美国政府治理证券市场内幕交易的对策选择:一种经验借鉴

Alternatives for American Government to Combat Insiders' Trading:An Experienced Reference

在美国,在打击内幕交易、实现证券市场的持续稳定发展方面,不仅相关的法律制度完善,而且有许多高度技术化处理的具体的行动规范,可操作性极强。此外,通过将严厉且务实灵活的处罚措施与执著的执法精神有机结合,建立完善的信息机制和信任机制,进一步夯实了证券市场健康发展的基石。借鉴美国的成功经验,在推进我国证券市场的发展过程中,既需要加大对证券市场内幕交易活动的处罚力度,进一步构建完善的市场监督机制;又需要实施刚柔相济、灵活务实的执法措施。

In the USA, there are not only perfect relevant legal systems, but also many highly technological concrete action regularities with highly operational performance in the respect of combating insiders＇ trading and realizing sustainable and steady development of securities market. Besides, by combining severe, practical and flexible penalty measures with punctilious law - executing spirit, perfect information mechanism and trust mechanism have been established, further tamping the foundation for the healthy development of securities market. Taking the successive American experience as reference, enforcement of penalty for insiders＇ trading in securities market should be enlarged in the course of promoting securities market development, constructing perfect market supervision mechanism, meanwhile, practical, punctilious and flexible legal measures should be taken.