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  • 學位論文

律師於資本市場之角色與功能

Lawyers’ Role and Function in the Capital Market

指導教授 : 曾宛如

摘要


隨著時代變遷與工商業之繁榮,多元專業分工已成為現代趨勢。律師本於其法律專業能力,於資本市場中實為不可或缺之角色。但近年來,關於公司治理議題或專業人士之角色分工,學說研究與實務討論較多仍著墨於董事、經理人與會計師之角色,至於律師於資本市場究應扮演何種角色與發揮何等功能,似乎向來較乏人問津。本文乃就此議題進行思考研究,探討我國律師傳統與現代角色之變化,以及針對我國法制與英美法制之不同加以比較,並對於如何提升律師於資本市場之重要性提出本文初步之構想。 本文首先將自我國律師角色之轉變出發,探討律師傳統上擔任訴訟辯護人所扮演之角色與負擔之義務,並彙整現今於資本市場執行業務之律師,依照現行各項法規所賦予之功能,以凸顯在時代變遷下律師角色儘管產生變化,但仍不減律師於我國法制上之重要性。 其次將探討律師於資本市場之法律責任,主要係以一般性之律師法與律師倫理規範,以及證券交易法所課予之民事、刑事與行政責任為討論範圍。本章將點出我國關於律師之一般性規範仍受限於傳統訴訟觀點,針對律師於資本市場執行業務之行為規範顯然欠缺;且現行之律師懲戒制度亦有些許不足之處。同時,證券交易法規範之民事責任,若干責任是否有律師之適用亦有所爭議,立法者宜就此明文規範。 再次,本文將以美國與英國資本市場與律師相關之法制為中心,探討美國證券交易法賦予律師之主要功能與相關民刑事責任,並介紹美國證券交易委員會根據法律授權制定之「律師專業行為準則」對於律師所課予之守門員義務。此外,亦將以英國金融監理體制之說明為始,探討英國律師於資本市場所受之規範,以及英國律師特權制度及公益揭露法之相關規定。本文認為,美國為律師量身訂做之「律師專業行為準則」於我國律師於資本市場執行業務應具有相當之參考價值。 最後本文回歸我國之現狀,自實務運作層面出發,提出我國律師於資本市場執行業務之現況與問題點,包括證券市場對律師之倚賴程度不如美國、律師於資本市場之定位不明且侷限、法律意見書或法律事項檢查表淪為形式等等。本文認為,律師於資本市場執行業務所扮演之角色,不僅為企業委託之受任人,同時亦具有一定之公益性質。主管機關宜積極提升我國律師於資本市場之重要性,包括針對法律事項檢查表內容之改善、對於律師賦予更積極之功能與定位等;且在強化律師於資本市場地位之同時,律師懲戒制度亦應有所改革,建立懲戒結果之一般性公告機制與懲戒處分參考標準,以提高社會大眾對律師執業與自律品質之信賴。此外,主管機關亦宜積極研擬專業認證機制,加強律師之法律專業與其他金融專業領域之結合,以符合市場運作之多元需求,作為強化律師於資本市場參與程度之基石。

並列摘要


With the commercial progress and prosperity of Taiwan, specialization becomes current trend. Lawyers have become indispensable in capital markets due to their profession. Meanwhile, corporate governance issues and division of the roles of professionals have recently been greatly discussed. However, most of the discussion is still concentrated on the role of directors, managers and accountants. As of today, only few studies focus on the role and function of lawyers in the capital market. Therefore, this thesis will explore this issue, examine the problems, and find the solutions. This thesis first discusses the changing role of lawyers in order to show the difference between lawyers in the traditional litigation and that in the capital market. Through the compilation of relevant laws, this thesis will point out that regulations relating to lawyers in the capital market are not complete. Second, the thesis will conduct a comparative law research by introducing foreign provisions regarding lawyers in the capital markets, such as those established by the United States and England. For example, the “Sarbanes-Oxley Act 2002” authorizes the U.S. Securities and Exchange Commission to legislate “Standards of Professional Conduct for Attorneys Appearing and Practicing before the Commission in the Representation of An Issuer”. It endows the lawyers with gatekeeper obligations and improves the importance of lawyers in the U.S. capital market. Finally, concerning the issue of Taiwan’s capital market operations, from the perspective of practice, this thesis will raise some issues and problems concerning lawyer’s performance in the capital market. For example, lawyers are not relied as much as that in the U.S; the roles that lawyers play in the capital market is uncertain and limited; legal opinions and due diligence checklist are simply a formality. Considering that lawyers in the capital market should bear certain public responsibility, the government authorities should pay more attention to the importance of lawyers in the capital market and provide a better practice environment. Meanwhile, the lawyer disciplinary system requires certain reforms to regain the trust of society and improve the quality of law practice. In addition, the government authorities should establish a better professional certification mechanism and enhance the interaction and combination of legal professionals and financial professionals, so as to satisfy the diversified needs in the capital market, and to increase lawyer’s participation in the capital market.

參考文獻


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被引用紀錄


劉威宏(2015)。對企業舞弊之私人舉發制度-以吹哨者保護法為中心〔碩士論文,國立臺灣大學〕。華藝線上圖書館。https://doi.org/10.6342%2fNTU.2015.02327
黃昱中(2015)。專業言論之類型化─律師執業管制與言論自由〔碩士論文,國立臺灣大學〕。華藝線上圖書館。https://doi.org/10.6342%2fNTU.2015.00733
邵敏琪(2015)。公開發行公司申請股票上市上櫃律師查核工作之研究〔碩士論文,國立臺北大學〕。華藝線上圖書館。https://www.airitilibrary.com/Article/Detail?DocID=U0023-1005201615090787

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