「內線交易」構成要件之剖析

Analyzing the Regulation of the “Insider Trading”

劉柏江(Po-Chiang Liu)

指導教授 ： 鄭逸哲

國立臺北大學/法律學院/法律學系/碩士(2009年)

摘要

對於內線交易這個議題，有別於國內目前的文獻，不管是教科書或期刊文獻，乃至於碩博士論文，幾乎可以說是清一色的將焦點集中在美國、日本、歐盟等相關實定法、實務、學說的探討，本文是以我國現行證券交易法暨相關法令、辦法為研究主題。再者，就違反內線交易規定所須負的法律責任部分，本文是以我國刑事構成要件理論和歐陸法系的法治國刑事法法理，來探討內線交易的刑事責任問題。換言之，就我國法而言，本文的立場僅限於內線交易刑事責任的問題，而不及於其他法律責任的問題。

本文的架構如下：第一章，主要在說明重大消息與內線消息的不同，並點出現行證券交易法對於內線交易規範的立法錯誤；第二章，簡介證券交易法第157條之1的立法沿革；第三章，探討「內線交易」構成要件及其「（刑事）可罰性」的法律依據；第四章，則是本文的重心所在，即以我國的刑事構成要件理論剖析「內線交易」構成要件，並同時以法治國刑事法的法理探討其相關解釋、適用疑義暨重新檢討其立法妥當性，乃至於提出修法建議；第五章，評析內線交易的若干實務見解；第六章，則是本文結論與內線交易相關修法建議──以刑事責任為限。

關鍵字

重大消息 ； 內線消息 ； 公開原則

並列摘要

Pertaining to the insider trading issue, in contrast to other available literatures in Taiwan ─ whether it is a textbook, a journal, or an academic dissertation ─ the focus is, almost without exception, exclusively on the insider trading lawmaking or rules of the United States, Japan, the European Union and other related judicial practices and doctrines. This thesis is to present the Securities Exchange Act and the relevant regulations in Taiwan as the research topic. Furthermore, it talks about the issue of criminal liability of insider trading based on the criminal “Tatbestand” theory in Taiwan as well as the criminal principles of law of the legal state of the continental legal system. In other words, as far as the domestic law is concerned, the current thesis discusses about only the criminal liability of insider trading.

The themes of this thesis are as the following: chapterⅠdiscusses the differences between a material information and an inside information, and then points out the legislative error of the insider trading regulation in Taiwan; chapter II briefly introduces the legislative evolution of the Article 157－1 of Securities Exchange Act in Taiwan; chapterⅢ points out the source of law of the “insider trading” regulation and its punishability; chapter Ⅳ analyzes the “insider trading” regulation based on the criminal “Tatbestand” theory in Taiwan. Also, it talks about the relevant problems with the criminal principles of law of the legal state, and even provides legal advices to modify the regulation; chapter Ⅴ studies and comments on certain practical cases of insider trading; chapter VI, in conclusion, provides the legal advices to modify the regulations ─ with its focus on the criminal liability only.

並列關鍵字

material information ； inside information ； Full and Fair Disclosure

參考文獻

中文部分 (依作者姓氏筆劃排序)

3.王育慧，最高法院九十一年度台上字第三○三七號判決及台灣高等法院八十八年度上重訴字第三九號判決之評釋(東隆五金案)—以連續交易操縱行為與內線交易為範圍，台北大學法學論叢，第61期，2007年3月

20.黃朝義/吳天雲，內線交易犯罪之研究，犯罪學期刊，第5期，2000年6月

22.鄭逸哲/劉柏江，「構成要件競合」與「構成要件該當性的判斷流程」，法令月刊，第59卷，第7期，2008年7月

5.紀文富，論內線交易行為人之主觀惡意，中原大學財經法律學系碩士論文，2008年7月