論我國內線交易獲悉說及利用說之爭議

我國證券交易法第157條之1規定，禁止符合內部人身分之人在實際知悉重大消息後而為買賣交易，此等已無資訊平等而言，破壞投資市場之公平性，且也破壞了一般投資大眾對於投資市場的信心。在內線交易構成要件中，有著許多爭議。本文係對「獲悉說」及「利用說」之兩種立場爭議而研究。在我國法上，證券交易法第157條之1規定中係寫著「實際知悉」，以規定條文看來，似以「獲悉說」為我國法立場。但在立法理由中，卻是以「利用」二字。在法條規定及立法理由立場不一之情形下，此爭議油然而生。我國實務上，對於內線交易之判決眾多，但各級法院間是如何去選用立場，又係以何種理由論述來支持所選之立場。在立法不明確下，法院各有各的立場，也會案件在各審級所得理由不同的情形。又在內線交易豁免條款，是否有立法增設之必要？本文將一一探討之。

關鍵字

獲悉、實際知悉、利用、豁免條款

並列摘要

But our country negotiable securities exchange law 157th 1 stipulation, forbids to conform to person of the insider identity to learn about the significant news after the reality is business transaction, the such non-information equality has said, fairness of the destruction investment market, also destroyed has invested the populace generally regarding the investment market confidence. In the inside connection transaction constitution important document, has many disputes.This article is to “Knowing Possession” and “Use Debate” two kind of standpoints disputed studies.In our country law, in the negotiable securities exchange law 157th 1 stipulation is writes “actual is learning about”, stipulated the article looked like, resembles by “Knowing Possession” for our country law standpoint.But in the legislation reason, is actually by “Use Debate” two characters.In the law stipulation and under a legislation reason standpoint situation, this dispute does not arise spontaneously.In our country practice, is multitudinous decision regarding the inside connection transaction, but how between all levels of courts selects the standpoint, also is supports by what reason elaboration chooses the standpoint.Is not clear about under the legislation, the court has each standpoint respectively, also meets the case respectively to examine the level obtained reason different situation.Also in inside connection transaction exemption provision, whether has necessity of the legislation addition?