- 學位論文
內線交易重大消息之認定與豁免條款之研究—以我國法院實務為中心
The Materiality of Nonpublic Information and the Safe Harbor of Insider Trading Under the Court Decisions in Taiwan
摘要
我國證券交易法第157條之1規定，內部人「獲悉」未公開重大消息後買賣股票或其他有股權性質之有價證券，即構成內線交易。因其經濟刑法之特性，立法者使用大量的不確定法律概念，使得法院實務就重大消息之範圍、重大性、有無成立確定時點、是否公開等問題認定歧異，加上證據不易取得，使得內線交易定罪率低。 而自訊碟案、台開案等重大案件爆發後，檢調對可能進行內線交易之公司進行大規模的搜索等偵查作為，使得企業界草木皆兵，遂有增訂內線交易豁免條款之建議，而金融監督管理委員會亦於2007年提出草案因應，但立法院並未達成共識。在審查時，甚至有立法委員提議將內線交易修正為「利用」未公開重大消息買賣有價證券，始構成內線交易。而近來之法院實務亦有採「利用」標準之案例出現，是以，內線交易罪之構成是否須內部人「利用」未公開重大消息，進而買賣有價證券，以及我國是否有增訂豁免條款之必要等問題，即有討論之必要。 是本文擬先簡介我國、美國及歐盟內線交易之理論基礎及相關規範，再以此為基礎，整理分析我國法院實務相關案例，探討我國法院對於「重大消息之成立時點」、「重大消息之公開」、「利用或獲悉標準」、「豁免條款之適用」等爭議問題所採之看法，是否妥適。最後，擬就上述問題提出本文之看法，期能提供法院實務及未來修法上之參考。
並列摘要
According to the provisions of “Section 157-1 of Securities and Exchange Law”, insiders who acknowledge nonpublic material information sell and purchase stocks or other equity-type securities, constitute insider trading. Because of the characteristics of economic criminal law, legislators used a large number of indefinite legal concept, which causes court practice discrepancy between the scope, significance of material information, whether the time at which inside information is formed, and whether public and other issues, in addition the evidence not easy to obtain, making low conviction rate in insider trading. After the outbreak of major cases, such as Infodisc case or Taiwan case, prosecutors and investigators carried out large-scale search in the companies which may proceed insider trading, making enterprises extremely nervous. Hence there were some suggestions of revising insider trading exemption clause, then in 2007, Financial Supervisory Commission also put forward the draft in response, but The Legislative Yuan did not reach a consensus. While examining, legislators proposed amendments to insider trading as "using" non-public material information to sale and purchase stocks or other equity-type securities, which constitutes insider trading. Recently the Court practice also adopted "the use of" standard of the case. Therefore, the conviction in insider trading constitutes whether on the basis of insider using non-public material information and then selling and purchasing stocks or other equity-type securities, as well as whether it is necessary to revising exemption clauses in Taiwan. The issues above are necessary to be discussed. This thesis is intended to give a brief introduction of the theoretical basis for insider trading and related norms of our country, the United States and the European Union. Then taking this as the foundation, organize and analyze relevant cases of our country court practice and discuss the viewpoints adapted by Taiwan courts toward “the time at which inside information is formed”, “announce material information in the public ”, “the standard of the use or knowing Possession”, “applications of exemption clause” and other controversial issues, are proper. In the end, this thesis is to put forward some views on the above issues, and to provide reference on Taiwan court practice and future amendments of the law.