2015 年公司法與證券交易法發展回顧

Developments in the Law in 2015:Corporate Law and Securities Regulation

2015年在公司法制的發展，在商業組織方面創設或引進兩種新型態的商業組織，包括閉鎖性股份有限公司以及有限合夥。公司法於7月1日修正公布，新增訂第5章第13節閉鎖性股份有限公司，為長期以來飽受批評的公司法第5章股份有限公司之規定，注入一劑活化劑。修訂前之公司法常被認為，不分大小公司，不分是否為公開發行公司一併適用之規範模式，而可能發生小腳穿大鞋之困擾。自9月4日開始施行之後，這個新發展是否能真正解決小企業發展的需要，新增訂之閉鎖性公司制度，除了提供小企業所需的企業自制的彈性外，是否已經提供小股東完整的保護機制，這些都是本文討論的重點。另外，6月24日制定公布，11月30日開始施行的有限合夥法，則是以單獨立法之方式，將運行於國外已久的另一種商業組織型態引進，提供經營者依其經營模式之需求而選擇適合之商業組織。

In 2015, there were several major development in corporate law field. Two new forms of business organization were introduced in Taiwan. One is the enactment of the Limited Partnership Act on June 24, 2015 and the other is the introduction of private company or close corporation regime into Section 13 of Chapter 5 of the Company Act. Another major amendment is related to the employee profit sharing regime. The addition of Article 235-1 formally recognizes employee profit sharing as a form of employee compensation rather than sharing the dividend payment with shareholders. Employee profit sharing no longer need approval from shareholders’ meeting and should be recorded as operating expenses of the company. In securities law field, so many things occurred during 2015. One of the major amendment of the Securities and Exchange Act is to remove strict liability of chairperson and general menager in the case of misrepresentation and omission of the financial statement and to be replaced with the presumption of negligence. There are also severl important Supreme Court decisions regarding insider trading. Moreover, several important market regulations were modified or introduced, such “trading halt,” requirement of producing corporate social responsibility report, and the increase of daily stock market fluctuation range from 7% to 10%.