透過您的圖書館登入
IP:34.229.151.93
  • 學位論文

內線交易抗辯條款於我國制定之必要性

The legislative necessity for affirmative defense of insider trading in Taiwan.

指導教授 : 林仁光
若您是本文的作者,可授權文章由華藝線上圖書館中協助推廣。

摘要


我國制定內線交易禁止條款由來已久,然而內線交易之犯罪卻仍時有所聞。其原因可能是因為我國實務上內線交易定罪率低,而難生嚇阻之作用。為了解決此問題,我國證券交易法一再修法,希望藉由採取獲悉說來加強禁止內部人內線交易的規範。然而在採取獲悉說的前提下,因為內部人只要知悉內線消息,客觀上又有進行交易行為,即會推定主觀上有犯意而成罪,其打擊犯罪的範圍太為寬廣,在某些個案可能會有不正義的狀況發生,故而參考外國立法例,研擬有關內線交易抗辯條款之規定,使行為人得自己舉反證推翻其有犯意的推論,進而為無罪之答辯。 內線交易抗辯事由於2010年證券交易法修法時曾有討論,然而當時並未成功修法。抗辯事由雖然給予被告一個答辯武器,然我國目前內線交易罪之定罪率本就偏低,增設之抗辯條款規定即應審慎為之。 探討內線交易抗辯事由,即應先說明內線交易制度之本質。本文先介紹美國、歐盟、英國、日本、中國及我國之內線交易制度,再進一步討論各國有關內線交易抗辯、豁免條款之規定。外國對於抗辯條款有多種型態的規定,如預定交易契約、安定市場行為、收購等,我國修正草案卻僅有預定交易契約一種例外事由。本文欲藉由瞭解國外各種例外之類型,來檢視我國新增之抗辯事由是否足夠。 內線交易抗辯事由是否應於我國制定,也應視我國實務上是否有此需求。抗辯事由最早係因採獲悉說將使內部人容易成立內線交易罪,故而增設抗辯事由加以對抗。然我國實務上法院對於內線交易案件,似乎未皆是採取獲悉說標準判案,故而抗辯事由之增設是否有刻不容緩之必要,則有探討的空間。

並列摘要


Taiwan set the insider trading for a long time. However, we still can hear some criminal cases of insider trading somrtimes. The main reason might be the conviction rate is too low to intimidate the insiders. In order to slove this problem, we amended the law and want to block the insiders strickly. The stringent law formulate the insider will be guilty once he/she being a knowing possession and trade the stock in the same time. Unfortunately, the range of potential criminals is way too wide so there might be some unfair cases. As a result, the legislators reference the foreign legislation about the defence of insider trading provisions. In this way, the defendens could calim for innocent and overthrow the inference by proving that they are not offending insider trading regulations intentionally. The defendse prviosions had been discussed when amending the Securities Exchange Act on 2010, however, the provisions are not passed. The conviction rate of insider trading is low in Taiwan, since the reasons of defendece give the defenders a shield, the decision for defence provisions should be cautious. In order to discuss the defence provisions of insider trading, we should start with the insider trading regulations. In this thesis, I will introduce the insider trading regulations of the U.S., the EU, the U.K., Japan, China and Taiwan. And next are the insider trading defence/ exemption regulations in the countries. There are many types of defence provisions, for example, written trading plans, stabilization, takeover, etc. However, there is just one kind of defence regulation in the drft of Securities Exchange Act. This thesis wants to discuss whether the types of defence proviosn are enough in Taiwan by knowing the foreign regulations. The decision whether the defence provisions should be set also needs to consider about the courts in Taiwan. The defense provisions are preventing the defenders from easily being guilty by on a knowing possession. The provisions are using as a shield for D.A.s’ charge. The court seems not judge insider trading cases by “knowing possession” as an only standar in Taiwan. As a result, the necessity for defense provisions of insider trading in Taiwan is worth to discuss.

參考文獻


3. 紀文富(2008)。《論內線交易行為人之主觀惡意》,中原財經法律系碩士論文。
1. 何建寬(2009)。《內線交易理論與實務之研究》,國立台灣大學法律碩士論文。
23. 劉連煜,〈內部人「獲悉」或「實際知悉」內線消息之認定-評最高法院九十九年台上字第一五三號刑事判決〉,《月旦裁判時報》,第3期,頁87。
5. 莊嘉蕙(2008)。《內線交易之實證研究》,國立交通大學碩士論文。
4. 張瑞玲(2009)。《內線消息之認定與豁免條款之研究¬—以我國法院實務為中心》,國立臺北大學法律系碩士論文。

被引用紀錄


何松穎(2016)。論內線交易責任規範之再建構—以引進行政制裁為核心〔碩士論文,國立臺灣大學〕。華藝線上圖書館。https://doi.org/10.6342%2fNTU201601618
陳俊翔(2016)。論內線交易之構成要件-以實務判決研析為中心〔碩士論文,國立中正大學〕。華藝線上圖書館。https://www.airitilibrary.com/Article/Detail?DocID=U0033-2110201614063344

延伸閱讀