摘要 證券交易法於民國93年增訂第171條第2項「犯前項之罪,其犯罪所得金額達新臺幣一億元以上者,處七年以上有期徒刑,得併科新臺幣二千五百萬元以上五億元以下罰金」,以「犯罪所得」金額是否達新臺幣一億元以上為加重處罰標準。惟對於內線交易罪之「犯罪所得」應如何加以認定計算,除立法理由「對於內線交易可以行為人買賣之股數與消息公開後價格漲跌之變化幅度計算之」之說明外,法條均付諸闕如,以致實務因計算時點之不同,方法之相異,而產生不同之犯罪所得金額,因此引發許多爭議,亦造成實務判決結果之不同。 例如:犯罪所得之計算時點,究竟應以犯罪行為既遂時?抑或是結果發生時?其金額之計算,又應以該股票之實際交易之市場交易價格?或是以擬制性交易所得計算?以或是關聯性所得計算?如有數人共犯者,其各該犯罪所得是否合併計算?又行為人買入(賣出)股份後即未再賣出(買入),其犯罪所得又應如何計算? 本研究以內線交易犯罪為例,將證券交易法第171條第2項「犯罪所得」之定義與實務上衍生之相關疑義提出探討與分析,並以近年來內線交易案件為例,探究內線交易犯罪所得金額之認定及計算方式,並引進最新實務見解,以求實務發展之脈絡。最後,提供些許建議,期能為相關法規修正及實務運作供作參考。
Abstract Securities Exchange Act of updating the Republic of China 93 years before the crime, Paragraph 171, paragraph 2 "guilty, the proceeds of crime amounting to NT $ million or more, more than seven years in prison, and a NT two thousand five hundred yuan fine of five hundred million yuan "to whether" proceeds of crime "amounting to more than NT $ aggravating standards. But for the "proceeds of crime" crime of insider trading should be determined how to calculate, in addition to the legislative grounds "after the number of shares can be traded on the behavior of people with a message for insider trading disclosure of changes in the magnitude of price change calculation of" outside the French article are It is lacking, so that the calculation of practice due to different time different, the method, the proceeds of which produce different amounts of crime, and therefore lead to a lot of controversy, but also result in different practices of the verdict. For example: Calculate the point obtained from crime, whether it should be criminal acts when Accomplishment? Or is the result happen? Calculate the amount of, and should be based on actual market transactions, the trading of the stock price? Or in pro forma calculation on the Stock Exchange? Or association with a calculated? If several people accomplice, not the offense is of its income Consolidate? And the perpetrator buy (sell) shares after not re-sell (buy), the proceeds of and how to count? In this study, insider trading crime, for example, will make relevant derivative of doubt on the definition of the Securities Exchange Act Article 171, paragraph 2 "proceeds of crime" and substantive discussion and analysis, and insider trading cases in recent years, for example, insider trading inquiry amount of the proceeds of crime identified and calculated, and the introduction of the latest practical insights in order to develop the practice context. Finally, provide some suggestions of relevant laws and regulations can be amended and practical operation for reference.
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