美国证券法（中英文 第五部分）
2017-07-27 11:49阅读：
SEC. 27A. APPLICATION OF SAFE HARBOR FOR FORWARD-LOOKING
STATEMENTS.
安全港的前瞻性陈述中的应用
(a) APPLICABILITY.—This section shall apply only to a
forward-looking statement made
by—（a）适用性。本条仅适用于以下人员所做出的前瞻性陈述——
(1) an issuer that, at the time that the statement is made,
is subject to the reporting requirements of section 13(a) or
section 15(d) of the Securities Exchange Act of 1934;
(2) a person acting on behalf of such issuer;
(3) an outside reviewer retained by such issuer making a statement
on behalf of such issuer; or
（1）在做出陈述时须按照本法13（a）条或者《1934年证券交易法》15（d）有关报告要求的发行人；
（2）代表上述发行人行事的个人；
（3）由该发行人所聘请的、代表其做出陈述的外部审查人士；或
(4) an underwriter, with respect to information provided by
such issuer or information derived from information provided by the
issuer.
（4）承销商，仅就上述发行人所提供的信息或从该发行人提供的信息衍生的信息做出说明。
(b) EXCLUSIONS.—Except to the extent otherwise specifically
provided by rule, regulation, or order of the Commission, this
section shall not apply to a forward-looking
statement—
(1) that is made with respect to the business or operations
of the issuer, if the issuer—
（b）除外条款。除证券交易委员会的规则、条例或命令另外有特别规定，否则本条不适用于以下前瞻性陈述——
（1）与符合以下情况的发行人的业务或经营有关的前瞻性陈述——
(A) during the 3-year period preceding the date on which the
statement was first made—
(i) was convicted of any felony or misdemeanor described in
clauses (i) through (iv) of section 15(b)(4)(B) of the Securities
Exchange Act of 1934; or
(ii) has been made the subject of a judicial or
administrative decree or order arising out of a governmental action
that—
(I) prohibits future violations of the antifraud provisions
of the securities laws;
(II) requires that the issuer cease and desist from violating
the antifraud provisions of the securities laws; or
(III) determines that the issuer violated the antifraud
provisions of the securities laws;
（A）在做出陈述之日起前三年期间
i.
该发行人曾被判犯有《1934年证券交易法》15（b）（4）（B）条（i）到（IV）段中所诉的重罪或轻罪；或者
ii.
该发行人曾为政府诉讼中司法、行政判令或命令的受制对象，该判令或命令——
1、
禁止其将来违反证券法中的反欺诈条款；
2、
要求该发行人停止违反证券法的反欺诈条款；或
3、
认定该发行人曾违反了证券法的反欺诈条款；
(B) makes the forward-looking statement in connection with an
offering of securities by a blank check company;
(C) issues penny stock;
(D) makes the forward-looking statement in connection with a
rollup transaction; or
(E) makes the forward-looking statement in connection with a
going private transaction; or
（B）使做出的前瞻性陈述与发行空白支票的公司提供的证券有关;
（C）该发行人发行小额股票;
（D）该发行人做出的前瞻性陈述与关联并购重组交易有关；或
（E）该发行人做出的前瞻性陈述与现行私人交易有关;或
(2) that is—
(A) included in a financial statement prepared in accordance
with generally accepted accounting principles;
(B) contained in a registration statement of, or otherwise
issued by, an investment company;
(C) made in connection with a tender offer;
(D) made in connection with an initial public
offering;
(E) made in connection with an offering by, or relating to
the operations of, a partnership, limited liability company, or a
direct participation investment program; or
(F) made in a disclosure of beneficial ownership in a report
required to be filed with the Commission pursuant to section 13(d)
of the Securities Exchange Act of 1934.
