我国证券内幕信息认定之重大性标准探析

Researches on the Characteristic of Materiality of the Insider Information in Securities

内幕交易的规制是发达国家证券立法的三根支柱之一,内幕信息作为内幕交易的核心载体。如何正确界定内幕交易行为的关键点在于确立内幕信息的认定标准。在内幕信息的判断这一立场上,各国立法规定并不相同,但一般认为内幕信息应当具有非公开性、重大性的特征,我国立法确定的认定标准,表面上似乎规定周延,但实际上存在标准模糊、规定笼统的缺陷。文章试借鉴英美证券法的理论,以我国证券立法规定为基础,以此提出相关对策,以求对内幕信息判断标准的本土化重构提供参考。

Insider trading is one of three flags in securities legislation in developed countries.Insider information as a carrier of insider trading is in a core situation.The standard is the key of defining the insider trading acts.There are always two standards defining the insider information which are non-public and important.The standard made by the legislation seems to be logical in appearance,but there are some faults in standards which are fuzzy and general.