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美国联邦法院系统的判例极大地丰富了研究信息披露型证券犯罪的构成要素与抗辩事由的广度与深度。概括认识证券欺诈行为偏离从业制度的规范性要求即属于犯罪故意。上市公司虚假陈述或隐瞒的信息只有在达到重要性标准时才构成证券犯罪。证券投资者即使未依靠误导性陈述进行投资决策,上市公司虚假陈述或隐瞒信息仍属于证券欺诈。信息披露型证券犯罪常见的辩护事由包括犯罪故意抗辩、相关性抗辩、重要性抗辩等。
The jurisprudence of the federal court system in the United States has greatly enriched the breadth and depth of the research on the elements and defenses of the crime of information disclosure securities. A general understanding of securities fraud deviates from the normative requirements of the employment system is criminal. A listed company misrepresents or conceals information that constitutes a security crime only when the materiality criteria are met. Securities investors even without relying on misleading statements of investment decisions, listed companies false statements or conceal the information is still a securities fraud. Common defense reasons for the crime of information disclosure securities include intentional defense of crime, defense of relevance and defense of importance.