预测性信息“安全港”的司法检视与规则完善
Systematic Examination and Rule Improvement of the Predictive Information “Safe Harbor”

安全港规则的引入明确了我国对预测性信息披露的基本态度，进而改变了既往证券信息披露的制度框架，使之由以披露意愿和披露形式为主的二元架构升级为以披露意愿、披露形式和披露内容为主的三维架构，在一定程度上促进了信息披露制度的完善，但也对信息披露监管提出了新的挑战。由于我国安全港规则仅为单独法条，关于该规则的适用前提、适用对象以及适用的除外情形等在理论和实践中存在一定模糊与争议。因此，需要明确安全港规则在信息披露体系中定位以及其相应的规则目的，同时，对预测性信息范围、风险提示与信息更正义务以及披露义务人主观心理进行展开探讨，从而为安全港规则在我国的司法适用实践中提供本土化指引。
The introduction of the safe harbor rule has clarified China’s basic attitude toward the disclosure of predictive information, thereby changing the previous framework of securities information disclosure. This change upgrades the framework from a binary structure focused primarily on disclosure intent and form to a ternary structure that also includes disclosure content. To some extent, this has promoted the improvement of the information disclosure system, but it has also presented new challenges to the regulation of information disclosure. Since China’s safe harbor rule is merely a single legal provision, there is considerable ambiguity and controversy regarding its applicability, applicable subjects, and exceptions in both theory and practice. Therefore, it is necessary to clarify the positioning of the safe harbor rule within the information disclosure system and its corresponding regulatory objectives. This includes further examining the scope of predictive information, the obligations for risk warnings and information corrections, and the subjective mental states involved. Such examinations aim to provide judicial guidance for the localization and practical application of the safe harbor rule in China.