内幕交易司法解释中预定交易计划条款探讨——以美国证监会10b5—1(C)规则为视角展开

The Judicial Interpretation of China's Preplanned Trades Article from the Perspective of SEC Rule 10b5-1(c)

为满足公司内部人合理证券交易的同时免受内幕交易责任追究的需要,美国证监会制定10b5-1(C)规则,对事先制定有交易计划的公司内部人按计划实施的证券交易,享有豁免内幕交易法律责任的保护,但同时规定了应遵循的原则和条件。我国最高人民法院、最高人民检察院2011年颁布"内幕交易司法解释",其预定交易计划条款效法美国10b5-1(C)规则,旨在建立内幕交易刑事责任豁免制度。但该条款过于简单,易于为内幕交易者逃避法律制裁提供借口并可能使惩治证券期货内幕交易违法犯罪的目的落空。本文在论述10b5-1(C)规则起源、内容构成、实践中可能存在漏洞基础上,提出若干完善我国相应规则的建议。

To afford the corporate insiders the immunities from the charge of insider dealing while they make legal securities trading, the SEC enacted the rule 10b5-1（c） to protect the insiders＇ preplanned trades from prosecution on some conditions and one principle. The preplanned trading article of the judicial interpretation relating to the insider trading, published in 2011 by Supreme People＇s Court and Supreme People＇s procuratorate, aims to construct the immunities to the criminal liability of engaging in insider trading or leaking insider intbrmation. But the article is so simple that it not only may provide the insider traders an excuse to evade the punishment but also may fail the whole insider trading law and regulations. The author proposed some suggestions on how to perfect the article after elaborating on the origin, the contents and the loopholes of its U.S counterpart, the rule 10b5-1 （c）.