| 關 鍵 詞： |
內線交易；證券市場；刑事責任；英美法；證券交易法 |
| 中文摘要： |
內線交易是證券市場常見的違法行為。由於內線交易行為有害於證券市場的健全發展，所以各國普遍立法禁止證券市場內線交易行為。惟各國對於內線交易規範之理論依據及制度設計並不完全相同。近年來，我國雖數次修正證券交易法有關內線交易之規定，但證券市場內線交易問題仍層出不窮。因此，本文將自英美兩國證券市場內線交易之規範出發，檢視我國現行內線交易法制，以作為我國未來改進之參考。
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| 英文關鍵詞： |
insider trading；securities market；criminal liability；Anglo-American law；Securities and Exchange Act |
| 英文摘要： |
Insider trading is illegal conduct in the securities market when a person trades a security while in possession of material nonpublic information in violation of a duty to withhold the information or refrain from trading. Because insider trading undermines investor confidence in the fairness and integrity of the securities market, almost every country prohibits insider trading. However, the rationale for regulating insider trading in every country may be different. Although the Taiwanese government amended the insider trading provision of the Securities and Exchange Act several times, problems regarding insider trading remain. Accordingly, this article begins with a discussion of the U.S. and British laws pertaining to insider trading. Then, it examines the insider trading law in Taiwan and offers suggestions for amendments to the Taiwanese law where applicable.
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| 目 次： |
壹、前言
貳、英國對證券市場內線交易之規範
一、由自律規範到法律禁止
二、規範理論之演變
三、現行規範分析
參、美國對證券市場內線交易之規範
一、由反詐欺概念出發的規範模式
二、規範理論之演進
三、內線交易責任型態
肆、對我國內線交易法制之檢討與建議
一、我國現行制度
二、內線交易民刑事責任之檢討與建議
伍、結論
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