص نظام حقوقی ایران تحمیل چنین تعهدی قابل توجیه است؟ بر اساس کدام مبانی؟ اجمالاً می‌توان گفت که با توجه به ویژگی‌های خاص اوراق بهادار و قواعد خاص حاکم بر معاملات آن، بین سرمایه‌گذاران و فعالان قدرتمند بازارعدم تعادل قابل توجهی از حیث دسترسی به اطلاعات وجود دارد؛ و تحمیل تعهد به افشای اطلاعات بر فعالان قوی تر بازار ضروری به نظر می‌رسد.

کلیدواژه‌ها

حقوق اوراق بهادار؛ تعهد به ارائه اطلاعات؛ افشای اطلاعات در معاملات سهام؛ افشای اختیاری قرارداد

مراجع

[1] Douglas, J. (1934). Protecting The Investor. Yale Review.

[2] Bagheri, M. (2005). Market-based economy and the deficiencies of private law. Law and Politics Research, 41-88(In Persian).

[3] Bagheri, M., & javad, S. (2007). Convergence and Competition in Stock Markets: Conflict of Competition Law and Stock Market Law. Law Quarterly No. 3, 57-83(In Persian).

[4] Bartos, J. M. (2006). United States Securities Law: A Practical Guide. Kluwer Law International.

[5] Baryklo, A., & Khazaei, A. (2010). Principle of Good Faith and Its Consequences in the Pre-Contract Period; A Comparative Study of French and British Law. Justice Law Journal, No. 76, 53-87(In Persian).

[6] Boskovic, T., Cerruti, C., & Noel, M. (2009). Comparing European and U.S. Securities Regulations: MiFID versus Corresponding U.S. Regulations. Washington: The World Bank Pub.

[7] BURK, J. (1985). The Origins of Federal Securities Regulation: A Case Study in the Social Control of Finance. Social Forces Volume 63, 1010-1132.

[8] Cafritz, E., & Tene, O. (2003). SECURITIES REGULATION v. CONSUMER PROTECTION: FRENCH FINANCIAL MARKET LEGISLATION. Symposium: International Company and Securities Law.

[9] Calais-Auloy, J., & Temple, H. (1393). Droit de la consommation- translated by Majid Adib. Tehran: Mizan.

[10] Carr, C. (1975). Inequality of Bargaining power. The Modern Law Review, vol.38, 463-466.

[11] Chazal, J. P. (2001). Les nouveaux devoirs des contractants,est-on allee trop loin? In D. Mazeaud, & J. Christophe, La nouvelle crise du contrat (pp. 99-129). Lille: Dalloz.

[12] Cheng, E. C., & Courtenay, S. M. (2006). Board composition, regulatory regime and voluntary disclosure. The International Journal of Accounting, 262–289.

[13] Chiu, I. H.-Y. (2008). Regulatory Convergence in EU Securities Regulation. Kluwer Law International.

[14] Choi, S. (2000). Regulating Investors Not Issuers: A Market-Based Proposal. California Law Review, Vol. 88, No. 2, 279-334.

[15] Choi, S. J., & Pritchard, A. C. (2008). Securities Regulation. New York : Aspen Publishers.

[16] Davis, T. (2008). “Disclosure is necessary but not sufficient for effective securities regulation”. Discuss. www.timdavis.com.au/Papers/Disclosure_Security_Regulations.pdf, 1-9.

[17] Disdet, D. (2011). L'obligation d'information dans les contrats du commerce electronique-THÈSE Presentee pour obtenir le grade de Docteur en droit de l‟Universite d‟Avignon et des Pays de Vaucluse. Avignon: Universite d'Avignon.

[18] Donald, C. J. (1999). A Critique of Arguments for Mandatory Continuous Disclosure. Saskatchewan Law Review Vol. 62, 85-120.

[19] Eshtiaq, V. (2009). Fighting fraud in securities markets; A look at the legal order of the securities market in the United States. Journal of Legal Researches, No. 17, 257-285(In Persian).

[20] FAMA, E. F. (1970). EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK. The Journal of Finance, 383-423.

