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系統識別號 U0026-0608201414102000
論文名稱(中文) 內線交易之重大消息及豁免條款研究-以美國法及台灣法比較為中心
論文名稱(英文) The Materiality of Information and the Exemption Clause of Insider Trading : From the Perspectives of the Comparative Law between the U.S. and Taiwan
校院名稱 成功大學
系所名稱(中) 法律學系
系所名稱(英) Graduate Institute of Legal Sciences
學年度 102
學期 2
出版年 103
研究生(中文) 羅元媛
研究生(英文) Yuan-Yuan Lo
學號 U26981214
學位類別 碩士
語文別 英文
論文頁數 125頁
口試委員 指導教授-陳俊仁
口試委員-何曜琛
口試委員-林恒志
中文關鍵字 內線交易  消息重大性  獲悉說  利用說  實際知悉  內線交易豁免條款 
英文關鍵字 Insider Trading  Insider  Information Materiality  Knowing Possession and Using Theory  Actually Knowing  Exemption Clause of Insider Trading 
學科別分類
中文摘要 近年來,公司內部人違反證券交易法內線交易之新聞屢屢登上各大媒體版面,然而,觸犯內線交易法制之事件仍層出不窮。儘管檢察官與行政部門一再以持續的偵查作為,欲顯示其打擊此等經濟犯罪的決心,但司法部門對於構成內線交易犯罪與否之實務見解,仍處於發展中階段,在不同法院的詮釋下,定罪與否可能有著全然不同的結果。其中最主要的原因之一,可能即在於內線交易規範中的不確定法概念,造成法規適用上的困難與不一致所致。而高起訴率低定罪率的結果,即是造成人民對於法律規範無預見性而無法適從,同時也損害了投資大眾對於市場的信心。有鑑於此,本文之研究著重於內線交易相關爭議性問題之探討,以為現今的司法實務及未來立法提供適用上或修法的建議。
本文首先將以內線交易防制之理論爭議為立基,探討禁止內線交易行為的理論基礎,並以此展開對於各相關爭議議題的論述。本文討論的議題涵蓋內線消息之重大性、內線交易之主觀構成要件,包含「獲悉說」或「利用說」之爭辯及需否有獲利意圖之爭議,以及美國法豁免條款之訂立與台灣訂定豁免條款之必要性等。針對上開議題,本文分別介紹美國與台灣法制與司法判決,以比較法的觀點套論相關爭議問題與提出可能之詮釋方法。
內線交易法制對於法律構成要件之規範及其不確定法律概念之解釋寬嚴,實涉及對於行為人個人權利保障與維護市場交易安全之衡平。如何平衡兼顧內部人對法之預見可能性及市場公平秩序,實係證券交易法制研究的重要課題。本文希冀透過本文之研究,能夠給予現行法規政策有效且可行的建議或解釋,協助內部人之法規遵循及市場之公正需求。
英文摘要 Insider trading violation has been in the headline of the news for the past decade. However, insider trading violation case still occurs every year. Although prosecutors constantly show their determinations in combating this type of economic crime, the decisions of the courts are ambiguous. The indefinite legal concept of certain elements of insider trading regulations is the main reason for this result. High rate of indictment but ending with low rate of culpability, not only cause the insiders’ conduct unforeseeable, but dismay the public. This thesis focuses on numeral controversial issues in connection with the disputes or debates of insider trading constitution elements, and attempts to provide suggestions to current judicial application and legislation.
This thesis first introduces long-term disputed theories of insider trading prohibition to elaborate the justifiable reason for inside trading prohibition and punishment. This thesis attempts to discuss several disputes regarding to insider trading based on its fundamental prohibiting theories. This thesis discusses the issue of materiality information, introducing numeral cases in the U.S. and Taiwan. Furthermore, this thesis provides an in-depth discussion of the subjective elements of insider trading constitution, and emphasizes on the analysis of the necessity of the enactment of exemption clause in Taiwan on the basis of the U.S. regulations.
Insider trading prevention policy is a dilemma of balancing individual rights and market integrity. This thesis hopes to facilitate the law compliance of insiders and other legal specialists and attain the honest market protecting purpose by providing plausible suggestions and interpretations to the insider trading regulations construction.
