证券内幕交易罪主体问题的比较与借鉴——以欧盟指令和法国证券法律法规为视角

A Comparative Study on the Subject in Securities Insider Trading:in Perspective of European Directive and French Securities Regulations

我国内幕交易罪主体界定问题的核心是规范用语表述繁多,易引发文义混乱和逻辑冲突。这种表述的多样性源于对欧、美不同认定标准和理论基础的借鉴。解决这一问题的合理路径应是以法国的"二元基础理论"为参照,将我国《证券法》《刑法》等法律法规及相关司法解释对内幕人员的表述修改为"证券交易内幕信息的知情人",并将其划分为"直接知情人"和"间接知情人"。如此,既可以保证立法用语的一致性,也能够体现证券内幕交易体系解释的统一性。

The principal problem of the definition of the subject in securities insider trading in China focuses on the definition redundancy which usually triggers the fallacy of equivocation and confusions in logic. Such diversified descriptions originated from the adaptations of the cognizance standards and the theoretical bases both of the Europe and the USA. Referenced by the dual element theory in France, the problem shall be solved by converting the descriptions about the Insider defined in the regulations such as the Law on Security, the Criminal Law and relevant judicial interpretations, into the insider of inside information of securities trading which shall be divided into the direct insider and the indirect insider. This method ensures the conformity of the legislative languageas well as the uniformity of the interpretation on the system of securities insider trading.