公司法合同法证券法之间联系课件.ppt

1、公司法合同法证券法公司法合同法证券法之间联系之间联系公司法、合同法公司法、合同法和证券法的概述和证券法的概述李梦思李梦思 罗春玉罗春玉3Company law4A company is an enterprise legal person企业法人,which has independent legal person property and enjoys the right to legal person property.It shall bear the liabilities责任 for its debts with all its property.It is the law in r

2、elation to the governance of companies公司治理 in the context of company incorporation,directors and shareholders.What is company law?5What is company law?This Law is enacted for the purposes of regulating the organization and operation of companies,protecting the legitimate rights合法权益 and interests of

3、companies,shareholders and creditors,maintaining the socialist economic order,and promoting the development of the socialist market economy.The law is essentially a businessman autonomy商人自治,must be the highest for the concept of autonomy,but the main different is the free consultation自由协商 on company

4、 law in harmony to achieve the objectives of the most common form.6The Basic Principles of the Company LawWhen conducting b u s i n e s s operations,a c o m p a n y shall:Ocomply with the laws and administrative regulations,social morality,and business morality.Oact in good faith,accept the supervis

5、ion of the government政府监管 and general public,and bear social responsibilities.7The Basic Principles of the Company LawDirectors,supervisors and senior officers shall:Oabide by laws,administrative regulations行政规章 and the articles of association of the companyOhave a fiduciary obligation and obligatio

6、n of diligence忠实义务和勤勉义务 to the company.Onot take advantage of their positions and powers to collect or accept bribes贿赂 or other illegal income,and may not encroach upon the property of the company.8Securities Law9Securities Law:an overviewSecurities law exists because of unique informational needs o

7、f investors.Securities are not inherently valuable内在价值;their worth comes only from the claims they entitle their owner to make upon the assets and earnings资产和收益 of the issuer or the voting power that accompanies such claims.Securities laws and regulations aim at ensuring that investors receive accur

8、ate and necessary information regarding the type and value of the interest under consideration for purchase.10What Are Securities?Securities exist in the form of notes票据,stocks股票,treasury stocks库藏股票,bonds债券,certificates of interest or participation in profit sharing agreements任何息票或参与分红的证书,collateral

9、 trust certificates担保品信托证书,preorganization certificates or subscriptions公司成立之前的认股证,transferable shares可转让股份,investment contracts投资合同,voting trust certificates具有投票权的信托证书,certificates of deposit for a security证券提存证书,and a fractional undivided interest in gas,oil,or other mineral rights石油、天然气或其他破产但未分割的

10、持分权利.11What Are Securities?Certain types of notes,such as a note secured by a home mortgage房屋担保抵押票据 or a note secured by accounts receivable or other business assets应收账款或其他商业资产担保的票据,are not securities.12 The Purpose of The Securities LawOSecurities regulations are aimed at one goal to promote fair a

11、nd full disclosure of all material information relating to the markets,and to specific securities transactions具体证券交易,including all aspects of market trading,as well as the financing and financial reporting融资和财务报告 by public companies.13The Purpose of the Securities LawOThe Law is formulated for the p

12、urpose of the protection of investors and promotion of efficiency,competition,and capital formation.ORegulating the issuance and transaction of securities,protecting the lawful rights and interests of investors,safeguarding the economic order and public interests of the society and promoting the gro

13、wth of the market economy.14The Fundamental Principles of Security LawOThe issuance and transaction发行和交易 of securities shall adhere遵循 to the principles of openness,fairness and impartiality公开、公平、公正、原那么.OThe parties involved in any issuance or transaction of securities shall have equal legal status a

14、nd shall persist in the principles of free will,compensation and integrity and creditworthy自愿、有偿、老实信用原那么.OThe issuance and transaction of securities shall observe laws and administrative regulations.ONo fraud,insider trading or manipulation of the securities market may be permitted.不得欺诈、内幕交易或操纵证券市场

15、15 Contract Law16A contract is a Promise or a set of Promise for the breach of which the law gives a remedy,or the performance of which the law in some way recognizes as a duty.英美法系英美法系Anglo-American Legal System：合同是一：合同是一项或者一系列允诺，将合同归结为当事人承担债务的单方意项或者一系列允诺，将合同归结为当事人承担债务的单方意思表示。思表示。大陆法系大陆法系continenta

