內線交易民事責任之研究

A Study on Civil Liability of Insider Trading

林韋伶(Wei-Ling Lin)

指導教授 ： 姚志明

中原大學/法學院/財經法律研究所/碩士(2016年)

https://doi.org/10.6840/cycu201600012

摘要

內線交易行為行為新興之經濟犯罪，在美國該行為被視為一種證券詐欺，而於世界各國亦將內線交易行為，立法明文禁止。在我國，亦將內線交易行為明文禁止之。按證券交易法第157條之1及第171條之規定，該當內線交易行為者處三年以上十年以下有期徒刑，得併科一千萬以上二億元以下罰金，若犯罪金額達新台幣一億元以上者，處七年有期徒刑，得併科二千五百萬元以上五億元以下罰金。從上述可知，內線交行為者需負有期徒刑及罰金之責任。又按同法第157條之1規定，受害者得向內線交易行為者請求損害賠償。因此，內線交易行為人於金錢部份，除需負擔罰金外，亦需對受害人賠償其損害。更有甚者，同法條亦規定：「情節重大者，法院得按受害人之請求，將賠償額提高至三倍」，故除一般損害賠償外，更有三倍損害賠償。
因此，本文企圖自民事損害賠償觀點切入，了解內線交易行為於民事損害賠償制度上之運作，並參美國法之規定，討論內線交易之因果關係、請求權人、賠償義務人、起訴方式及懲罰性賠償金，並作一歸納討論。

關鍵字

內線交易 ； 民事責任 ； 懲罰性賠償金

並列摘要

The behavior of insider trading is a kind of emerging economic crime in the United States and it is considered a securities fraud. In countries around the world also prohibited people from insider trading. Accoring to 171 of Securities of Exchange Act and 157-1 of Securities of Exchange Act in Taiwan, people who violate the insider trading regulations should be at least three to ten years imprisonment, and have more than one million two hundred million dollars fine. If the crime income get to one million or more, it should be at seven years imprisonment, and have more than twenty-five million dollars to five hundred million dollars find. From above mentioned, peole who violate the insider trading regulations need to be responsible for penalty and imprisonment. In other hand, according to the 157-1 of Securities of Exchange Act, the victim of insider trading can ask for compensation by the law. Therefore, insider trading behavior in the money part, except for an affordable penalty, but should also compensate the damage to the victim. Moreover, the same statute also provides that: "the circumstances are serious, the court may allow the victim’s request, increased the amount of compensation to three times." So, it represent that the violators should be responsible not only for general demages but also for three times amount of the compensation.In conclusion, this article attempt to realize the operating in civil damages or compensation of insider trading, and try to make a conclusion by discussing the US law on causality of insider trading, the claimant, the obligation of reparation and the civil penalty.

並列關鍵字

insider trading ； civil liability ； civil penalty

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