（2）符合下列条件的前瞻性陈述——
（A）该前瞻性陈述包含于根据公认会计准则编制的财务报告中；
（B）该前瞻性陈述包含于投资公司的注册说明书或投资公司以其他方式签发的注册说明书中;
（C）该前瞻性陈述与股权收购要约相关;
（D）该前瞻性陈述与首次公开发行有关;
（E）该前瞻性陈述与合伙企业、有限责任公司或直接参与投资计划的证券发行有关或与其运营有关；或
（F）该前瞻性陈述是在按照《1934证券交易法》13（d）的要求向证券交易委员会报备的报告中对收益所有权所进行的披露中做出的。
(c) SAFE
HARBOR.—（c）安全港规则——
(1) IN GENERAL.—Except as provided in subsection (b), in any
private action arising under this title that is based on an untrue
statement of a material fact or omission of a material fact
necessary to make the statement not misleading, a person referred
to in subsection (a) shall not be liable with respect to any
forward-looking statement, whether written or oral, if and to the
extent that—
(A) the forward-looking statement is—
(i) identified as a forward-looking statement, and is
accompanied by meaningful cautionary statements identifying
important factors that could cause actual results to differ
materially from those in the forward-looking statement;
or
(ii) immaterial; or
(B) the plaintiff fails to prove that the forward-looking
statement—
(i) if made by a natural person, was made with actual
knowledge by that person that the statement was false or
misleading; or
(ii) if made by a business entity; was—
(I) made by or with the approval of an executive officer of
that entity, and
(II) made or approved by such officer with actual knowledge
by that officer that the statement was false or
misleading.
（1）一般规定。除非（b）款另有规定，否则在本法项下因含有对重大事实的不实陈述或遗漏了使陈述不致误导而必须说明的重大事实而引起的私人诉讼中，在下列情况下及其限度内，（a）款中提到的人对任何书面或口头前瞻性陈述概无责任——
（A）该前瞻性陈述——
（i）被确定为前瞻性陈述，并附有明显的警告性声明，声明中确定了可能导致实际结果与前瞻性陈述中的结果产生重大差异的各种重要因素；或者
（ii）属于不重要的前瞻性陈述；或者
（B）原告不能证明该前瞻性陈述——
（i）若是自然人所为，该自然在做出陈述时实际知悉该陈述时虚假的或是误导性的；或
（ii）若是公司所为，——
i.
是由该实体的高级执行管理人员做出或是经其批准后做出的，且
ii.
该等高级执行管理人员做出或批准陈述时实际知悉该陈述是虚假或具有误导性的。
(2) ORAL FORWARD-LOOKING STATEMENTS.—In the case of an oral
forward-looking statement made by an issuer that is subject to the
reporting requirements of section 13(a) or section 15(d) of the
Securities Exchange Act of 1934, or by a person acting on behalf of
such issuer, the requirement set forth in paragraph (1)(A) shall be
deemed to be satisfied—
(A) if the oral forward-looking statement is accompanied by a
cautionary statement—
(i) that the particular oral statement is a forward-looking
statement; and
(ii) that the actual results could differ materially from
those projected in the forward- looking statement; and
(B) if—
1So in law. Should be a comma rather than
semicolon.
(i) the oral forward-looking statement is accompanied by an
oral statement that additional information concerning factors that
could cause actual results to differ materially from those in the
forward-looking statement is contained in a readily available
written document, or portion thereof;
(ii) the accompanying oral statement referred to in clause
(i) identifies the document, or portion thereof, that contains the
additional information about those factors relating to the
forward-looking statement; and
(iii) the information contained in that written document is a
cautionary statement that satisfies the standard established in
paragraph (1)(A).
（2）口头形式的前瞻性陈述。对于由需要遵守本法13（a）条或者《1934年证券交易法》15（d）条报告要求的发行人所做的口头前瞻性陈述，或由其他人代表该发行人所做的口头前瞻性陈述，在下列情况下，第（1）（A）项所述的要求应视为已获得满足——
（A）口头形式前瞻性陈述附有警示性陈述，表明——
（i）该特殊口头陈述为前瞻性陈述；而且
（ii）实际结果可能与前瞻性陈述中所预测的结果存在重大差异；且
（B）如果——
（i）在做出口头形式前瞻性陈述时有口头声明，表明在某可随时获得的书面文件或其一部分中包含有与可能导致实际结果与前瞻性陈述中的结果存在重大差异的各种因素有关的附加信息；
（ii）上述（i）段所指口头声明确定了包含与上述前瞻性陈述相关因素有关的附加信息的文件或其部分；且
（iii）在该书面文件中包含的信息属于符合（1）（A