16、l lagal system：合同是双方的：合同是双方的法律行为，是双方当事人的合意；法律行为，是双方当事人的合意；What is Contract Law?17Purpose of Contract Law To protect the lawful rights and interests of contract parties To safeguard social and economic order To promote socialist modernization18principle of Contract Law The principle of equality The p

17、rinciple of contract freedom The principle of fairness The principle of good faith Law-abiding principle In accordance with the principle of contractual obligationsPrinciple of Good FaceArticle 7 In concluding and performing a contract,the parties shall comply with the laws and administrative regula

18、tions,respect social ethics,and shall not disrupt the social and economic order or impair the public interests.老实信用原那么是指贯穿于民法始终，在民事活动中维护民事老实信用原那么是指贯穿于民法始终，在民事活动中维护民事主体利益及社会利益平衡的行为准那么，也是司法机关应依据主体利益及社会利益平衡的行为准那么，也是司法机关应依据公平、正义精神、兼顾当事人主观状态和社会公平观念进展民公平、正义精神、兼顾当事人主观状态和社会公平观念进展民事裁判的依据。事裁判的依据。语义说语义说一般条款说一般

19、条款说20Duty of good faith and fair dealingEvery contract imposes upon each party a duty of good faith and fair dealing in its performance and its enforcement.CommentA.Meaning of good faith.Uniform Commercial Code provides that good faith means“honesty in fact and the observance of reasonable commercia

20、l standards of fair dealing in the tradeB.Good faith purchase.In many situations a good faith purchaser of property for value can acquire better right in the property than his transferor had.C.Good faith in negotiation.Negotiation for modification of an existing contractual relationship,the rule sta

21、ted in this section may overlap with more specific rules requiring negotiation in good faith.D.Good faith performance.Subterfuges and evasions violate the obligation of good faith in performance even though the actor believes his conduct to be justified.E.Good faith in enforcement.The obligation of

22、good faith and fair dealing extends to the assertion,settlement and litigation of contract claims and defenses.探索公司法和证证券法之间间的关系The relationship between The Company Law and The Security Law房璐明 程媛公司法与证券法的不同1从资本组织过程来看：形式上，公司法规制的是私募，证券法规制的是公募；阶段上，公司法规制的是证券发行的内部程序，本质上是资本组织的内部议决，证券法规制的是证券发行的外部程序，本质上是资本组织的

23、对外实施，前者旨在维护既存股东的权益，后者旨在维护潜在股东的权益。2从资本运行过程来看：现代市场经济的法律安排，在资本市场形成之后，其导向就是让实体市场和资本市场两个市场并行不悖。公司的资本资金由公司占有支配，在实体市场上运行，证券发行后，证券上所代表的权利由持券人占有支配，在证券市场上流通特定公司的资本资金的运行与资本权利的运行是相别离的，公司法规制资本资金的运行，证券法那么规制资本权利的运行，前者强调证券价值归属的公正，后者那么强调证券价格形成的公正。证券市场价格的变化，并不影响股东依据公司法行使和实现股东权。3从法律关系的处理来看，公司法与证券法均要调整自身与股东的关系以及股东之间的相互

24、关系，但在公司法上，股东是作为“特定人来对待，这种关系往往被视为一种内部关系，如公司股东大会决定是否发行股票，这履行的是公司的内部程序；而证券法上，股东是作为“不特定人来对待的，证券法调整的可视为公司的外部关系，如二级市场上股东之间的股份转让和公司本身并无直接联系。4从法律的实现机制治理机制来看，公司法主要是通过公司及其成员的自治活动主要依靠公司章程来实现治理，并没有一个专门的执法机构来负责实施公司法，工商行政管理机关只是作为公司的登记机关而非全面监管机关，违反公司法的行为，本质上要靠民事诉讼的司法救济；而对于证券法，一般有一个专门的执法机构来负责对其进展全面实施，全面监管证券市场活动如中国证

