| 摘要: | 我國對於內線交易認定為不法之行為，並於1988年增訂相關規範，制定之初立法理由參照美國法，許多制度設計亦多援引美國法，然美國之內線交易制度為歷年審判解釋適用理論，從資訊平等理論、信賴關係理論、私取理論、消息傳遞責任理論、不實陳述理論等。
我國因為大陸體系又為繼受法之國家，與美國為英美體系，兩者為不同法制體系，故對於內線交易之構成要件存在著許多解釋空間，例如：構成要件中對於認定內線交易重大消息之時機點為何，且重大及明確如何解釋之問題。
在科技與金融發達之時代，衍生出新興犯罪，就如同內線交易罪中法未明文規範及規範行為主體範圍，是否能包括偶然聽聞之行為人及駭客等。本文試從我國證券交易法出發，從各國對於內線交易之立法，討論內線交易禁止之構成要件範圍，從而提出法規層面及程序面之修法建議。
At the outset of enacting insider trading provision, the legislative reasons referred to the U.S. law, similar to numerous foreign systems, but the U.S. insider trading system is an applicable theory as progressed by precedental cases over the years, from the theory of information equality, the theory of trust relationship, the theory of private acquisition, the theory of information transmission responsibility, the theory of misrepresentation, etc.
Taiwan follows the European continental legal system by inheriting the civil law, while the U.S. is an Anglo-American common law system. These two systems are different, and thus there leave lots of rooms for interpreting the constituent elements of insider trading, such as, what is the timing of determining the material news of insider trading, and how to construct the material news of insider trading.
In today’s era of advanced technology and finance, new crimes have emerged, just as the law does not explicitly regulate as to the scope of actors in the crime of insider trading, i.e., whether it can include perpetrators and hackers who have accidentally heard about it. Starting from our Securities and Exchange Law, this article discusses the scope of the constituent elements of the prohibition of insider trading from the legislation of various countries on insider trading, so as to put forward suggestions for amending the law at the regulatory level and procedural aspects. |
