我國內線交易規範主要是針對公司內部人而設之禁令,至於公司外部人則處於欠缺明確規範的模糊地帶,公務員與立法委員非公司內部人,但均屬容易獲悉重大未公開消息之身分,卻不在法條明文之列,此二者是否須遵守內線交易之禁令,確有釐清之必要。惟內線交易規範理論向來有市場論與信賴義務理論之爭,採取何種理論對於責任主體之界定有重大影響,然而,觀諸我國現況,見解仍未一致。本文主張應採取信賴義務理論作為內線交易規範理論之依據,主要理由為內線交易涉及刑事責任,不宜輕率論之,市場論打擊面過廣,以信賴義務理論為據則能限縮責任主體,較為妥適。此外,信賴義務理論之核心要件為「行為人須違反信賴義務」,「信賴義務」(Fiduciary Duty)本為一上位概念,其與內線交易規範所禁止之行為具有密切關聯,內線交易規範所禁止之行為乃為違反信賴義務下之「忠實義務」(Duty of Loyalty),據此,公司內部人因具有公司法上之信賴義務(Fiduciary Duty),若從事內線交易則為信賴義務之違反,成立內線交易責任;即使公司外部人對發行股票公司不具有信賴義務,亦於信賴義務理論的射程範圍內,蓋公司外部人對於消息來源具有信賴義務,違反則成立內線交易責任,是故,以信賴義務理論適用我國內線交易規範即為已足。公務員與立法委員屬於公司外部人,其內線交易責任亦得以信賴義務理論推論之。本文之研究目的係為解決公司外部人的內線交易責任問題,如何使具有特殊身分的公司外部人於法有據地受到禁止從事內線交易之規範限制,並以公務員與立法委員、以及具公務員身分之國家金融安定基金管理委員會人員為討論中心。
The regulation of insider trading in our country mainly focus on corporate insiders; however, corporate outsiders, there is no specific rules to apply. Although public servants and legislators are not corporate insiders, their positions are so sensitive that make them acquire material nonpublic information quite easily. As a result, it is truly necessary to figure out whether both of them are the subjects under the regulation of insider trading or not. However, there have been a regulation theory battle between “The Equal Access Theory” and “Classical Theory” (Misappropriation Theory included) in our country, and which theory as the basic ground of the regulation dose really matters in defining the subjects under the regulation. This paper asserts that Classical Theory should be applied as the fundamental ground of the insider trading regulation. The main reason is that the consequence of insider trading is involved with the crime penalty so that it should be much more prudent while interpreting this regulation, therefore, it is more appropriate to apply Classical Theory because of its narrow subject scope. In addition, fiduciary duty is a crucial and fundamental concept in jurisprudence, a key element in Classical Theory also. The reason that insiders violate the insider trading regulation is breach of the duty of loyalty, which is under the fiduciary duty. Even though corporate outsiders have no fiduciary duty to securities issued company, they are also under the scope of Classical Theory because of their fiduciary duty owed the information source. As a result, Classical Theory is the appropriate theory for insider trading regulation instead of the Equal Access Theory, and the problems raised by public servants and legislators also can be solved by the application of this theory, which is the main goal of this paper.