25、监会，违反证券法的行为，证券监管机构拥有一个最广泛的行政处分权。公司法与证券法具有一致性一、公司法与证券法宗旨具有一致性 公司法的宗旨：保护公司、股东和债权人的合法权益，维护社会经济秩序，促进社会主义市场经济的开展。TheCompanyLawofthePeoplesRepublicofChinahasbeenenactedinordertostandardizetheorganizationandactivitiesofcompanies,protectthelawfulrightsandinterestsofcompanies,shareholdersandcreditors,safegua

26、rdthesocialandeconomicorderandpromotethedevelopmentofthesocialistmarketeconomy.证券法的宗旨：保护投资者的合法权益，维护社会经济秩序和社会公共利益，促进社会主义市场经济的开展。ThepresentLawisformulatedforthepurposeofregulatingtheissuanceandtransactionofsecurities,protectingthelawfulrightsandinterestsofinvestors,safeguardingtheeconomicorderandpubli

27、cinterestsofthesocietyandpromotingthegrowthofthesocialistmarketeconomy.从中可以看出：二者要都要维护社会经济秩序和社会公共利益，促进社会主义市场经济的开展。二、证券法与公司法具有内在联系 一?公司法?中要保护的股东、债权人，实质上也是证券法中广义的投资人，股票的持有者即为股东，债券的持有者即为债权人。而证券法所规制证券的发行主体，主要是公司，当然也包括政府政府债券。二从?证券法?的本质来说，证券的发行和交易实质上是合格的市场主体依法进展的一场融资行为。我国的股票发行自不必说，发行主体为股份，债券的发行主体，那么分为公司债券和

28、政府债券，公司债券的发行主体我国的证券法只规定了股份和有限责任公司。因此，除开政府债券，我国的证券法实质上对公司依法进展融资行为的深入规制。三?证券法?第二条规定当?证券法?对依法认定的证券的发行交易没有规定时，适用?公司法?和其他法律行政法规的规定。这是一条准用性标准，直接将未规定的内容指向公司法，从而印证了证券法是从公司法延伸而来的一部法律。三、?证券法?对公司第一轮融资行为的规制?公司法?中股份的设立中的募集设立与?证券法?中向不超过200人的特定对象发行股票。1.?证券法?的股票的发行分为公开发行和非公开发行，公开发行包括向不特定对象发行和向不超过200人的特定对象进展发行。2.?公司

29、法?第七十七条“股份的设立，可以采取发起设立或者募集设立的方式。它是指由发起人认购公司应发行股份的一局部，其余股份向社会公开募集或者向特定对象募集而设立公司。第七十八条“设立股份，应当有二人以上二百人以下为发起人。Article77:Companieslimitedbysharesmaybeestablishedbymeansofpromotionorbymeansofshareoffer.Article 79 To establish a joint stock limited company,there shall be not less than 2 but not more than

30、200 initiators,of whom half or more shall have a domicile within the territory of China.此处的公司的设立行为中所涉及到的募集设立，由于股份的设立人数大于2人不超过200人，此处暗合了?证券法?的相关规定，表达对公司的第一轮融资行为进展的规制。四、?证券法?对公司第二轮融资行为的规制“三公原那么和“老实信用原那么 一“三公原那么。?证券法?第三条“证券的发行、交易活动，必须实行公开、公平、公正的原那么。Article 3.When issuing and dealing in securities,all c

31、oncerned must abide by the principles of openness and fairness?公司法?规定公司的股份采取股票的形式。每一股的金额相等。第一百二十六条“股份的发行，实行公平、公正的原那么，同种类的每一股份应当具有同等权利。同次发行的同种类股票，每股的发行条件和价格应当一样；任何单位或者个人所认购的股份，每股应当支付一样价额。Article 126 The issuance of shares shall comply with the principle of fairness and impartiality.The shares of the

32、same class shall have the same rights and benefits.The stocks issued at the same time shall be equal in price and shall be subject to the same conditions.The price of each share purchased by any organization or individual shall be the same.?证券法?规定证券发行所应遵循的公开原那么，那么要求公司进展持续的信息披露。第六十三条发行人、上市公司依法披露的信息，必

