內線交易之重大消息明確時點

在自由的股票交易市場裡，人人都想在這片變化萬千的藍海中搶盡先機賺進大把鈔票，那要如何才能在這藍海中獲取最大利益並且不虧損自身財產?內線交易即是最好的手段，利用他人尚未知悉之重大消息，提前操作股票，在利益面來說，簡直是萬無一失，有些人會認為公司內部消息係屬公司重大資產，因此利用此等資產去獲利並沒有任何的瑕疵。但這手段難道不會破壞市場的平衡性嗎?再利用此等犯罪手法所取得之暴利的背後，會造成甚麼危機?交易市場中的其他投資人失去對投資市場的信心，因為在少數玩法弄權之人所操作出資訊不平等的情況下，人人不敢買賣股票，深怕自己就是成為別人內線交易下之亡魂，慢慢的造成市場萎縮進而崩解，影響的是各家公司產生募資困難之情況，最後像病毒似的拓及整個經濟，以上情況如果沒有個公平機制來制約與規範，國家或者全球經濟被吞蝕掉只是早晚的事。保障市場上之正當投資人以及維持證券市場公平運作，變成是一個必要之課題，於是，各國的證券交易法便應運而生，內線交易此等金融犯罪手法日新月異，如過以拘泥於文字上之解釋來判定，是否有違反內線交易，恐因過於僵化，導致定罪率過低，存有許多違法之漏洞，本文將從有無必要禁止內線交易做切入，按因我國內線交易法制承襲自美國法制及實務，故會從美國內線交易之相關規範以及實務上經典判例出發，再依序介紹歐盟相關法規，最後帶到我國內線交易相關規範，並比較各國規範間不同之處，第三章將琢磨美國、歐盟、我國間對於重大消息之認定標準究竟為何以及重大消息何時明確這兩大區塊來做探討，第四章則輔以些我國實務上之重大案例，同時加以評析各案之爭點為何，最後會論述本文關於重大消息明確時點之看法，期盼透過學說見解、法院判決、各國相關法律規定來做深入的了解以及在面對棘手之實務案件時能夠解決相關問題。

關鍵字

內線交易；信賴關係理論；重大消息；重大消息明確時點之判斷；台開案

並列摘要

In the free stock trading market, everyone wants to seize the opportunity to make a lot of money in this ever-changing blue ocean. How can we get the most benefit in this blue ocean without losing our own property? Insider trading That is the best way to use important news that others have not yet known to operate stocks in advance. In terms of interests, it is absolutely foolproof. Some people think that the company’s internal news is a major company asset, and therefore use these assets to make profits. There are no flaws. But won’t this method disrupt the balance of the market? What kind of crisis will be caused by the huge profits obtained by using these criminal methods? Other investors in the trading market lose their confidence in the investment market because they play power in a few Under the situation of unequal information, everyone is afraid to buy and sell stocks, fearing that they will become the dead souls of others in insider trading, which will slowly cause the market to shrink and then collapse, affecting the company’s fundraising Difficult situations will eventually spread to the entire economy like a virus. If there is no fair mechanism to restrict and regulate the above situation, it will only be a matter of time before the country or the global economy is swallowed up. Protecting legitimate investors in the market and maintaining the fair operation of the securities market have become a necessary issue. Therefore, securities exchange laws of various countries have emerged as the times require. Financial crime methods such as insider trading are changing with each passing day. Interpretation to determine whether there is a violation of insider trading, it is feared that the conviction rate is too low due to excessive rigidity, and there are many illegal loopholes. This article will cut into whether it is necessary to prohibit insider trading, according to the legal system of Taiwan's domestic trading inherited from the US legal system And practice, we will start from the relevant regulations of American insider trading and classic cases in practice, and then introduce the relevant EU regulations in order, and finally bring to the relevant domestic regulations of Taiwan, and compare the differences between national regulations. Chapter 3 will Considering the criteria for identifying important news among the United States, the European Union, and Taiwan, and when the important news clarifies these two areas for discussion. The fourth chapter is supplemented by some major practical cases in Taiwan , and at the same time, it analyzes the disputes of each case. What is the point? Finally, I will discuss the views of this article on the clear timing of important news. I hope that through theoretical insights, court judgments, and relevant laws and regulations of various countries, we can gain in-depth understanding and solve related problems in the face of difficult practical cases.