法學期刊
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論著名稱:
從刑罰之意義與目的檢視證券交易法微罪的刑事責任(Examining the Criminal Responsibility of Misdemeanors under the Securities and Exchange Act through the Significance and Intent of Criminal Penalty)
文獻引用
編著譯者: 詹德恩
出版日期: 2018.06
刊登出處: 台灣/財金法學研究第 1 卷 第 1 期/123-146 頁
頁  數: 24 點閱次數: 876
下載點數: 96 點 銷售明細: 權利金查詢 變更售價
授 權 者: 中華財金法學會 授權者指定不分配權利金給作者)
關 鍵 詞: 證券交易法刑罰行政罰微罪重罪強制公開收購
中文摘要: 一九六八年證券交易法(以下簡稱本法)公布施行迄今已屆五十年,本法對於部分違反行為科處刑罰,就內線交易、操縱股價,以及特別背信等行為,自屬破壞資本市場之透明度,危害交易秩序之嚴重違法行為自當科以刑罰。然部分條文例如違反強制公開收購、兼營經紀與自營業務者,應於每次買賣時以書面區別代客或自行買賣,或與國際趨勢不合,或因時空演變已不同於當時立法的情境,仍於第一七五條及第一七七條科以刑罰,若基於寬嚴並濟的刑事政策,其妥適性與必要性皆有未符。
本文包括前言、證交法的重罪與微罪、刑罰的意義與目的、本法中微罪的省思與結論五部分,省思本法中對於輕微的違法行為卻予以罪刑化、科以刑罰之必要性與妥適性,建議未來修法時應參酌刑法謙抑原則,以及憲法第二三條之比例原則,對於本法中之微罪予以除罪化,改以行政罰或以民事賠償制度救濟,以達到保障投資、發展經濟雙贏之本法立法目的。
英文關鍵詞: Securities and Exchange ActCriminal PenaltyAdministrative PenaltyMisdemeanorFelonyMandatory OffersMandatory Bids
英文摘要: The Securities and Exchange Act of 1968 (hereinafter referred to as “the Act”) has been in effect for 50 years. The criminal penalty for serious violations under the Act, such as insider trading, influencing trading prices, and breach of trust, are justified as these violations work against the transparency of the capital market or jeopardize the trading order. However, parts of the regulations do not follow the global trend, or the environment has changed since the establishment of these regulations. For example, violation of regulations on mandatory offers, securities brokers and securities dealers in which each transaction should indicate in written documents whether it is made on behalf of a customer or made for its own account, are still subject to criminal penalty under Articles 175 and 177 of the Act, notwithstanding their suitability or necessity according to the criminal policy of using both severe and lenient measures.
This article reflects on the suitability and necessity of the penalties toward misdemeanors under the Act through five sections: the preface, a section on felonies and misdemeanors under the Act, a section on the significance and intent behind criminal penalties, a section on the reflection on misdemeanors under the Act, and the conclusion. Future revisions of the Act should take into consideration the principle of modesty and restraint under the Criminal Law and the principle of proportionality under Article 23 of the Constitution of the R.O.C. with the purpose of decriminalizing misdemeanors regulated under the Act, and instead, change to administrative penalties or civil compensation system in order to achieve the legislative goal of both investment protection and economic development.
目  次: 壹、前言
貳、本法的重罪與微罪
參、刑罰之意義與目的
  一、應報思想
  二、預防思想
  三、刑罰的執行
肆、本法中微罪的省思
  一、第一七五條
  二、第一七七條
  三、特許行業的監督管制
  四、違法 v. 犯罪
  五、違反強制公開收購施以刑罰之妥適性
  六、不合時宜的刑罰
  七、其他法律已有處罰規定者
  八、司法實務統計
伍、結論
相關法條:
相關判解:
相關函釋:
相關論著:
詹德恩,從刑罰之意義與目的檢視證券交易法微罪的刑事責任,財金法學研究,第 1 卷 第 1 期,123-146 頁,2018年06月。
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