我国刑法中“内幕信息”的认定研究

Research on the Cognizance of "Insider Information" in China's Criminal Law

内幕信息应当被界定为对证券、期货交易活动具有重大影响且尚未公开的信息。内幕信息的特征和认定标准应当是未公开性和重要性。未公开性是针对内幕信息的存在状态而言的,重要性则是指内幕信息自身所具有的重大价值和意义,即有可能对证券期货交易活动中的证券期货价格有显著的或曰重大的影响。未公开性的认定应当采取形式公开为主、实质公开为辅的标准,根据司法解释中的"内幕信息形成之时"和"内幕信息敏感期"认定公开时间和公开方式。重要性的认定应当由完全的"客观标准"向"主观标准"为主、"客观标准"为辅的主客观结合认定模式转变,即主要从一般理性投资者的立场来判断某一信息的重要性程度,而把某一信息对证券、期货市场特别是证券、期货交易价格的影响作为补充判断标准,但不以重大影响实际必然发生为条件。"相关性"和"确定性"不是内幕信息的判断标准,它们内在地被消解在重要性判断之中。依循权力分立制衡的法治精神,行政权和司法权的界分决定了在行政犯(罪)领域,行政监管机关对内幕信息内容和性质的行政性判断应当从属于司法机关的司法性判断,它仅仅是司法性判断的参考和借鉴,司法机关的司法性判断应当具有独立性和终局性,这是司法权彰显司法终局属性的必然要求。

Insider information should be defined as information that has significant influence on securities and futures trad- ing activities but has not yet been made public. Insider information＇s characteristics and recognized standards have two： non public and importance. Non public in terms of the existence state of insider information, Importance points to the great value and significance of inside information , which has a significant or important impact on securities and futures trading activities especially the securities and futures prices. Non public＇s acknowledgment should mainly take form public standard, substantial public standard supplemented, and according to the judicial interpretation of ＂the time that insider information formed＂ and ＂insider information sensitive period＂ to recognize the publicity time and manner. The recognize paradigm of importance should change fully rely on the ＂objective criteria＂ to the principle of correspondence between subjectivity and objectivity that mainly rely on ＂subjective criteria＂, subsidiary rely on ＂objective criteria＂, which means that we should judge the importance degree of the specific information mainly from the position of general rational investors, and treat the influence to securities and fu- tures market especially the securities and futures market price as a complementary judgment standard, but the influence needn＇t subject to actual inevitable significant impact. ＂Relevance＂ and ＂certainty＂ is not the insider information＇s judging cri- terion, they are eliminated into the importance judgment. According to the separation of power and checks and balances of the spirit of rule of law, in the field of administration committed （sin）, the boundary between executive power and judicial power determines that the administrative supervision organs＇ administrative judgment should be subordinate to the judicial or- gan judicial judgment on the judgment of insider information content and nature, administrative judgment is just as the refer- ence to judicial judgment, the judicial organs＇ judicial judgment should have the independence and the final decision effect, it is necessary to the jurisdiction which reveals the judicial final properties.