內線交易理論與實務之研究

The Theory and Practice of the Insider Trading

何建寬(Chien-kuan Ho)

指導教授 ： 王文宇

國立臺灣大學/法律學院/法律學研究所/碩士(2009年)

https://doi.org/10.6342/NTU.2009.00367

摘要

有鑑於資本市場的活絡，金融犯罪層出不窮，尤其是內線交易之行為，往往造成資本市場產生不公平之現象，本論文分為九章對內線交易之理論與實務加以研究。而內線交易應否處罰之爭論，始於1966年Henry G. Manne教授以法律經濟分析的觀點，表示反對內線交易的規範，引起學術界及實務界廣泛的討論，自此展開正反兩陣營之論戰，雖然各國政府紛紛訂立內線交易之處罰，但是反對立法處罰之理由，亦有值得吾人深思之處。
由於我國內線交易法制是師法美國，所以其內線交易之精神及司法實務之見解有其一定之重要性。美國司法實務上，內線交易之規制的路線經過數次轉折，對於內線交易的規範，從早期之市場論的觀點，即任何人如果知道內線消息，均應遵守公布消息否則禁止買賣之規定，後來又加以限縮打擊範圍，認為具有信賴義務之人才適用該規定，即關係論，但是因為許多不具有信賴關係之人以此進行內線交易，產生不公平之情形，故又產生私取理論，擴大內線交易適用之範圍。
歐洲聯盟意識到全球化的發展，證券市場舞弊行為呈現出複雜性與跨國性，而新的金融產品與衍生性金融商品亦不斷推出，跨國性的市場操縱及內線交易的風險大大增加，為了維護歐洲證券市場的交易秩序，歐洲共同體理事會，於1989年11月3日發佈「內線交易協調指令」( 89/592/EEC)，以最低規範標準要求會員國。歐盟於2003年頒佈「內線交易及市場操縱指令」(2003/6/EC)，禁止歐盟範圍內之內線交易與市場操縱行為。而會員國中之英國、 德國及法國，分別回應歐盟指令之要求，加強內線交易之立法處罰，並建立單一之主管機關，進行跨國相互合作，以監控證券市場之不法行為。
日本在1988年針對內線交易行為，在證券交易法第166條等條文，規定了內線交易行為之處罰。而為確實監督證券市場上之不法行為，於1992年成立了證券監督委員會，以加強對證券市場之檢察與監督。於2006年6月經國會通過證券交易法修正案，更名為金融商品交易法，並於2007年9月正式施行，新法加重內線交易之罰則，及其他行政措施，以嚇阻內線交易行為之猖獗。
最後本文探討我國內線交易規範之理論基礎，內線交易構成要件之分析及其民、刑事責任。討論檢察官對內線交易之舉證責任與調查方式，探討檢察官對內線交易舉證責任之滿足點，並對內線交易之犯罪手法加以分析，因內線交易之金融犯罪有其專業性，檢察官偵辦內線交易有何武器，並且在調查內線交易時應注意之事項，以避免證據能力遭受辯護人之攻擊，並舉出實務判決無罪之案例加以討論，指出錯誤之所在，以供第一線辦案人員參考。

關鍵字

內線交易 ； 市場操縱 ； 舉證責任

並列摘要

In view of the active capital markets, financial crimes, one after another, especially in the conduct of insider trading. Capital markets have often resulted in unfair phenomenon. This paper is divided into nine chapters on the theory and practice of insider trading . Insider trading and whether there should be punishment of controversy began in 1966, Professor Henry G. Manne legal point of view of economic analysis, expressed opposition to insider trading norms, causing extensive academic and practical discussion, since both positive and negative campaign launched the debate, although Governments have made insider trading of punishment, but punishment of the reasons for opposing the enactment of laws, I also thought of the merits.
Insider trading system was learned from the United States, so the spirit of its insider trading theory and judicial practice of opinion has its importance. U.S. judicial practice, insider trading regulations of the road after a few turns, for insider trading norms, from the early market on the view that any person who know insider information, should comply with the publication of news or a ban on the sale of provisions(The Disclose or Abstain Rule), later reduced to limit the scope of combat that has a trust obligation to apply the provisions of personnel, namely, the Fiduciary Duty Theory, but because many do not have trust in the relationship between the people to carry out insider trading, resulting in unfair circumstances, they also have the Misappropriation Theory, to expand the scope of application of insider trading.
European Union is aware of the development of globalization, stock market fraud shows the complexity and transnational nature, and new financial products and derivatives have also been introduced, cross-market manipulation and insider trading significantly increased the risk, in order to maintain European stock market trading order, the European Community Council, in November 3, 1989 release, "the coordination of insider trading Directive" (89/592/EEC), to the minimum standard requirements of Member States. The European Union in 2003, promulgated the "insider trading and market manipulation instructions" (2003/6/EC), the European Union within the scope of the prohibition of insider trading and market manipulation. The Member States of the United Kingdom, Germany and France, respectively, in response to the requirements of the EU directive to strengthen the legislative insider trading penalties, and the establishment of a single competent authority to carry out cross-border cooperation to monitor and control the market abuse .
Japan in 1988 for acts of insider trading in the Securities Exchange Act of section 166 and other provisions provide for punishment of acts of insider trading. For indeed the supervision of the securities market on the market abuse, in 1992 set up the Securities Regulatory Commission, in order to strengthen the prosecution and supervision of the securities market. In 2006 Congress passed the Securities Exchange Act of amendment, changed its name to financial products and Exchange Act, and in September 2007 implemented, the new law to increase the penalties for insider trading, and other administrative measures to deter acts of rampant insider trading.
This article explores the last of Taiwan's insider trading norms of theoretical foundation, elements of insider trading analysis and criminal liability. Discuss how the Prosecutor investigating insider trading and the burden of proof to meet the point, because of insider trading of financial crime has its professionalism, prosecutors investigating insider what weapons can use. They should pay attention to in order to avoid evidence of the ability of the attack suffered by lawyer. Citing the case found not guilty to be discussed, pointed out that the errors lie, reference for investigators.

並列關鍵字

Insider trading ； Misappropriation Theory ； Burden of proof

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