內線消息傳遞責任之探討

Exploring Tipper/Tippee Liability

黃朝琮(Chao-Tsung Huang)

《法令月刊》 67卷6期 (2016/06) Pp. 97-121

https://doi.org/10.6509/TLM.2016.6706.05

摘要

本文在既有文獻的基礎上，以Newman 案為中心，介紹美國內線消息傳遞責任的晚近發展。我國實務對於證交法第157 條之1 第1 項第5 款之適用，絕大多數見解並不認為需以傳遞人有義務違反情事為必要，而產生若干難解案例。然若檢視證券市場本質及參與者之心態，資訊不對稱實為證券市場常態，即可得知內線交易所防杜者，並非所有資訊不對稱情事，毋寧為不當資訊優勢之創造。由此角度切入，則可明瞭證交法第157 條之1 第1 項第5 款應以消息傳遞人違反受託義務為前提。在此一脈絡下，美國法上Newman 案以來之案例法發展，將可作為我國借鑑，思考劃定我國正當及不正當資訊優勢之界線所在。

關鍵字

內線交易 ； 消息傳遞責任 ； 關係論

並列摘要

Based on recent literature, this article introduces current development in the U.S. insider trading law in connection with tipper/tippee liability. In Newman, the court renders that tippee’s liability is conditioned on his/her knowledge of tipper’s personal benefit resulting from the delivery of nonpublic material information. Also, the court emphasizes that mere fact of a friendship is not sufficient to infer tipper’s receipt of personal benefit. In Taiwan, Article 157-1 of Securities and Exchange Act was enacted by reference to the U.S. precedents under Rule 10b-5, but the court does not include tipper’s breach of fiduciary duty as one of the elements of tippee’s liability. This article argues that not every information asymmetry is impermissible. Rather, it is such asymmetry that pushes the securities market toward being efficient, so the purpose of insider trading law is to prohibit improper information asymmetry rather than eliminate all of them. Therefore, the line of cases following Newman is informative for Taiwan insider trading law to draw the boundary between legitimate and illegitimate information exchange.

並列關鍵字

Insider Trading ； Tipper/Tippee Liability ； Fiduciary Duty Theory ； Dirks ； Newman

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