論文目次 Chapter 1 Introduction 1
1.1 Motivation and Purpose 2
1.2 Scope, Limitation and Research Method 3
1.3 Research Structure and Process 4
Chapter 2 Literature Review 7
2.1 General Review of the Issues for Insider Trading 7
2.1.1 Insider Trading Prohibition Theories 7
2.1.2 The Determining of the Insiders 8
2.1.3 The Definition of Information Materiality 9
2.1.4 The Subjective Requirement of Insider Trading 10
2.2 Significant Publications of Insider Trading Study 11
2.2.1 References of Major Books 12
2.2.2 References of Major Periodicals 13
2.2.3 References of Major Theses and Dissertations 16
Chapter 3 Theories of Insider Trading 19
3.1 Theories and Regulations of Insider Trading in the U.S. 19
3.1.1 The Theories Development in the U.S. 19
3.1.1.1 Disparity of Information Theory 19
3.1.1.2 Fiduciary Relationship Theory 21
3.1.1.3 Misappropriation Theory 23
3.1.2 Regulations in the U.S. 24
3.1.2.1 Section 10(b) and Rule 10b-5 25
3.1.2.2 Rule 14e-3 26
3.1.2.3 Insider Trading Sanctions Act of 1984 29
3.1.2.4 Insider Trading and Securities Fraud Enforcement Act of 1988 29
3.1.2.5 Regulation on Fair Disclosure 30
3.1.2.6 Rule 10b5-1 and Rule 10b5-2 31
3.1.2.7 Sarbanes-Oxley Act 33
3.2 The Theories and Regulations of Insider Trading in Taiwan 33
3.2.1 The Theories Development in Taiwan 33
3.2.1.1 Statutory Interpretation 33
3.2.1.2 Judicial Opinions on Insider Trading Theories 35
3.2.2 Regulations in Taiwan—Section 157-1 36
3.2.2.1 Subject of Insider Trading 36
3.2.2.2 Insider Information 39
3.2.2.3 Trading Behavior 39
3.2.2.4 Subjective Complement 39
Chapter 4 Judicial Development of Information Materiality in the U.S. 41
4.1 The Definition and Formation of Material Information 41
4.1.1 Materiality of Historical or Factual Events 42
4.1.2 Materiality of Contingent Events 42
4.1.3 Materiality of Merger and Negotiations 43
4.1.4 Materiality of Soft Information 43
4.2 The Test Standard of Information Materiality in the Court 45
4.2.1 TSC v. Northway, Inc. 45
4.2.1.1 Facts of the Case 45
4.2.1.2 Decision of the Court 46
4.2.2 Basic Inc. v. Levinson 48
4.2.2.1 Facts of the Case 48
4.2.2.2 Decision of the Court 50
4.2.3 Kronfeld v. Trans World Airlines, Inc. 54
4.2.3.1 Facts of the Case 54
4.2.3.2 Decision of the Court 59
4.2.4 Garcia v. Cordova 61
4.2.4.1 Facts of the Case 61
4.2.4.2 Decision of the Court 62
4.2.5 United States v. Joseph Contorinis 65
4.2.5.1 Facts of the Case 65
4.2.5.2 Decision of the Court 69
Chapter 5 Judicial Development of Information Materiality in Taiwan 73
5.1 The Definition and Formation of Material Information 73
5.1.1 Section 157-1 of Securities and Exchange Act 73
5.1.2 Rule 7 of Securities and Exchange Act Enforcement Rules 74
5.1.3 Rules 2 and 3 of the Regulations Governing the Scope of Material Information and the Means of Its Public Disclosure Under Article 157-1 , Paragraphs 5 and 6 of the Securities and Exchange Act 76
5.1.4 The Formation Timing of Material Information under Rule 5 of the Regulations Governing the Scope of Material Information and the Means of its Public Disclosure Under Article 157-1 , Paragraphs 5 and 6 of the Securities and Exchange Act 81
5.2 Judicial Cases 82
5.2.1 Ping-Chia Company 82
5.2.1.1 Facts of the Case 82
5.2.1.2 Decision of the Court 83
5.2.2 BenQ Co. 85
5.2.2.1 Facts of the Case 85
5.2.2.2 Decision of the Court 86
5.2.3 Green Point Co. 88
5.2.3.1 Facts of the Case 88
5.2.3.2 Decision of the Court 89
5.2.4 Hung-Chu Construction Company 91
5.2.4.1 Facts of the Case 91
5.2.4.2 Decision of the Court 92
Chapter 6 Exemption Clause of Insider Trading 95
6.1 The Subjective Element of Insider Trading in the U.S. 95
6.1.1 The Debate of “Knowing Possession” and “Use” 96
6.1.1.2 Use Theory 97
6.1.2 Rule 10b5-1 in the U.S. 98
6.2 The Subjective Complement of Insider Trading in Taiwan 101
6.2.1 The Judicial Decision of “Knowing Possession” and “Using” 103
6.2.1.1 Cases for Knowing Possession 103
6.2.1.2 Cases for Using 104
6.2.2 Subjective Intent Requirement 106
6.2.2.1 The Problem Analysis 106
6.2.2.2 The Debate of Subjective Intent Requirement 107
6.2.3 The Amendment of Draft Section 157-1 111
6.2.3.1 The Necessity of the Amendment of Draft Section 157-1 111
6.2.3.2 Draft Section 157-1 112
Chapter 7 Conclusion 115
Bibliography 120
參考文獻 Books
1. CHEN, CHUN-SHAN, SECURITIES AND EXCHANGE LAW (Wu-Nan Publishing, 2008).(陳春山,證券交易法論,五南出版,2008年8月。)
2. COFFEE, JOHN C., JR. & SALE, HILLARY A., SECURITIES REGULATION CASES AND MATERIALS (11th Edition, Foundation Press 2009).
