美国券商内幕交易行为的法律规制述评

An Analysis on the Legal Regulations on Broker-dealer Inside Dealing in the U.S

券商内幕交易行为是内幕交易行为的一种,但因其所涉主体的特殊性而成为证券法研究的一个重要领域。从实体法角度而言,内幕交易作为一种证券欺诈行为殆无疑义,而券商从事内幕交易无疑也首先要从反欺诈的角度进行研究,其主要适用规则即著名的联邦10b-5反欺诈规则;从程序法角度而言,阻止券商从事内幕交易的关键在于中国墙的设置,这是一种设立于券商内部的信息隔离机制,也构成了券商豁免于反欺诈指控的抗辩。最后,对于传统上豁免于法律规制的券商证券分析活动,也因为存在卷入内幕交易的可能而在晚近被列为法律规制的对象,其主要的规制方法是程序性的,这不仅体现在相关法律法规中,而且也体现在一系列的行业自律规则和行业标准中。

Insider trading by broker-dealer is one kind of insider trading by certain prominent subject, which should thus be attached great importance in the field of securities law study.. From the view of substantive law, the insider trading is un- doubtedly a securities fraud. It is normal to apply the famous federal anti-fraud rule 10b-5 to the broker-dealer insider trading in the first instance. From the view of procedural law, it is key to set up the China wall inside the broker-dealer as a informa- tion-blocking mechanism to stop the broker-dealer inside dealing, which is also the defence from the accusation of securities fraud. Lastly, the securities analysis which is traditionally immune from any regulation has recently been targeted by some leg- islations which are primarily procedural and embodied in statutes, administrative rules and SRO rules and standards.