我國內線交易監理之探討

A Study on the Regulations of Insider Trading in R.O.C.

陶幼卓(Tao Yu-Jwo)

指導教授 ： 張冠群

國立政治大學/法學院/法學院碩士在職專班/碩士(2020年)

https://doi.org/10.6814/NCCU202001649

摘要

從各國立法發展觀察，禁止內線交易已成國際趨勢，我國證券交易法於1968年制定公布之時，原無禁止之規定，於1988年增訂第一百五十七條之一，明文予以禁止，其後多次修法提高刑度，但是內線交易並未因此減少。
研究動機為主管機構以行政監理的角色介入預防內線交易及行使行政裁量權是否較能及時扼止內線交易的發生。
研究目的為：
一、瞭解內線交易之定義、立法精神、歷次修法的背景及其內線交易相關的基本概念，以做為實施行政監理的依據。
二、突顯司法介入是內線交易行為最後手段的防治觀念，證券交易行為應該回歸市場機制，並強調行政監理在內線交易上的重要性。
三、期盼在內線交易領域研究上，除了司法理論與構成要件上的探討外，尚能從行政監理的角度面向，發掘出內線交易其他的重要問題。
結論為內線交易定義及其行為禁止之依據、內線交易構成要件、內線交易不法行為之法律責任及如何避免誤觸內線交易。就行政監理的面向建議：
一、從內部控制預防內線交易；
二、增修行政罰扼止內線交易；
三、從資料科學預防內線交易；
四、主管機關應善用行政調查權預防內線交易。

關鍵字

內線交易 ； 行政監理 ； 內部控制 ； 資料科學

並列摘要

From the observation of the development of legislation in various countries, the prohibition of insider trading has become an international trend. When the Securities and Exchange Act of R.O.C. was enacted and promulgated in 1968, there was no provision for prohibition. In 1988, the Article 157-1 was added to expressly prohibit insider trading. Since then, the law has been revised several times to increase the penalty, but insider trading has not been reduced.
The motivation of this research is to find out whether the competent authority intervenes in the role of administrative supervision to prevent insider trading and exercise administrative discretion to stop insider trading in a timely manner.
The purpose of the research is to :
1.Understand the definition of insider trading, the spirit of legislation, the background of previous amendments and the basic concepts related to insider trading, and use it as a basis for implementing administrative supervision.
2.Highlight the concept of judicial intervention as the last resort for insider trading. Securities trading should return to the market mechanism and emphasize the importance of administrative supervision in insider trading.
3.Looking forward to the research in the field of insider trading, in addition to the discussion on judicial theory and constitutional elements, it can also explore other important issues of insider trading from the perspective of administrative supervision.
The conclusion is the definition of insider trading and the basis for the prohibition of its behavior, the constitutive elements of insider trading, the legal liability for illegal insider trading, and how to avoid accidentally touching insider trading.Suggestions on administrative supervision:
1.Prevent insider trading from internal control;
2.Increase administrative penalties to curb insider trading;
3.Prevent insider trading from data science;
4.Competent authorities should make good use of administrative investigation power to prevent insider trading.

並列關鍵字

insider trading ； administrative supervision ； internal control ； data science

參考文獻

一、中文部分

(一)書籍（依著者姓氏筆劃編排）

1.李開遠，(2011)。證券管理法規新論，臺北：五南。

2.林孟皇，(2011)。金融犯罪與刑事審判，臺北：元照。

3.郭土木，(2016)。證券交易法論著選輯。臺北：自版。