衍生性金融商品之內線交易禁止法律規制：以規範客體範圍與民事賠償責任為核心

本文從各國實際發生的案例說明衍生性金融商品的不斷創新，對於各國資本市場法制產生極大的衝擊。由於衍生性金融商品的隱匿性與高槓桿等特性，使其可能成為內線交易的工具。為維護證券交易市場之健全運作，各國在立法趨勢上皆將衍生性金融商品納入內線交易禁止之規範客體。本文從比較法分析，建議應將衍生自有價證券之金融商品納入我國內線交易禁止的規範客體，並且從衍生性金融商品的定義、證券交易法與期貨交易法的管轄範圍、涉及衍生性金融商品之內線交易的民事賠償責任等方向，提出修法建議。期在明確法律規範的情況下，促使市場參與者知法且遵法，進行各種交易，以發揮衍生性金融商品交易之避險、投機與發現價格等諸多功能。

關鍵字

衍生性金融商品；內線交易；結構債；股權交換；以他人名義持有；受益所有人；店頭市場

並列摘要

This article will consider cases occurring in Taiwan and other countries to explore legal impact of financial derivatives on capital market regulations, focusing on insider trading. Due to the nature of derivatives, they have been used as a vehicle to conduct insider trading. Therefore, there is a global trend to prohibit insider dealing by trading derivatives. This article will then recommend that Taiwan law should include derivatives trading as part of the prohibition against insider trading. In addition, Taiwan law should also refine the definition of financial derivatives, the jurisdiction of securities regulation and futures regulation, and civil liability attached to insider trading by derivatives in order to raise legal certainty for market participants and to ensure the derivatives market will function well for hedging, speculation or price discovery purposes.