從歐盟與英國市場濫用防制計畫反思我國對內線交易與操縱市場之制度設計

陳照世

doi:10.6342/NTU.2008.01186

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從歐盟與英國市場濫用防制計畫反思我國對內線交易與操縱市場之制度設計

A Review of Our Law and Regulations on Insider Dealing and Market Manipulation through the Examination of EU and UK's Anti-market-abuse Regime

陳照世 , Masters　　Advisor：曾宛如　　

繁體中文 DOI： 10.6342/NTU.2008.01186

市場濫用；內線交易；操縱市場；金融服務暨市場法；禁止市場濫用指令； Market Abuse ； Insider Dealing ； Market Manipulation ； FSMA 2000 ； Market Abuse Directive

Abstract │ Reference (200) │ Times Cited (17) │ Altmetrics

Abstract 〈TOP〉

於證券管理領域中，內線交易與操縱市場行為一直是為各界所關切之焦點，歐盟指令與英國法規範以此二行為皆導致整體市場誠信和投資人信心遭受破壞為基礎將之合併，統一以市場濫用(market abuse)的概念稱呼。本論文擬以透過探討歐盟指令與英國法規範對市場濫用的管制，反思我國法規範對內線交易與操縱市場行為應有的態度與相關設計。
    歐盟指令部分，其目標是要建立起一個免於濫用行為干擾的單一歐洲證券市場，基此，委員會先後頒佈了禁止內線交易指令（Insider Dealing Directive）與禁止市場濫用指令（Market Abuse Directive）要求各會員國遵守。早先的禁止內線交易指令雖確立了歐陸打擊內線交易行為的決心，但也因缺乏統一配套的責任設計，導致指令的目標無法確切落實。後來的禁止市場濫用指令則除了建立以“行政責任”為主軸的反市場濫用制度外，並嚴格禁止日趨嚴重的操縱市場行為，同時，為因應主觀心態察覺不易導致的執法效率低落，儘可能地傾向“客觀化”的設計模式。而於規範基礎上，前後兩指令均以“整體市場”的保護為核心，並以此設計建構細部的責任構成要件。
    英國法規範亦以捍衛整體證券市場的誠信與投資人的信心為核心出發建構整體市場濫用防制計畫的規範體系。2001年施行金融服務暨市場法（Financial Services and Market Act 2000）吸取過去刑事責任失敗的經驗，改以“行政處罰”為主軸進行濫用行為的責任追究，並以金融服務局（FSA）為統一專責的執法單位，有效率地對市場濫用行為進行偵察，且有權決定是否課與裁罰金或起訴。此外，並於行政處罰的基礎上傾向於以結果的出現論斷行為的責任，然，純粹客觀主義的立法有其難度，在實際運作時，行為人的主觀心態仍為責任構成與否的考量因素。本論文對英國行政處罰的運作方式與實際案件的處理亦作有詳細介紹，以供我國未來引進行政處罰制度時的參考。
    本論文最後則嘗試從非難基礎與法益保護的概念出發規劃內線交易與操縱市場行為的管控，提出脫離“詐欺”框架而直接以“法益”遭受破壞為由建構非難基礎的建議，並以“整體市場的完整、誠信及投資人對市場的信心”為核心，向外擴及“個別投資人的財產保護”填充法益的內涵。其次，在檢驗體系的架構上，分就客觀與主觀兩個層次探討，客觀層次上主張市場參與者於進入市場進行活動時，被合理期待的行為標準為“不得從事侵害或可能侵害市場誠信和投資人信心的行為”並建議建構“可接受的市場行為”的豁免概念；主觀層次則是以歐盟指令與英國法規範的“傾向客觀化”設計為省思，搭配我國法的責任類型合併思考，提出“內線交易仍應以至少主觀上須知悉或可得知悉該消息為內部消息”而“操縱市場部分則應強調行為人主觀上有不良的操縱意圖或目的”的結論。於責任規劃部分，本論文則建議我國引進英國法規範下的行政裁罰制度以罰鍰為主要手段，希望建構起“以行政處罰為主軸輔以刑事制裁與民事賠償的責任機制”，並於文中討論其相互的搭配運作情況以掃除行為重複評價的疑慮。最後，並對我國內線交易與操縱市場制度部分具體作出細節性的檢討。

Parallel Abstract 〈TOP〉

A competent and efficient financial market is based on market integrity and sound public confidence in the markets. “Insider dealing” and "market manipulation", which in its essence is detrimental and harmful to the integrity of the financial markets and the public confidence in securities and derivatives, are now covered by the term "market abuse" by the EU Market Abuse Directive and relevant UK securities regulations.

The Market Abuse Directive aims to create a reformed regime to tackle market manipulation behaviors in the EC and update the existing insider dealing legislation, while the UK has now largely based its market abuse regime on the Financial Services and Market Act 2000, along with the pre-existing criminal liability under the Criminal Justice Act 1993.

This thesis intends to provide for an overall review of the current law and regulations on insider dealing and market manipulation in the territory of Taiwan, through a thorough examination and study of the EU and UK’s anti-market-abuse regime, and hopefully to give some insight as to how the domestic regime may be further advanced and reformed in application of the relevant principles.

Reference ( 200 ) 〈TOP〉

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連結：
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連結：

Times Cited (17) 〈TOP〉

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