最高法院九十一年度台上字第三○三七號判決及臺灣高等法院八十八年度上重訴字第三九號判決之評釋（東隆五金案）－以連續交易操縱行為與內線交易為範圍

Comment on the Supreme Court Decision: T. S. T. No. 3037 and Taiwan High Court Decision: S. Z. S. T. No. 39 (Tong Lung Metal Industry Co., Ltd)-Perspectives from the Series Transactions and Insider Tr

王育慧(Yu-Hui Wang)

《臺北大學法學論叢》 61期 (2007/03) Pp. 43-78

https://doi.org/10.6774/TULR.200703.0043

摘要

東隆五金案為證券交易法上重要實務判決之一，觀諸高等法院與最高法院判決內容，關於證券交易法第一百五十五條第一項第四款連續交易操縱行為與第一百五十七條之一內線交易部分見解殊異，本文先介紹本案之案例事實，進而以學說及實務見解評析上開條文構成要件及高等法院、最高法院判決見解殊異之處，期能對於上開爭議之釐清有些許助益。再者，本文亦對連續交易操縱行為應有豁免規定、以「非自發性之行為或非可歸責於自己之事由」判斷內線交易成立與否之妥適性提出淺見。

關鍵字

東隆五金 ； 操縱行為 ； 連續交易 ； 內線交易 ； 護盤 ； 安定交易 ； 短線交易

並列摘要

The decision of Tong Lung metal industry Co., Ltd serves an important position in the Securities Exchange Act field. The decisions made by the Supreme Court and Taiwan High Court exist strong conflicts with regard to the interpretations of the series transactions and insider trading.
This article would like to explore from the introduction statement of the case. Afterward the article comments on the issues and rules forming the basis of the holding by the related academic theories and decisions of courts. Furthermore, this article takes the position that, prohibition against manipulation of security prices by series transactions should add the exemption clause and the courts shouldn't apply administrative interpretations for the short swing trading to judge the insider trading.

並列關鍵字

Tong Lung metal industry Co., Ltd ； securities market manipulation ； series transactions ； insider trading ； securities market stabilization ； stabilizing trade ； short swing trading

參考文獻

(1968)。證券交易法案。立法院秘書處。

United States v. O'Hagan: Insider Trading as a Modern Form of Property Crime

Karl Shumpei Okamoto(1992).(Rereading Section 16(B) of The Securities Exchange Act).

Michael H. Dessent(2000).Weapons to Fight Insider Trading in the 21st Century: A Call for the Repeal of Section 16(b).(Weapons to Fight Insider Trading in the 21st Century: A Call for the Repeal of Section 16(b)).,::L. REV.

Thomas A. Mcgrath Iii(1993).The Rise And Fall (And Rise?) of Information-Based Insider Trading Enforcement.Fordham:L. REV.