3. GREENE,EDWARD F.& BELLER, ALAN L. & ROSEN, EDWARD J. & SILVERMAN, LESLIE N. & BRAVERMAN, DANIEL A. & SPERBER, SEBASTIAN R., U.S. REGULATION OF THE INTERNATIONAL SECURITIES AND DERIVATIVES MARKETS (5th Edition, Aspen Law & Business).
4. HAZEN, THOMAS LEE, PRINCIPLES OF SECURITIES REGULATION (2nd Edition, Thomson West, 2006).
5. HAZEN, THOMAS LEE, SECURITIES REGULATION IN A NUT SHELL (10th Edition, West 2009).
6. HAZEN, THOMAS LEE, THE LAW OF SECURITIES REGULATION (6th Edition, West, 2009).
7. LAI, IN-JAW, FROM INSIDER TRADING TO CORPORATE SOCIAL RESPONSIBILITY (Lien-Jing Publishing, 2007). (賴英照,從內線交易到企業社會責任,聯經出版,2007年5月。)
8. LAI, IN-JAW, NEW ANALYSIS SECURITIES AND EXCHANGE LAW (Angle Publishing, 2009). (賴英照,最新證券交易法解析,元照出版社,2009年12月。)
9. LIU, LIEN-YU, NEW SECURITIES AND EXCHANGE LAW PRACTICE (9th Edition, Angle Publishing, 2011). (劉連煜,新證交法實例研習,,元照出版社,2011年9月。)
10. SODEROUIST, LARRY D. & GABALDON, THERESA A. , SECURITIES LAW(3rd Edition, Foundation Press 2007).
11. SODEROUIST, LARRY D. & GABALDON, THERESA A., SECURITIES REGULATION (6th Edition, Foundation Press 2006).
12. STEINBERG, MARC I., SECURITIES REGULATION (5thEdition, Lexis Nexis 2008).
13. TZENG, WANG-RU, THE PRINCIPLE OF SECURITIES AND EXCHANGE LAW (Angle Publishing, 2009). (曾宛如,證券交易法原理,元照出版社,2008年9月。)
14. WANG, CHIH-CHENG & SHAO, CHIN-PING & HUNG, HSIO-FENG & CHEN, CHUN-JEN, PRACTICAL SECURITIES REGULATION(New Sharring, 2012). (王志誠,邵慶平,洪秀芬,陳俊仁,實用證券交易法,新學林,102年9月。)

Periodicals

1. Chang, Xin-Ti, The Identity of “Precise” Information in M&A—The Supreme Court Criminal Judgment T.S.T. No. 1420 (2013), 25COURT CASE TIMESL.J.80. (張心悌,企業併購時內線交易消息「明確」之判斷──最高法院102年度台上字第1420號刑事判決,月旦裁判時報,2014年2月。)
2. Chen, Yen-Liang, The Relevant Issues on Insider Trading from the Perspectives of BenQ Case—Commnet on Taiwan High Court Zu Shang Zhong Su Tze Criminal Judgment No. 61 (2009), 219 TAIWAN L. REV.193. (陳彥良,由明基案看內線交易中重大消息相關爭議問題──兼評臺灣高等法院98年度矚上重訴字第61號刑事判決,月旦法學雜誌,2013年8月。)
3. Chen, Chun-Jen, Punishing Transaction or non-disclosure? The Review on the Principles of Insider Trading and Regulation Deconstruction and Reconstruction, 32 CROSS-STRAIT L. REV. 21. (陳俊仁,處罰交易或處罰未揭露?--內線交易規範法理基礎之檢視與規範之解構與再建構,月旦民商法雜誌第32期,2011年6月。)
4. Chen, Fong-Fu, The Specific Elements of Insider Trading and the Identity of Material Information Forming Timing, 79 CHENGCHI L. REV.171 (2004). (陳峰富,內線交易重大訊息具體要件與成立時點之界定,政大法學評論,第79期,2004年6月。)
5. Cohen, David T., Old Rule, New theory: Revising the Personal Benefit Requirement for Tipper/Tippee Liability under the Misappropriation Theory of insider Trading, 47 B.C.L. REV. 547 (2006).
