美国证券市场操纵认定标准研究

操纵在美国证券立法中没有明确的定义,执法和司法中以及学术界虽然都试图对操纵进行界定,但由于证券市场的复杂性,操纵行为的认定始终存在着很大困难.美国规范市场操纵行为的法律框架包括1933年证券法第17条,1934年证券交易法第9条、第10条以及证监会的相关规则.由于这些规定非常原则,对美国操纵行为认定标准的研究必须根据法院在不同时期所做出的判决进行.总体来说,经过一百多年的司法实践,美国的认定标准基本清晰,可供我国在修订证券法和执法、司法实践中参考.

On US Pleading Standards of Market Manipulation

US securities laws does not provide a clear definition on manipulation or manipulative acts. While the regulators, courts and scholars make efforts to do so, difficulties exist in both enforcement and litigations due to the complexity of the securities market. The legal frameworks for regulating manipulation in the US consist of Article 17 of the 1933 Securities Act, Article 9 and 10 of the 1934 Securities and Exchange Act and roles made by the SEC. Since the rules are very general, the research on pleading standards for securities price manipulation has to depend on the readings of court cases. In sum, after more than 100 years, the U.S. has developed a set of clear standards to some extent, which may provide some guidelines for our legislators, regulators and courts.