證券發行管理模式的選擇－臺灣實質審查制到申報生效制（註冊制）的演變及法制配套

Choice of Securities Issuance Regulation Model: Taiwan's Evolution from Merit Review System to Effective Registration System (Registration System) and Its Relevant Legal Support

王志誠(Wang, Chih-Cheng)

《臺灣財經法學論叢》 3卷1期 (2021/01) Pp. 45-78

摘要

我國於1968年4月30日制定公布證券交易法時，原採實質管理原則，實施實質審查制；其後於1988年1月29日修正時，則採取實質審查制與申報生效制併存之管理模式；至於證券交易法於2006年1月11日修正時，則在立法委員主導之下，全面採行申報生效制。我國在決定如何調整證券發行管理之模式時，其監理思維之邏輯或秉持之法理基礎為何，乃至於有無妥善規劃相關配套措施之法制經驗，應可作為其他國家從實質審查制轉型為申報生效制之參考。本文先從證券發行管理之法理基礎及相對應之資訊公開及問責機制出發，再依序整理分析臺灣證券發行管理模式之變遷及法制配套、再次發行之申報生效制及證券發行管理之豁免設計，期能勾繪出完整之證券發行管理法制，並進行評析。最後，提出本文之結論，以供參酌。

關鍵字

證券發行管理 ； 資訊公開 ； 實質審查制 ； 申報生效制

並列摘要

When the Securities Exchange Act enacted and promulgated on April 30, 1968 in Taiwan, it originally adopted the substantive regulation philosophy and implemented a merit review system. Then, as the Securities Exchange Act amended on January 29, 1988, it adopted the coexistence model of the merit review system and registration system. Until the Securities Exchange Law was amended on January 11, 2006, under the leadership of the legislators, the registration system was fully adopted. When deciding how to adjust the model of securities issuance regulation in Taiwan, what is the logic of supervision thinking or the legal basis, and whether there is any legal experience in properly planning related supporting measures, should be used as a reference for other countries to transform from a merit review system to a registration system. In addition, considering factors such as the hierarchical phenomenon of the capital market, changes in the economic environment, and the innovation of financial technology, it is a topic worthy of attention at present that why the competent authority can exempt or how to exempt securities from the issuance market to meet the needs of funds and investors. This article starts from the legal basis of securities issuance regulation and the corresponding information disclosure and accountability mechanism, and then analyzes the changes in Taiwan's securities issuance regulation model and the legal system, the registration system of re-issuance and the exemption design of securities issuance regulation. The main purpose of this article is to outline a complete legal system for securities issuance regulation and make an in-depth analysis. Finally, the conclusion of this article is presented for consideration.

並列關鍵字

Securities Issuance Regulation ； Information Disclosure ； Merit Review System ； Effective Registration System