目的论视野下的信息隔离墙制度构建——基于证券公司与投资人法律关系的分析

Building of Information Barriers under the Teleological Vision:an Analysis Based on the Relationship between Securities Companies and Investors

内幕交易与利益冲突一直以来是困扰我国证券市场健康发展的两大难题,信息隔离墙制度为解决这些问题提供了新的方案。然而,由于我国继受信息隔离墙制度的时间较晚,证券法理论对此的研究尚显不足,对信息隔离墙的真正目的、利益冲突的类型、信息隔离墙的效力等问题认识模糊。这直接导致了我国信息隔离墙制度设置的不合理。唯有通过具体法律关系的梳理,结合大陆法系民法传统理论,方能正确认识证券公司设置信息隔离墙的目的与效力。

Insider trading and conflict of interest are the two big problems which hamper the healthy development of China's securities market.And the Information Barrier provides a solution to these problems.However,due to China's late adoption of Information Barrier,related studies about it is still lacking.As a result,understanding about its real objective,its effectiveness,and the type of conflict of interest it deals with is still vague.Only through the classification of the legal relationships and the combination with the traditional civil law can we gain a good understanding of the real objective and the effect of the Information Barriers