[21] Feit v. Leasco Data Processing Equipment Corporation, 69 Civ. 1329. (United States District Court, E. D. New York. August 26, 1971).

[22] Ferrell, A. (2004). THE CASE FOR MANDATORY DISCLOSURE IN SECURITIES REGULATION AROUND THE WORLD. Discussion Paper No. 492, Harvard Law School , 1-58.

[23] FIRTEL, K. B. (1999). PLAIN ENGLISH: A REAPPRAISAL OF THE INTENDED AUDIENCE OF DISCLOSURE UNDER THE SECURITIES ACT OF 1933. SOUTHERN CALIFORNIA LAW REVIEW Vol. 72, 851-899.

[24] Fox, M. B. (1999). RETAINING MANDATORY SECURITIES DISCLOSURE: WHY ISSUER CHOICE IS NOT INVESTOR EMPOWERMENT. Virginia Law Review, 5-76.

[25] Fung, A., Graham, M., & Weil, D. (2006). Full Disclosure: The Perils and Promise of Transparency. Cambridge University Press.

[26] Ghamami, M., & Ebrahimi, M. (2011). The legal nature of stocks listed on the stock exchange. Journal of Comparative Law Studies, Volume 2, Issue 3, 127-145(In Persian).

[27] Ghasemi Hamed, A., & Taleb Ahmadi, H. (2010). Pre-contractual information Duty. Journal of Legal Studies, Volume 3, Number 1, 157-191(In Persian).

[28] GILIKER, P. (2005). Unifying European Contract Law:Identifying a European Precontractual Obligation to Inform. Cambridge Y.B. Eur. Legal Stud., 135-162.

[29] Gilson, R. J., & Kraakman, R. H. (1984). The Mechanisms of Market Efficiency. Virginia Law Review, Vol. 70, No 4, fifty Years of Federal Securities Regulation:Symposium on Contemporary Problems in Securities Regulation, 549-644.

[30] Hetherington, J. A. (1969). Fact and Legal Theory: Shareholders, Managers, and Corporate Social Responsibility. Stanford Law Review, Vol. 21, 248-292.

[31] Hondius, E. (2004). The Protection of Weaker Party in a Harmonized European Contract Law: A Synthesis. Journal of Consumer Policy, 245-253.

[32] Hondius, E. H. (2004). Towards a European Civil Code. Kluwer Law International .

[33] Isanlou, M., & Lotfi, E. (2010). About the insurer's duty to inform. Quarterly Journal of Law, Volume 4, Issue 3, 57-75(In Persian).

[34] J. Schoenbaum, T. (1972). The Relationship between Corporate Disclosure and Corporate Responsibility. FORDHAM LAW REVIEW, Vol. 40, 565-597.

[35] Jacquemin, H. (2010). Le formalisme contractuel: Mecanisme de protection de la partie faible. Bruxelle: Larcier.

[36] Kapferer, J.-N. (1990). La rumeur en Bourse. Communications, 52, Rumeurs et legendes contemporaines, 61-84.

[37] Katouzian, N. (1392). Specific Contracts, Volume One (Detailed Course). Tehran: Publishing Joint Stock Company.

[38] Katouzian, N. (2007). General rules of contracts. Volume 5, liquidation of the contract. Tehran: Publishing Joint Stock Company(In Persian).

[39] Katouzian, N. (2007). Restrictions on freedom of will based on consumer protection. Journal of Law, Vol. 38, No. 3, 327-342(In Persian).

[40] Katouzian, N. (2008). General rules of contracts, Vol. 1. Tehran: Publishing Joint Stock Company(Inm Persian).

[41] Kitch, E. W. (1995). THE THEORY AND PRACTICE OF SECURITIES DISCLOSURE. BROOKLYN LAW REVIEW Vol. 61, 760-887.

[42] Kurdistani, G., & Ebrahimi, T. (2012). Disclosure Quality and Mispricing of Accruals and Cash Flows. Quarterly journal of accounting and auditing, 38-54(In Persian).

[43] Langevoort, D. C. (1997). A Behavioral Theory of Why Corporations Mislead Stock Market Investors (And Cause Other Social Harms). The University of Pennsylvania Law Review, 101-172.

