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題名:論內線交易罪重大消息公開之時點認定問題
書刊名:東吳法律學報
作者:周振鋒 引用關係
作者(外文):Chou, Cheng-fong
出版日期:2018
卷期:30:1
頁次:頁89-119
主題關鍵詞:內線交易重大消息非公開消息公開資訊觀測站Insider tradingMaterial informationNon-public informationMarket observation post systemMOPS
原始連結:連回原系統網址new window
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  • 被引用次數被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0)
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  • 共同引用共同引用:221
  • 點閱點閱:8
證券交易法明文禁止內線交易,內部人若知悉重大影響股票價格之消息(下稱重大消息),在消息未公開或公開後十八小時內買賣公司股票者,即構成內線交易。以時間序而言,重大消息成立後至公開後十八小時內,知悉消息之內部人不得合法買賣股票,但何時重大消息成立、何時公開,卻未有明文規定,僅能依個案事實綜合判斷之,而如此不免產生認定爭議。惟內線交易行為人需受嚴厲之刑事處罰,對於構成要件宜明確並足供行為人預測其行為結果,較為妥當,故對於重大消息成立與公開時點之判斷,實有必要建立較為具體的標準。而國內對於「重大消息成立」此問題已有相當多討論,但對「重大消息公開」之學術研究相對有限,故本文擬以後者為題,從近期司法實務對此議題之分歧意見出發,嘗試以美國法觀點對我國現行制度加以分析與檢討,並提出具體建議,以期能更完善我國內線交易之規範。
Under the Securities and Exchange Act (the SEA), insiders knowing material non-public information relating to a particular stock should refrain from trading such stock unless they wait 18 hours after the information becomes public. However, the SEA does not have any definitions of public/non-public information and whether the material information at issue is public or non-public tends to be an open question in some cases. Insider trading is a felony that would severely punish violators and thus all the elements of the felony, including material non-public information, should be reasonably predictable, but the SEA fails to do so. It seems worse that courts so far have had different points of view in this regard. This article suggests that the SEA consider providing more clear criteria to determine when material non-public information becomes public. This article is expected to have a comparative law study with the U.S. and to offer a proposal to reform the existing regulations with respect to insider trading.
期刊論文
1.曾宛如(20100701)。新修正證券交易法--資訊揭露、公司治理與內線交易之改革。臺灣法學雜誌,155,22-29。  延伸查詢new window
2.王文宇(20080400)。認真地對待資訊--論內線交易之判斷標準與預防措施。月旦法學,155,211-215。new window  延伸查詢new window
3.林國全(19920600)。證交法第一五七條之一內部人交易禁止規定之探討。政大法學評論,45,259-303。new window  延伸查詢new window
4.莊永丞(20110700)。從美國內線交易被告持有內線消息與使用內線消息之論爭,論我國證券交易法應有之立場與態度。東吳法律學報,23(1),135-181。new window  延伸查詢new window
5.陳彥良(20130800)。由明基案看內線交易中重大消息相關爭議問題--兼評臺灣高等法院九十八年度矚上重訴字第六一號刑事判決。月旦法學,219,193-210。new window  延伸查詢new window
6.陳俊仁(20110600)。處罰交易或處罰未揭露?--內線交易規範法理基礎之檢視與規範之解構與再建構。月旦民商法雜誌,32,21-38。  延伸查詢new window
7.Prentice, Robert A.(1999)。The Internet and Its Challenges for the Future of Insider Trading Regulation。Harvard Journal of Law & Technology,12,263-364。  new window
8.郭大維(20160200)。內線交易中有關「內線消息」與消息「公開」之認定--評最高法院一〇四年度臺上字第三七六號刑事判決。月旦裁判時報,44,14-22。  延伸查詢new window
9.劉連煜(2006)。內線交易重大消息的範圍及其公開方式的認定。台灣法學雜誌,87,295-304。  延伸查詢new window
10.Bondi, Bradley J.、Lofchie, Steven D.(2011)。The Law of Insider Trading: Legal Theories, Common Defenses, and Best Practices for Ensuring Compliance。N. Y. U. J. L & Bus,8,151。  new window
11.Colesanti, J. Scott(2006)。"We'll Know It When We Can't Hear It": A Call for A Non-Pornography Test Approach to Recognizing Non-public Information。Hofstra L. Rev.,35,539。  new window
12.Stuart, Sinai(2000)。Rumors, Possession v. Use, Fiduciary Duty and Other Current Insider Trading Considerations。Bus. Law,55,743。  new window
13.Paul, Tebsy(2015)。Friends with Benefits: Analyzing the Implications of United States v. Newman for the Future of Insider Trading。Am. U. Bus. L. Rev.,5,109。  new window
14.黃朝琮(20130400)。社群網站與重大消息揭露--Nexflix事件初探。證券暨期貨月刊,31(4),33-46。  延伸查詢new window
15.林孟皇(20080400)。內線交易實務問題之研究--以我國刑事責任規定的解釋適用取向為中心。法學叢刊,53(2)=210,31-72。new window  延伸查詢new window
圖書
1.Bainbridge, Stephen M.(2007)。Securities Law--Insider Trading。Foundation Press。  new window
2.Wang, William K. S.、Steinberg, Marc I.(2010)。Insider Trading。New York, NY:Oxford University Press。  new window
3.廖大穎(2011)。證券交易法導論。三民。  延伸查詢new window
4.Cox, James D.、Hillman, Robert W.、Langevoort, Donald C.(2013)。Securities Regulation: Cases and Materials。New York, NY:Wolters Kluwer Law & Business。  new window
5.余雪明(2016)。證券交易法--比較證券法。余雪明。  延伸查詢new window
6.陳春山(2012)。證券交易法論。台北:五南圖書。  延伸查詢new window
7.Loss, Louis、Seligman, Joel、Paredes, Troy(2011)。Fundamentals Of Securities Regulation。  new window
8.劉連煜(2016)。新證券交易法實例研習。臺北:元照。new window  延伸查詢new window
9.李開遠(2014)。證券犯罪刑事責任專論。五南。new window  延伸查詢new window
10.曾宛如(2017)。公司法制基礎理論之再建構。元照出版有限公司。new window  延伸查詢new window
11.賴英照(2017)。股市遊戲規則:最新證券交易法解析。賴英照。  延伸查詢new window
12.賴英照(2017)。誰怕內線交易。賴英照。  延伸查詢new window
13.HAZEN, THOMAS L.(2016)。SECURITIES REGULATION IN A NUTSHELL。  new window
圖書論文
1.陳彥良(2018)。內線交易相關爭議問題--以重大消息為中心。證券交易法律風險探測。五南。  延伸查詢new window
 
 
 
 
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