论内幕交易“利用”和“知悉”标准的再造——对美国经验的借鉴

On the Reconstruction of "use" and "awareness" Test of Insider Trading——Inference from Analysis of American Cases

对于认定内幕交易,学术界一直存在两种截然不同的标准:“利用”和“知悉”。从美国判例及司法实践看,这两种标准都存在着弊端,只有对其进行修正,才能更准确地解决举证难问题,为此形成了“修正的利用”标准和“修正的知悉”标准两种新标准。比较其优劣,“修正的知悉”标准是认定内幕交易最恰当的标准。

As to the test of insider trading, two apparently different tests can be found in the academic field： use versus awareness. According to the analysis of relevant American judicial practice and cases, these two tests both have drawbacks which need to be modified to solve the tough problem of burden of proof. Through modificaton, two new tests come forth： modified use and modified awareness. By comparing the two new tests, we find that the modified awareness is the most appropriate test.