The Foundations of Securities Law

內幕交易罪的處理，在證券法的發展歷史中，一直具有理論與實務上之重要意義。此一問題，在中國大陸相對初生但生猛且量體巨大的市場環境中如何被面對，從理論與比較法觀點，均具備特殊的研究價值。立法層面上，中國大陸法對於內幕交易的實體法構成，經二十多年的持續發展，已呈現出一定的複雜與完整面貌。然就執行層面視之，法院對於條文的理解與具體適用仍存在諸多爭議之處，同時，相關實證統計等資料的缺乏，也成為執行層面上對內幕交易罪研究的主要障礙之一。基於上述認識，本文立足於內幕交易刑事處罰執行層面的觀察，試圖呈現相關法律設計在中國大陸的司法實踐現狀。並通過1997年立法以來法院判決的實證研究，本文除一般性地檢驗內幕交易的執法情況外，同時針對法院在解釋犯罪構成上所呈現的爭議，進行進一步的評估。文中依照觀察面向的差異，特別鎖定三個重要的子議題：內幕信息的類型及其認定、被告「知悉」的司法判準、刑事處罰的比例性在內幕交易罪中的運用與體現。以上述實證研究結果為基礎，本文擬對於中國大陸內幕交易罪之司法執行效力提出評估，同時也補充性地可提供臺灣一定之參考。Insider trading has long been recognized as one of the key elements in modern securities law. As a massive but relatively young market, how China handles this issue is a topic rich in comparative value. On its face, the law and regulations prohibiting insider trading in securities transactions have already in place for more than two decades. However, their actual implementation, as well as how courts interpret the elements of insider trading offense in cases, are still obscure to outside observers. The lack of in-depth empirical investigation in its enforcement further creates an extra layer of complexity to the relevant research. Due to the problems mentioned above, this paper conducts an empirical study of the insider trading criminal cases, ranging from 1997 to 2019, to examine how insider trading cases are enforced in China. By observing the actual cases and their attributes, this paper presents a comprehensive picture of who commits insider trading law in China and how courts decide these cases. Three sub-set issues of the implementation are under special scrutiny:types of information and defendants; standard of proving defendant's scienter; and the relationship between sanction and illegal gain. Based on the results of this study, we evaluate the effectiveness of the enforcement on insider trading law in China in its first two decades of existence.

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