企業併購中內線交易法律規範檢討

Review of Legal Regulation about Insider Trading in M & A

蔡鐘慶(Chung-Ching Tsai)

《真理財經法學》 18期 (2017/03) Pp. 46+48-88

摘要

由於企業併購所帶來之綜效，企業併購成為近年來企業組織變革所常採取的一種手段，然而在併購案開始進行前，常有不少人知悉此併購消息，如果這些人利用此消息進行買賣，即可能會獲取鉅額利益，造成證券交易市場的不公平，也因此我國證券交易法（下稱證交法）於1988年增訂第157條之1規定，明文禁止此類利用内部消息買賣公司股票之行為。2015年7月8日公布修正之企業併購法於第27條新增第10項規定，明訂「為併購目的而取得任一公開發行公司已發行股份總額百分之十以下之股份者，得以不公開方式先行單獨或與他人共同為之。」，惟是否能豁免證交法中內線交易之規定容有疑義。本文試圖藉由檢視現行企業併購中内線交易相關法律規範，希冀能尋求法制公平與經濟發展的平衡點。

關鍵字

企業併購 ； 內線交易 ； 豁免條款 ； 知悉 ； 利用

並列摘要

Mergers and acquisitions have become a means of organizational change in recent years due to the synergies of M & A. However, many people get this M & A news before the merger begins. If these people use this news Trading, that may get huge benefits, resulting the stock market not fair, and therefore Securities Exchange Act in 1988 to amend the provisions of Article 157-1 of the provisions to prohibit such behavior. Announced on 8 July 2015 that the Business Mergers And Acquisitions Act has been amended by adding the Article 27 Item 10: ＂For the purpose of the merger/consolidation and acquisition to acquire the shares of the company whose share certificates have been publicly issued, in case ten percent or fewer of the total shares that the company had issued are acquired, it can be done alone or with others not in a publicly disclosed way.＂ However, it is doubtful whether the provisions exempt the insider trading regulation of Securities Exchange Act. This paper attempts to look at the insider trading regulation of current corporate mergers and acquisitions, hoping to find the balance of legal system of fairness and economic development.

並列關鍵字

Mergers and Acquisitions ； Insider Trading ； Exemption clause ； Knowing Possession ； use