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論著名稱: 內線交易之犯罪所得概念(The Concept of Illicit Proceeds from Insider Trading)
編著譯者: 薛智仁
出版日期: 2012.10
刊登出處: 台灣/政大法學評論第 129 期 /245-299 頁
頁  數: 33 點閱次數: 1497
下載點數: 132 點 銷售明細: 權利金查詢 變更售價
授 權 者: 薛智仁
關 鍵 詞: 內線交易資訊機會平等犯罪所得特殊獲利或避損機會連帶沒收主義共同正犯追徵台開案
中文摘要: 在二○○六年爆發台開案之後,內線交易之共同正犯之間應如何計算犯罪所得,涉及證券交易法第一七一條之適用問題,在實務及學說上極具爭議。對此爭議,本文先從沒收犯罪所得之任務在於修正不法財產之移動,主張應以系爭構成要件之規範目的作為犯罪所得之認定標準。依此,由於內線交易之不法核心在於破壞投資人之資訊機會平等,故內線交易之犯罪所得係「特殊之獲利或避損機會」,而不是買入之股票或賣出股票所得之價金。其次,本文基於沒收犯罪所得之修正不法財產移轉的任務,主張不應採行實務之連帶沒收主義,僅能以各共同正犯成員之實際犯罪所得,作為沒收追徵範圍及加重刑罰之適用標準。
英文關鍵詞: Insider TradingEquality of InformationIllicit ProceedsSpecial Opportunity to Gain Profits or Avert LossJoint and Several Liability PrincipleCo-defendantConfiscationTaiwan Land Development Corporation Case
英文摘要: The Taiwan Land Development Corporation insider trading case has generated controversy as to how to calculate illicit proceeds between co-defendants that involves the application of Article 171 of the Securities Exchange Act in practice and for academic purposes. This study looks into this controversy by first identifying that the goal for confiscating illicit proceeds is to adjust the transfer of illicit property, and thus arguing that the purpose of the elements of the crime in Article 171 should be the standard for concluding illicit proceeds. It follows that, as the main reason for criminalizing insider trading is that such conduct impairs the equality of information and opportunity for investors, the illicit proceeds from insider trading should be a special opportunity to gain profits or avert losses instead of the price for buying or selling stocks. Moreover, this study contends that the principle of joint and several liability should not apply since the goal for confiscating illicit proceeds is to adjust the transfer of illicit property. Therefore, this study further argues that the scope of confiscation and the criteria for aggravated penalty should be based on the actual illicit proceeds of a co-defendant.
目  次: 壹、前言
貳、學說及實務爭議概況-以台開案為例
一、台開案概述
二、爭議概況
(一)犯罪所得之計算方式
(二)共同正犯之犯罪所得計算
三、被忽略的共通問題:內線交易的犯罪所得概念
參、犯罪所得的基本概念
一、財物與財產上利益
二、犯罪所得之直接性
(一)直接性之正當性基礎
(二)直接性之規範性標準
肆、內線交易的犯罪所得及其替代價值
一、內線交易之犯罪所得:特殊之獲利或避損機會
二、特殊之獲利或避損機會之替代價值
三、重新界定內線交易犯罪所得之實益
(一)知悉內線消息而買入股票
(二)知悉內線消息而賣出股票
伍、共同正犯之內線交易犯罪所得計算
一、犯罪所得之價額作為追徵客體
二、犯罪所得之價額作為加重刑罰事由
陸、結論
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