信息披露是美国联邦证券监管制度的核心。这一原则建立在“有效市场”(efficient market)的理论基础之上,认为只要一切与证券及其发行者有关的重大信息得到充分、及时和准确的披露,市场自身就可以吸纳和处理这些信息,并反映在证券价格上,从而使 Disclosure of information is the core of the U.S. federal securities regulatory regime. This principle is based on the theory of “efficient market” and holds that as long as all the important information about the securities and their issuers is fully, timely and accurately disclosed, the market itself can absorb and deal with This information, and reflected in the price of securities, so that