6. Comeau, Michelle N., The Hidden Contradiction Within Insider Trading Regulation, 53 UCLA L. REV. 1275(2006).
7. Heminway, Joan MacLeod, Materiality Guidance in the Context of Insider Trading: A Call for Action, 52 AM. U. L. REV. 1131 (2003).
8. Ho, Yao-Chen, Tai, Ming-Sheng, Insider-Trading without Using Intention-- The Supreme Court Civil Judgment T.S.T. No. 2015 (2008),181TAIWAN L. J. 21.(何曜琛;戴銘昇,無利用消息意圖之內線交易--最高法院99年度台上字第2015號民事判決,台灣法學雜誌,2011年8月。)
9. Huang, Bo-Fu, The Civil and Criminal Liability of Insider Trading, 158 WAN KUO L.REV. 61 (2008). (黃柏夫,內線交易之民刑事責任,萬國法律,2008年4月。)
10. Hung, Chia-Ling, The Safe Harbor of Insider Trading??—The Discussion on Stipulating Exemption Clause in Taiwan,196 TAIWAN L.J. 8.(洪令家,內線交易的避險天堂??--我國訂立豁免條款之初探,台灣法學雜誌,2012年3月。)
11. Hung, Xiu-Fen, The Possibility of Reforming the Taiwan’s Insider Dealing Regulation under the Comparative Aspects relating to the German Insider Dealing Rules and its Sanction,7 CHUNG CHENG FINANCIAL AND ECONOMIC L. REV. 1.(洪秀芬,從德國內線禁止行為類型及其處罰規定反思我國內線交易規範改革之可能性,中正財經法學,2013年7月。)
12. Kuo, Tu-Mu, The Prohibition of Insider Trading, JUDGE ASSOCIATION L.REV. 32 (2005). (郭土木,內部人員利用內幕消息交易之禁止,法官協會雜誌,2005年12月。)
13. Langevoort, Donald C. & Gulati, G. Mitu, The Muddled Duty to Disclose Under Rule 10b-5, 57 VAND. L. REV. 1639(2004).
14. Lee, Kai-Yuan, The Constitution of Insider Trading Crime-- The Supreme Court Criminal Judgment T.S.T. No. 1449 (2009), 17MINGCHUNG UNIVERSITY L.R. 35.(李開遠,內線交易犯罪構成要件該當性適用疑義探討:最高法院100年臺上字第1449號判決評析,銘傳大學法學論叢,2012年6月。)
15. Lin, Ji-Heng, Chen, Wen-Yu, Comparative Law of Insider Trading—Centralized in U.S., E.U. and Switzerland Law, 156 TAIWAN L. REV. 228. (林繼恆,陳文禹,內線交易規範之比較研究—以美國、歐盟及瑞士法之比較為中心,月旦法學雜誌第156期,2008年5月。)
16. Lin, Chih-Chieh, Chang,Dun-Wei, The Reconsideration of the Material Information of Insider Trading—Focused on Inventec Appliances Case,210 TAIWAN L.J. 95. (林志潔;張敦威,內線交易重大性消息之再探討——以英華達案為中心,台灣法學雜誌,2012年10月。)
17. Lin,Chih-Chieh, The Burden of Proof and Standards of the Element of “Actually Knowing” of Insider Trading, 222 TAIWAN L.R. 109. (林志潔,內線交易「實際知悉」要件之舉證與心證門檻,月旦法學雜誌第222期,2013年11月。)
18. Liu, Lien-Yu, The Scope of Material Information and the Identity of Disclosure, 87 TAIWAN L.J. 295.(劉連煜,內線交易重大消息的範圍及其公開方式的認定,台灣本土法學雜誌第87期,2006年10月。)
19. Liu, Lien-Yu, The Determining of the Insider’s “Knowing” or “Actually Knowing”—Comment on the Supreme Court Criminal Judgment T.S.T. No. 1153 (2010), 3 TAIWAN COURT CASE TIMES L.J. 83.(劉連煜,內部人「獲悉」或「實際知悉」內線消息之認定──評最高法院99年台上字第1153號刑事判決,月旦裁判時報,2010年6月。)
20. Liu, Lien-Yu, Acquiring Information Based on Controlling Relationship—Taiwan Taichung District Court Ji Su Tze Criminal Judgment No. 2 (2009), 62(11) LAW MONTHLYL.J.10.(劉連煜,基於控制關係獲悉消息之內線交易──臺灣臺中地方法院100年度金訴字第2號刑事確定判決評釋,法令月刊,2011年11月。)
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22. Lu, Jun-Yu, Xue, Zhi-Ren, Compound Insider Trading Crime--The Supreme Court Criminal Judgment T.S.T. No. 1857 (2012),212TAIWAN L. J.195.(盧俊宇;薛智仁,加重內線交易罪/最高法院101台上1857判決,台灣法學雜誌,2012年11月。)
23. Macey, Jonathan, Getting The Word Out About Fraud: A Theoretical Analysis of Whistleblowing and Insider Trading, 105 MICH. L. REV. 1899(2007).