33、须真实、准确、完整，不得有虚假记载、误导性陈述或者重大遗漏。Article 63 The information as disclosed by issuers and listed companies according to law shall be authentic,accurate and integrate and may not have any false record,misleading statement or major omission.第六十四条经国务院证券监视管理机构核准依法公开发行股票，或者经国务院授权的部门核准依法公开发行公司债券，应当公告招股说明书、公司债券

34、募集方法。依法公开发行新股或者公司债券的，还应当公告财务会计报告。Article 64 As for the stocks that have been publicly issued upon the verification of the securities regulatory authority under the State Council or for the corporate bonds that have been publicly issued upon the verification of the department as authorized by the Sta

35、te Council according to law,the prospectus or the measures for financing through the issuance of corporate bonds shall be announced.In an IPO of stocks or corporate bonds,the relevant financial statements shall be announced as well.第六十五条上市公司和公司债券上市交易的公司，应当在每一会计年度的上半年完毕之日起二个月内，向国务院证券监视管理机构和证券交易所报送记载以

36、下内容的中期报告，并予公告:一公司财务会计报告和经营情况；二涉及公司的重大诉讼事项；三已发行的股票、公司债券变动情况；四提交股东大会审议的重要事项；五国务院证券监视管理机构规定的其他事项。Article65Acompanywhosesharesorbondshavebeenlistedfortradingshall,withintwomonthsasoftheendofthefirsthalfofeachaccountingyear,submittothesecuritiesregulatoryauthorityundertheStateCouncilandthestockexchangeam

37、idtermreportindicatingthefollowingcontentsandannounceit:(1)Thefinancialstatementsandbusinesssituationofthecompany;(2)Themajorlitigationinvolvingthecompany;(3)Theparticularsofanychangeconcerningthesharesorcorporatebondsthereofasalreadyissued;(4)Theimportantmattersassubmittedtothegeneralassemblyofshar

38、eholdersfordeliberation;and(5)AnyothermatterasprescribedbythesecuritiesregulatoryauthorityundertheStateCouncil.第六十七条发生可能对上市公司股票交易价格产生较大影响的重大事件，投资者尚未得知时，上市公司应当立即将有关该重大事件的情况向国务院证券监视管理机构和证券交易所报送临时报告，并予公告，说明事件的起因、目前的状态和可能产生的法律后果。Article67Intheeventofamajoreventthatmayconsiderablyaffectthetradingpriceofa

39、listedcompanyssharesandthatisnotyetknowntotheinvestors,thelistedcompanyshallimmediatelysubmitatemporaryreportregardingthesaidmajoreventtothesecuritiesregulatoryauthorityundertheStateCouncilandthestockexchangeandmakeanannouncementtothegeneralpublicaswell,inwhichthecause,presentsituationandpossibleleg

40、alconsequenceoftheeventshallbeindicated.第七十条依法必须披露的信息，应当在国务院证券监视管理机构指定的媒体发布，同时将其置备于公司住所、证券交易所，供社会公众查阅。Article70TheinformationasprescribedbylawtobedisclosedshallbepublicizedthroughthemediaasdesignatedbythesecuritiesregulatoryauthorityundertheStateCouncilandshall,atthesametime,bemadeavailableforpublic

41、referenceatthecompanysdomicileandastockexchange.违反此规定的法律后果，那么?证券法?做了如下规定：第六十九条发行人、上市公司公告的招股说明书、公司债券募集方法、财务会计报告、上市报告文件、年度报告、中期报告、临时报告以及其他信息披露资料，有虚假记载、误导性陈述或者重大遗漏，致使投资者在证券交易中遭受损失的，发行人、上市公司应当承担赔偿责任；发行人、上市公司的董事、监事、高级管理人员和其他直接责任人员以及保荐人、承销的证券公司，应当与发行人、上市公司承担连带赔偿责任，但是能够证明自己没有过错的除外；发行人、上市公司的控股股东、实际控制人有过错的，应

42、当与发行人、上市公司承担连带赔偿责任。相应承担无过错责任、过错推定责任 Article69Wheretheprospectus,measuresforfinancingthroughissuanceofcorporatebonds,financialstatement,listingreport,annualreport,midtermreport,temporaryreportoranyinformationasdisclosedthathasbeenannouncedbyanissueroralistedcompanyhasanyfalserecord,misleadingstatemen

