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“公司有重大违法行为”是《证券法》第55条规定的暂停上市条件,但长期以来,由于缺乏具体的认定标准,导致实践中没有一家上市公司因该项规定而暂停上市,引发了市场的质疑。明确“重大违法行为”的判断标准,将有重大违法行为的上市公司强制清理出交易所市场,不仅有利于发挥退市制度净化市场环境、实现优胜劣汰的制度功能,也是贯彻落实《证券法》规定、严格实施退市制度的必然要求。本文梳理了重大违法退市的制度规定及其内在逻辑,分析了“重大违法行为”退市的主要类型、判断标准、消除情形以及退市制度完善与《证券法》修改等若干问题,试图对重大违法行为退市制度安排提供参考。
“The company has a major breach of law ” is the suspension of the listing conditions provided for in Article 55 of the Securities Law, but for a long time, due to the lack of specific standards of recognition, in practice, no listed company was suspended due to the provision, triggering The market questioned. Clear “major violations ” judgment criteria, will be a major violations of listed companies mandatory clearing out the exchange market, not only conducive to the delisting system to purify the market environment, to achieve the survival of the fittest system functions, but also the implementation of “Securities Law ”Stipulates that the strict implementation of the delisting system is an inevitable requirement. This article combs the rules and regulations of the delisting of major violations of laws and its inherent logic, analyzes the main types of delisting, the criteria for judgment, the circumstances of elimination, the perfection of the delisting system and the revision of the Securities Law, Trying to provide a reference for the delisting system of major illegal acts.