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25. Nagy, Donna M., Insider Trading and the Gradual Demise of Fiduciary Principles, 94 IOWA L. REV. 1315 (2009).
26. Sachs, Margaret V., Materiality and Social Change: the Case for Replacing “the Reasonable Investor” with “the Least Sophisticated Investor” in Inefficient Markets, 81 TUL. L. REV. 473 (2006).
27. Schoen, Karen, Insider Trading: The “Possession Versus Use” Debate, 148 U. PA. L. REV. 239, 279 (1999).
28. Seligman, Joel, A Mature Synthesis: O'Hagan Resolves “1nsider” Trading's Most Vexing Problems, 23 DEL. J. CORP. L. l (1998).
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30. Tzeng, Wan-Ru, The Present and Future of Securities Regulation—Constructing a sound Securities Regulation, 217 TAIWAN L. REV. 93.(曾宛如,證券交易法之現狀與未來──期許建構體例完善的證券法規,月旦法學雜誌,2013年6月。)

Theses and Dissertations:

1. Chang, Jui-Ling, The Materiality of Nonpublic Information and the Safe Harbor of Insider Trading Under the Court Decisions in Taiwan, LL.M. Thesis, National Taipei University (2007). (張瑞玲,內線交易重大消息之認定與豁免條款之研究—以我國法院實務為中心,國立台北大學法律學系碩士論文,2007年。)

2. Chou, Chun-Da, A Study on Insider Trading– From the Perspectives of Mergers and Acquisitions, LL.M. Thesis, National Cheng-Kung University (2009). (周君達,防制內線交易行為之探討-以企業併購為中心,國立成功大學法律學研究所碩士論文,2009。)
3. Chen, Jung-Hsin, The Mens Rea of Insider Trading- Based on a Review of the Liability Theory, LL.M. Thesis, Chung-Yuan University (2010). (陳融星,我國內線交易罪之主觀不法要件—從可罰性基礎理論出發,中原大學財經法律研究所碩士論文,2010年。)

4.Hong, Cheng-Yi,The Innovation in Taiwan’s Insider Trading Regulation—From the Perspective of Legal Interests of England and the U.S. Law, LL.M. Thesis, Feng-Chia University (2011). (洪正一,我國內線交易規範之改革 --從英美內線交易所欲保護之法益談起,逢甲大學財經法律研究所碩士論文,2011年。)

5.Hsu, Han-Hsiao, Material Non-Public Information in Insider Trading: Judgment and Reconsideration, LL.M. Thesis, Chinese Culture University (2008).(徐翰霄,內線交易中重大消息之判斷與再省思,中國文化大學法律研究所碩士論文,2009年。)

6.Ji, Wen-Fu, A Study on the Scienter of Insider Trading, LL.M. Thesis, Chung Yuan Christian University (2008). (紀文富,論內線交行為人之惡意,中原大學財經法律研究所碩士論文,2009年。)
7. Liu, Chia-Hung, The Materiality of Nonpublic Information of Insider Trading ─ Focused on M&A Case, LL.M. Thesis, National Chung-Cheng University (2011). (劉嘉宏,內線交易關於重大消息之認定─以企業併購案件為中心,國立中正大學財經法律學研究所碩士論文,2011年。)
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