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投资者违反《证券法》规定的大额持股披露规则及慢走规则进行股票交易,应如何承担民事责任目前尚无明确法律规定,正在讨论中的《证券法(修订草案)》对该问题亦未明确。在因违规“举牌”而引发的诉讼中,对相关股票买卖行为是否有效、违规者如何承担民事责任、是否应限制违规者的表决权等问题存在较大争议。结合具体案例,从法律适用的角度来看,违反大额持股披露及慢走规则买卖股票的行为并非无效,但侵犯了股票交易相对方、上市公司、上市公司股东以及市场投资者的知情权,违规者应当承担表决权受限制以及赔偿损失等民事责任。
Investors in violation of “Securities Law” provisions of large-scale shareholding disclosure and slow-moving rules for stock trading, how to bear civil liability There is no clear legal provisions, is being discussed in the “Securities Law (Revised Draft)” on the issue Is not clear. In the lawsuit triggered by the violation of the law, the issue of whether the related stock trading is valid, how the offender bears civil liability, whether the voting rights of offenders should be limited and so on are quite controversial. Combination of specific cases, from a legal perspective, the violation of large shareholding disclosure and slow-moving rules of buying and selling shares is not invalid, but violated the stock exchange counterparts, listed companies, shareholders of listed companies and market investors the right to information , The violator shall bear the civil liability such as the restriction of voting rights and the compensation for losses.