[44] Latimer, P., & Maume, P. (2015). Promoting Information in the Marketplace for Financial Services. New York: Springer International Publishing.

[45] Legrand jr, P. (1986). PRE-CONTRACTUAL DISCLOSURE AND INFORMATION: ENGLISH AND FRENCH LAW COMPARED. Oxford journal of Legal Studies Vol. 6, No. 3, 320-352.

[46] Legrand jr, P. (1991). INFORMATION IN FORMATION OF CONTRACTS: A CIVILIAN PERSPECTIVE. Canadian Business Law Journal, Vol. 19, 318-349.

[47] Loss, L., & Seligman, J. (2004 ). Fundamentals of Securities Regulation. Aspen Publishers Online.

[48] Mainguy, D. (2016). LE DEVOIR PRECONTRACTUEL D’INFORMATION. In D. Mainguy, Le nouveau droit français des contrats, du regime general et de la preuve des obligations(après l’ordonnance du 10 fevrier 2016) (pp. 49-53). Montpellier: Universite de Montpellier.

[49] MEIER-SCHATZ, C. J. (1986). OBJECTIVES OF FINANCIAL DISCLOSURE REGULATION. Journal of Comparative Business and Capital Market Law, 219-248.

[50] Montero, E. (2005). Les contrats de l'informatique et de l'internet. Bruxelles: Larcier.

[51] Norouzi, M. (2009). Principles of Duty to Disclosure On the Stock Markets. Journal of Legal Research, No. 17, 203-213(In Persian).

[52] Paris Adult Theatre I v. Slaton, 413 U.S. 49 (Supreme Court of the United States June 21, 1973).

[53] Poitevin, C. (2011). L'avant-contrat en droit des contrats d'auteur. Avignon: THESE Pour obtenir le grade de DOCTEUR DE L’UNIVERSITE D’AVIGNON.

[54] Prentice, R. (2003). CONTRACT-BASED DEFENSES IN SECURITIES FRAUD LITIGATION: A BEHAVIORAL ANALYSIS. UNIVERSITY OF ILLINOIS LAW REVIEW, 337-425.

[55] ROBINSON, J. M. (1980). Comparative Survey of Securities Laws. Deventer: Kluwer.

[56] Romano, R. (1998). Empowering Investors: A Market Approach to Securities Regulation. The Yale Law Journal, Vol. 107, 2359-2430.

[57] Schammo, P. (2011). EU Prospectus Law: New perspectives on regulatory competition in securities markets. Cambridge: Cambridge University Press.

[58] Seligman, J. (1983). THE HISTORICAL NEED FOR A MANDATORY CORPORATE DISCLOSURE SYSTEM. the journal of corporation law, Volume 9, 1-63.

[59] Shahidi, M. (2010). Formation of contracts and obligations. Tehran: Majd(In Persian).

[60] Solaiman, S. M. (2005). Adoption disclosure based regulation for investor protection in the primary share market in Bangladesh: Puting the card before the horse. The Corporate Governance Law Review, 115-147.

[61] Stout, L. A. (1995). Are Stock Markets Costly Casinos? Disagreement, Market Failure, and Securities Regulation. VIRGINIA LAW REVIEW, VOLUME 81, 611-716.

[62] Villiers, C. (2001). Disclosure Obligations in Company Law: Bringing Communication Theory into the Fold. Journal of Corporate Law Studies, 181-213.

[63] Weinrib, E. (1998). The Idea of Private Law.

[64] Wery, P. (2010). Droit des obligations - Volume 1: Theorie generale des contrats. Bruxelles: Larcier.

[65] Wheat, F. (1969). Disclosure to Investors.

[66] Whittaker, S. (2005). Principles of French Law - translated by Hassan Rahpeyk. Tehran: Khorsandi(In Persian).

[67] Willett, C. (2007). Fairness in Consumer Contracts: The Case of Unfair Terms . Ashgate Pub.

[68] Yu, G. (2011). The Development of the Chinese Legal System: Change and Challenges. Routledge.

[69] ZINGALES, L. (2009). The Future of Securities Regulation. Journal of Accounting Research, Vol. 47 No. 2 , 391-426.