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題名 | 美國案例法上內線交易責任主體範圍之變遷與啓示=The Scope of US Inside Trading Liability--Evolution and Lessons |
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作者 | 黃朝琮; Huang, Chao-tsung; |
期刊 | 中華國際法與超國界法評論 |
出版日期 | 20131200 |
卷期 | 9:2 2013.12[民102.12] |
頁次 | 頁287-315 |
分類號 | 563.51 |
語文 | chi |
關鍵詞 | 內線交易; 信賴關係理論; 私取理論; 消息傳遞責任; 不實陳述責任; Insider trading; Fiduciary theory; Misappropriation theory; Tipper/tippee liability; Misrepresentation liability; |
中文摘要 | 內線交易的責任主體範圍將直接影響到行為人責任有無之判斷,且與內線交易之基本理論密切相關,故向來為內線交易責任理論上之重要議題。美國案例法雖然在 Cady, Roberts 案及 Texas Gulf Sulphur 案中發展出資訊平等理論,惟為美國聯邦最高法院所不採,而在後續判例中,發展出以受託義務為中心之信賴關係理論及私取理論。 在信賴關係理論及私取理論之主軸確立後,美國對於責任主體的觀念,仍然持續藉由案例的累積發展當中,而有進一步的發展。在此過程中,美國法在責任主體範圍的界定上面臨若干困境,同時也產生新的爭議。我國證券交易法第一五七條之一規定既係承襲自美國立法例而來,則瞭解該國實務的最新發展及理論瓶頸,當可從中汲取靈感,以為我國內線交易法制發展之參考。 在此問題意識下,本文回顧美國法有關內線交易責任主體概念的發展歷程,以及此一概念的最新發展。並在此脈絡下,進一步探討若干責任主體態樣於我國法制下之受規範情形,並提出結論。 |
英文摘要 | Determining the scope of “insider” is important due to its direct link to the reach of insider trading liability and the underlying theory. Despite the adoption of equal access theory in Cady, Roberts and Texas Gulf Sulphur, the US Supreme Court embraces the classical fiduciary theory and misappropriation theory, emphasizing the existence of fiduciary relationship as a must. Subsequent to the establishment of classical fiduciary duty theory and misappropriation theory, the concept of “insider” keeps developing, with new issues and hurdles to deal with. Since the US approach is endorsed in the legislation of Taiwan insider trading law (Article157-1 of Taiwan Securities and Exchange Act), observing the evolution of US insider trading law may provide useful guidance to develop our own insider trading theory. Therefore, this Article reviews the evolvement and current status of the concept of "insider" in the US case law and analyzes how the same issues may be handled under Taiwan insider trading law to prepare for further discussion in the future. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。