從資訊公開原則與實踐看公開說明書的法制

A Study on the Regulations Governing Prospectus for the Full and Fair Disclosure of Information

各國對於公開說明書的管制代表了市場對於公開發行公司資訊公開的第一道關卡，發行人為了向市場募集及發行有價證券時，除了應向主管機關申報營業計畫書、招募章程、財務報表等相關法定文件外，更必須加具募集或出售有價證券的公開說明書，證交法第30條對於公開說明書有更具體的規範與對主管機關金管會的立法授權，更於第31條規範了交付義務及第32條公開說明書不實的法律責任，我國公開說明書法制在實質管理原則的運作之下甚少有公開說明書不實的案件，但是目前的公開說明書法制已經普遍流於形式主義，資訊超載；本文回顧了我國證交法上對於公開說明書如何公開資訊的法制規範，從製作、審查、交付的規範以及公開說明書不實的法律責任，然而隨著市場長期的運作之下，我國的公開說明書法制在實踐時也存有許多爭議與不足之點，本文也就目前我國實務上對於公開說明書法制的實踐進行檢討，並提出本文認為可以改善我國公開說明書制度的建議。

The prospectus regulations represent the first hurdle of disclosure information of a public company in the public offering market. In order to applicate for approval to publicly offer and issue securities, an issuer is required to submit a prospectus, in addition to the business plan, financial statements, and other relevant statutory documents to the competent authority. Regarding the specification of the prospectus, the Article 30 of the Securities and Exchange Act has more specific regulations and grants the legislative authorities to the Financial Supervisory Commission for the prospectus regulations; the obligation of delivering prospectus to subscribers is also regulated in Article 31; and Article 32 shows the legal liability for false information or omissions of prospectus. Under the doctrine of substantive management in Taiwan’s prospectus regulations, there are very few cases where the issuer is sued for false information or omissions in the prospectus. In fact, the current legal system of prospectus has generally become formalism in Taiwan, and the prospectus is becoming overloading information. Therefore, this study reviews the legal structure and the norm to disclose information of prospectus regulations in Taiwan’s Securities and Exchange Act, including preparing, reviewing, delivering the prospectus and those obligations and punishments for false information or omission. However, with the long-term application of prospectus regulations, there are some controversies and shortcomings in the legal system of prospectus regulations in Taiwan. As a result, this study also reviews the current practices of the prospectus regulations and proposes suggestions for improvement.