43、tormajoromission,andthusincurslossestoinvestorsintheprocessofsecuritiestrading,theissuerorthelistedcompanyshallbesubjecttotheliabilitiesofcompensation.Anydirector,supervisor,seniormanageroranyotherpersonoftheissuerorthelistedcompanydirectlyresponsibleshallbesubjecttothejointandseveralliabilitiesofco

44、mpensation,exceptforanyonewhoisabletoprovehisexemptionofanyfault.Whereanyshareholderoractualcontrollerofanissueroralistedcompanyhasanyfault,heshallbesubjecttothejointandseveralliabilitiesofcompensationtogetherwiththerelevantissuerorlistedcompany.二“老实信用原那么。表达在对公司的董监高权力以及中介机构的约束。1.信息披露中的约束：?证券法?：“第六十八

45、条上市公司董事、高级管理人员应当对公司定期报告签署书面确认意见。上市公司监事会应当对董事会编制的公司定期报告进展审核并提出书面审核意见。上市公司董事、监事、高级管理人员应当保证上市公司所披露的信息真实、准确、完整。Article68Thedirectorsandseniormanagersofalistedcompanyshallsubscribetheiropinionsforrecognitionintheperiodicreportoftheircompanyinwrittenform.Theboardofsupervisorsofalistedcompanyshallcarryouta

46、nexaminationontheperiodicreportofitscompanyasformulatedbytheboardofdirectorsandproducetherelevantexaminationopinionsinwriting.Thedirectors,supervisorsandseniormanagersofalistedcompanyshallguaranteetheauthenticity,accuracyandintegrityoftheinformationasdisclosedbytheirlistedcompany.1制止内幕信息交易：?证券法?“第七十

47、三条制止证券交易内幕信息的知情人和非法获取内幕信息的人利用内幕信息从事证券交易活动。Article73Anyinsiderwhohasaccesstoanyinsiderinformationofsecuritiestradingorwhohasunlawfullyobtainedanyinsiderinformationisprohibitedfromtakingadvantageoftheinsiderinformationasheldtherebytoengageinanysecuritiestrading.第七十四条证券交易内幕信息的知情人包括:一发行人的董事、监事、高级管理人员；二持

48、有公司百分之五以上股份的股东及其董事、监事、高级管理人员，公司的实际控制人及其董事、监事、高级管理人员；三发行人控股的公司及其董事、监事、高级管理人员；四由于所任公司职务可以获取公司有关内幕信息的人员；五证券监视管理机构工作人员以及由于法定职责对证券的发行、交易进展管理的其他人员；六保荐人、承销的证券公司、证券交易所、证券登记结算机构、证券效劳机构的有关人员；七国务院证券监视管理机构规定的其他人。内幕交易行为给投资者造成损失的，行为人应当依法承担赔偿责任。2制止操纵市场行为 主要集中在具有资金优势、持股优势的大股东、实际控制人及董监高。操纵证券市场行为给投资者造成损失的，行为人应当依法承担赔偿

49、责任。3制止欺诈行为 不仅包括公司披露信息的准确及时，无错漏及误导性陈述等，同时也包括对证券公司及从业人员的规制。“制止证券公司及其从业人员从事以下损害客户利益的欺诈行为:一违背客户的委托为其买卖证券；二不在规定时间内向客户提供交易的书面确认文件；三挪用客户所委托买卖的证券或者客户账户上的资金；四未经客户的委托，擅自为客户买卖证券，或者假借客户的名义买卖证券；五为牟取佣金收入，诱使客户进展不必要的证券买卖；六利用传播媒介或者通过其他方式提供、传播虚假或者误导投资者的信息；七其他违背客户真实意思表示，损害客户利益的行为。Article 79 It is prohibited for securi

50、ties companies as well as their practitioners to commit any of the following fraudulent acts in the process of securities trading,which may injure the interests of their clients:(1)Violating the entrustment of its client by purchasing or selling any securities on the behalf;(2)Failing to provide a c