| 關 鍵 詞： |
內線交易；消息傳遞責任；遙遠消息受領人；資訊平等理論；信賴關係理論 |
| 中文摘要： |
我國證券交易法第 157 條之 1 第 1 項第 5 款規定「從前四款所列之人獲悉消息之人」，是為消息傳遞責任之規定。然我國證券交易法關於消息傳遞民事責任之規範過於簡單，以致在適用上仍有諸多疑問。例如：消息傳遞人並未實際從事內線交易，為何要負擔內線交易之責任？消息受領人並非傳統之公司內部人，為何必須課以禁止內線交易的責任？消息傳遞責任之成立是否必須要內部人因傳遞消息違反其對股東之信賴義務？信賴義務之違反如何認定？倘內部人基於公司商業目的理由傳遞消息予他人，是否免於消息傳遞責任？倘消息受領人對內部人違反信賴義務之事並無認知卻仍然根據該消息從事交易，消息傳遞人或消息受領人是否可因此免於消息傳遞責任？在消息輾轉傳遞予遙遠消息受領人之情形，消息傳遞人與消息受領人間之關係，將如何證明？遙遠消息受領人對最原始之內部人是否必須有所認知？本文將藉重美國法相關之理論與實務經驗，思考並分析上述問題，以期使我國內線交易消息傳遞責任在概念與適用上，能更為明確且合理。
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| 英文關鍵詞： |
insider trading；tipper / tippee liability；remote tippee；abstain or disclose theory；fiduciary theory |
| 英文摘要： |
Item 5, Paragraph 1 of the Article 157-1 of the Securities and Exchange Act provides the so called “ tipper / tippee liability ” in Taiwan. However, the wordings of such regulation are too simple and vague so that courts have troubles in adequately applying and interpreting the elements thereof. For example, why should a tipper, who does not actually trade based on the insider information, be liable for insider trading liability? Why should the law impose insider trading liability on the tippee, who is not considered to be a traditional insider of a corporation? Is the breach of fiduciary by an insider an element to establish the tipper / tippee liability? What constitutes a breach of fiduciary duty? Can an insider escape insider trading liability if he / she tip the inside information to a third person for the reason of business purpose? If a tippee does not know that an insider breaches his/her fiduciary duty by tipping, can the tipper and / or tippee escape insider trading liability? In the case of remote tippee, how to prove the relationship between the insider and remote tippee? Should the remote tippee actually know who is the insider? This paper will analyze the above questions by taking the U.S. relevant theories and cases as reference and try to provide some suggestions to make the tipper / tippe liability in Taiwan more clear and reasonable.
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| 目 次： |
壹、前言
貳、消息傳遞責任
一、消息傳遞責任之理論基礎
（一）資訊平等理論
（二）信賴關係理論
（三）私取理論
（四）資訊財產權理論
二、消息傳遞責任之成立要件
（一）信賴義務之違反
（二）消息受領人主觀要件
（三）私取理論之爭議
參、遙遠消息受領人
一、遙遠消息受領人責任之認定
二、美國法院實務見解
肆、我國法之規定與實務見解
一、臺開案
二、三樺田案
伍、分析與建議
陸、結論
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