| In recent years,there have been more and more civil lawsuits caused by the increasing illegal shareholding,and the issue of illegal increase in shareholding has attracted widespread attention from the practitioners and the theorists.Illegal increase in shareholding refers to a violation of Article 63 of the Securities Law of the People’s Republic of China,which is specifically manifested as investors who do not disclose information and continue to buy after holding a listed company’s shares beyond the critical point of 5%.At present,the regulation for illegal increase in shareholdings is mainly through administrative penalties,but the effect is extremely limited.For most of the investors,the purpose of illegal shareholding is to obtain control of the company by purchasing a large amount of shares of listed companies.To combat illegal shareholding effectively,we need to star from the root cause and improve our legal system.This article will discuss the regulation of illegal shareholding from four parts.The first part is an overview of the legal regulations for illegal shareholdings.This part first analyzed the meaning and significance of legal regulations for illegal increase in holdings.Through analysis,we can draw conclusions about the importance of establishing a complete disclosure system for holdings.Then analyzed the nature of the illegal increase in holdings and compared the two components of securities violations:insider trading and market manipulation with the violation of stock holdings.It is concluded that the illegal increase in stock holdings consists of two parts.The first part is the violation of the principle of openness,that is,the part of the principle of information disclosure conforms to false statement.The second part is whether the behavior of increasing stock holdings during the "slow walking" period eligible for insider trading.The second part is the current status and evaluation of legal regulations for illegally increasing holdings abroad.This part first introduced the increase disclosure system of the United States,Japan and South Korea,summarized the differences in the laws and regulations of various countries for illegal holdings,and compared and analyzed the relevant regulations of our country.And then pointed out the areas that need to be improved compared with other countries and made some suggestions that can be improved.The third part is the current situation of our country’s illegal holdings and the problem.From the current situation of legislation and judicial situation,analyzed the existing laws and regulations on illegal increase in holdings.Based on the analysis of judicial status,judges tend to determine that the illegally increasing shareholdings are valid in judicial trials,but there are still situations where the trial basis is not clear.Now the punishment is still insufficient.The civil liability system is not perfect.And the determination of the effect of illegal holding increase is still unclear.The information disclosure mechanism is not perfect.The fourth part is the suggestion to improve the legal regulations of our country’s illegal increase of holdings.The penalties should be determined based on the specific situation of illegal increase in holdings and the actual damage caused to the target company and related investors.The punishment can’t be done only by “injection”without pain or itching.The improvement of the civil liability part is mainly solved by ordering the transfer within a time limit and spit out illegal income.The second is to clarify the validity of illegally increasing the shareholding and improve the information disclosure mechanism,including the method of disclosure and the content of disclosure. |
