摘要
在内幕交易案件中,交易行为明显异常具有基本一致与高度一致的实质可区分性。作为肯定性辩护的预设交易计划具有非常复杂的规范结构,亟须设置完备的程序规范与实体条件等配套制度才能在实践中得以有效执行。司法解释理应将涉案内幕信息对资本市场的实际影响要素纳入情节严重的评价范围。有必要深化"获利或者避免损失数额"的判定规则,从正收益的角度计算犯罪数额。
The obviously abnormal transactions can be distinguished into basic consistence and high consistence in the insider trading cases. Planed trading, which is a kind of affirmative defense, has an extraordinarily complex structure. It can be efficiently carried out by setting up self-contained procedural rules and substantial regulations. The actual market influence of the insider information should be added as a kind of index of criminal scenario in the insider trading judicial interpretation. It is indispensable to deepen the rule of illegal gains determination from the view of only plus income.
出处
《证券市场导报》
CSSCI
北大核心
2012年第11期4-9,共6页
Securities Market Herald
关键词
内幕交易
证券犯罪
司法解释
证券交易监管
insider trading, securities crime, judicial interpretation, securities trading regulation
