論內線交易責任規範之再建構—以引進行政制裁為核心

Research on Sanctions for Insider Dealing— Proposal to Introduce Administrative Sanctions in Taiwan

何松穎(Sung-Ying Ho)

指導教授 ： 邵慶平

國立臺灣大學/法律學院/法律學研究所/碩士(2016年)

https://doi.org/10.6342/NTU201601618

摘要

我國管制內線交易行有多年，基於維持證券市場之公正性及投資人對市場公正性之信賴，對違反內線交易禁止規定者分別設有刑事責任及民事責任（證券交易法第157條之1、第171條參照）。然而，實際成效上，民事求償制度過度仰賴刑事程序。刑事責任則面臨到嚇阻效力不彰、罪刑不相當之批判，突顯出現行內線交易責任規範之不足。是以，我國有建立新的制裁手段的需求。行政機關主導的行政制裁，其迅速制裁之特性，能夠解決刑事制裁「嚇阻效力不彰」之問題。此外，利用行政制裁評價不法性低之內線交易案件，亦得化解「罪刑不相當」之質疑。行政制裁之建立能調和刑事責任所面臨的困境，並強化管制內線交易之效率，是以，我國有建立行政制裁的必要性。
本篇論文借鏡英國1993年刑事正義法（CJA 1993）、2000年金融服務與市場法（FSMA）內線交易刑事制裁與民事制裁（Civil Penalty）之規定，並以此為思考觀點，探討我國建立行政制裁之可行性、行政制裁與現行民事責任與刑事責任之關聯性。在整體制度設計上，本文採取「以行政制裁為主，刑事制裁為輔」的政策方向。實體面而言，從內線交易刑罰與行政罰射程範圍差異化之想法出發，並重新解釋現行內線交易構成要件，希冀達到「限縮目前刑罰之射程範圍，擴張行政罰之射程範圍」之目標。程序面而言，考量「一行為不二罰原則」、「刑罰優先原則」，整體制度上，應設置「統合機關」處理內線交易案件並得判斷應對個案裁處行政罰抑或提起刑事訴訟，並且由金融監督管理委員會作為主要裁處機關。透過金融機關之專業及彈性的權限能大幅提升管制內線交易之效率，得以作為我國未來立法之參考。

關鍵字

內線交易 ； 英國內線交易制度 ； 行政制裁 ； 刑事責任 ； 民事責任 ； 一行為不二罰原則

並列摘要

Insider dealing has been controlled for some time in Taiwan, on the basis taking advantages of inside information is likely to lower the market integrity and public confidence in the capital market. The main approach to the regulations of insider dealing is the criminal prohibition on insider dealing, which can be found in article 171 of Securities and Exchange Act (SEA). However, the criminal sanctions receive two opposite criticisms. One is the prosecution's difficult. Several empirical studies show that the defendants are acquitted in approximately half of finalized cases. Due to the low conviction rate, the deterrence of criminal sanction against insider dealing becomes doubtful. In contrast, abolition of criminal prohibition on insider dealing is always a strong opinion, which regards profiting from inside information as a legitimate perk for managers and believes that it does not damage the economy. To deal with those two opposite view on criminal sanction, this thesis conclude that the deployment of administrative sanctions could be a way to bridge the gap. In addition, administrative sanctions may also be an efficient approach to regulate insider dealing in Taiwan.
This thesis focuses on the necessity and feasibility of introducing administrative sanctions against insider dealing in Taiwan and discusses the relation between administrative sanctions, criminal sanctions, and civil damages. Moreover, it takes UK insider dealing regulations, Criminal Justice Act 1993 and Financial Services and Markets Act 2000, as examples to discuss the difference between criminal sanctions and administrative sanctions. In conclusion, this thesis designs a new framework of sanctions against insider dealing in Taiwan. That the central idea emphasizes administrative penalties as the leading sanction against insider dealing. Considering the principle of double jeopardy as a constitutional principle in Taiwan, it is necessary to establish a special and incorporated commission, which has the option as to whether to commence criminal proceedings or impose the administrative sanctions, to deal with insider dealing cases.

並列關鍵字

Insider Dealing ； Financial Services and Markets Act 2000 ； Criminal Justice Act 1993 ； Administrative Sanction ； Criminal Sanction ； Civil Damage ； the Principle of Double Jeopardy

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