证券从业人员买卖股票的法律规制研究

An Analysis of Legal Regulation of Securities Professionals Stock Trading

证券从业人员买卖股票似乎已成为一种现实存在,现行法律虽禁止该等人员买卖股票,但该禁止没有考虑到一律禁止带来的配套立法及监管的难题。从有利于证券市场长远健康发展的角度看,立法和监管放开从业人员买卖股票正日渐在立法目的实现以及现实可行性方面获得其合理性。我国应该逐步健全从业人员买卖股票的内幕交易规制机制,确立利益冲突交易限制机制,建立个人交易信息报告和披露制度,进一步完善行政、民事、刑事三位一体的多层次责任追究体系与协调一致的监管体系,以逐步放开从业人员的股票买卖。

It seems that the existence of securities professionals stock trading becomes a social phenomenon, although it is prohibited by securities law, the prohibition never takes into consideration the problems which it brought into the subordinate legislation and regulation. From the perspective of boosting the healthy long-term development of securities markets, the removal of the interdict is becoming increasingly reasonable and feasible in reality as well as achieving the purpose of legislation. We should gradually improve the regulation of insider trading of securities professionals and the restriction of interest conflict trading, establish the reporting and disclosure system of personal trading information, perfect the multilayer-liability system which should be bear under the civil law, criminal law and administrative law, and the regulation system which regulators can work in full cooperation and with unity of purpose, to allow the securities professionals to trade stocks.