證券氣候資訊揭露之適法性爭議

Controversies Surrounding the Legality of Securities Climate Disclosure

本文以美國證券氣候資訊規則為對象，觀察其制定過程所生爭議，而著眼於強迫提出商業性言論之審查、主要問題原則及Chevron原則之推翻，以及恣意專斷標準等議題的法制變化，以及該等法制適用於美國證券氣候資訊規則之觀察與探討。在此基礎上，本文並觀察我國證券氣候資訊規範之可能議題，以及該等議題所映射出之既有法制仍有不明或有待發展之處。就結論而言，本文認為我國規範或許尚無侵害人民言論自由，然證券主管機關是否獲有充分之法律授權，則容有疑慮，而在我國尚未賦予人民就行政命令訴請法院審查之權利下，使得我國證券氣候資訊規範之有效性何時得有機會為法院加以檢驗，尚屬未定。

The article observes the securities climate disclosure rule in the U.S. and explores the related legal issues in the course of its rule’s promulgation, focusing on compelled commercial speech, major questions doctrine, overruling of Chevron doctrine and the arbitrary-and-capricious standard. On the basis of such exploration, this article further explores possible legal issues with respect to our securities climate disclosure norms, and points out the fields that remains to be developed under Taiwan law. This article argues that Taiwan’s securities climate disclosure norms may not infringe the right to freedom of speech, but it is dubious as to whether Taiwan’s securities authority is sufficiently authorized to promulgate such norms. However, Taiwan law does not provide the mechanism that allows people to directly challenge the validity of an administrative order, it remains to be seen when the court would have the chance to step in and review Taiwan’s securities climate disclosure norms.