“知悉内幕信息”的证明

The Proof of “Knowing Inside Information”

内幕交易案件实证研究表明,运用直接证据和间接证据证明"知悉要件"的案件在数量上几近平分秋色,难点在于非法知情人获悉内幕信息的直接证据难以获取,而推定证明的方法又存在一定争论。分析可知,知悉行为才是识别内幕交易主体的基础条件而不是其身份特征,故"知悉要件"的证明意义重大,事实推定要素可予类型化处理,表现为"接触"和"异常"两个方面。同时应当指出的是,不必担忧内幕交易证明中存在双重推定的问题,因为"知悉要件"和"利用要件"分别采用不同的推定方法。

It is almost the same number of cases to show ＂awareness of material non-public information＂ by direct evidence or circumstantial evidence. Direct evidence of knowing inside information is diffi cult to obtain. And there is controversy in the fact inference. Studies have shown that the action of knowing rather than the characteristic is the basic identifi cation of the insider trading, so it is very important to prove ＂knowing＂. ＂Contact＂ and ＂abnormal＂ can be characterized by the fact inference elements. In addition, we must pay attention to the difference between the fact inference and the presumption of law, in order to eliminate the concerns of the dual presumption.