關 鍵 詞: |
內線交易;反詐欺;市場濫用;內線消息;利用;獲悉;圖利 |
中文摘要: |
依照目前的主流趨勢,我國證券交易法主要還是由財經法學者主導立法與修法。申言之,於我國證券交易法中,除了有民事責任與行政責任的規定外,尚有刑事責任的規定。 再者,就證券不法行為,經常是民事責任與刑事責任「共用」一個「構成要件」。例如,內線交易與證券詐欺構成要件即是如此。然而,就刑事責任而言,繼受歐陸法系的我國,在主流學派英美法系的財經法學者引進美國的立法例與實務判決等時,是否可曾注意兩者之間的衝突?! 本文主要是以比較法的觀點,探討內線交易於美國法、歐盟及英國相關規定。並進一步,嘗試建構符合我國刑事法理的內線交易規範。最後,提出一些對於內線交易規範的修法建議-以刑事責任為限。
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英文關鍵詞: |
Insider Trading;Anti-Fraud;Market Abuse;Inside Information;Use;Aware of |
英文摘要: |
In accordance with the current mainstream trends, the legislation and amendment of the Securities and Exchange Act in Taiwan is mainly led by the Financial Law Scholar. Moreover, one who has violated the Securities and Exchange Act may be in charge of civil, administrative, and criminal liabilities. Furthermore, in respect of securities wrongdoing, civil liability and criminal liability are often legislated in the same “Tatbestand” (legal elements), such as insider trading and securities fraud. However, in Taiwan, we adopt the continental legal system in criminal liability, not the Anglo-American law system. Has the majority of Financial Law Scholar in Taiwan ever noticed that there may be a huge conflict between those two as they are trying to introduce the legislation of the United States and practice judgments into Taiwan?! In order to solve the problem which is mentioned above, this thesis talks about the insider trading regulations in Anglo-American law, Directive 2014/57/EU on criminal sanctions for market abuse, and the Criminal Justice Act 1993 in the United Kingdom. Finally, it provides the legal advices to modify the regulations- with its focus on the criminal liability only.
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目 次: |
壹、前言 貳、內線交易外國立法例-以美國、歐盟及英國為例 一、美國 (一)「資訊平等」理論(informational equality);或稱「戒絕交易,否則公開」理論(abstain or disclose theory) (二)信賴關係理論(或稱受任人義務理論)(fiduciary duty theory) (三)私取理論(misappropriation theory) (四)消息傳遞責任(tipper/tippe liability)理論 (五)小結 (六)刑事處罰依據 二、歐盟 (一)內線交易行為規範 (二)刑事處罰依據 三、英國 (一)內線交易行為規範 (二)刑事處罰依據 參、我國內線交易構成要件修法建議 一、內線交易主觀構成要件 (一)建議增訂「意圖犯」之規定 (二)「獲悉」與「實際知悉」 (三)「獲悉」與「利用」 二、內線交易客觀構成要件 (一)內線交易構成要件行為主體 (二)內線交易構成要件行為客體 (三)內線交易構成要件行為 1.禁止買賣特定股票、有價證券;禁止賣出普通公司債 2.新增禁止「以他人名義」交易之規定-間接正犯明文化 3.傳遞內線消息與內線交易教唆犯、幫助犯 (四)行為情狀 1.重大消息 2.未公開(前) (五)客觀處罰條件-公開後 18 小時內 三、建議增訂內線交易「未遂犯」之處罰規定 肆、結論
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