我国禁止内幕交易制度的理论逻辑及其反思

The Theoretical Logic and Reflection about China Insider-Trading Prohibition

各国的证券法律制度中均禁止内幕交易。在立法理念上,存在以美国为代表的反欺诈理论逻辑和以欧盟为代表的市场诚信理论逻辑。我国证券立法有较强的移植性,这两种理论逻辑都有所体现,使得法律规则存在疏漏和冲突,造成了禁止内幕交易监管和司法实践的困境。从法律传统和现实需要出发,我国应确立市场诚信的理论逻辑,以保护市场整体利益为核心,并以此调整和完善我国的禁止内幕交易制度。

Insider- trading prohibition has been provided in securities law system of every country.However,in the legislative idea,there are two kinds of theoretical logic:the anti- fraud theoretical logic represented by America and the market faith theoretical logic represented by European Union.The two theoretical logic are both existed in the legislation of securities in our country for its strong portability,which causing oversights and conflicts in legal rules and dilemma in the regulation of insider- trading prohibition and juridical practice.Therefore from the angle of legal tradition and actual need,China should establish market faith theoretical logic with the protection of whole interests of market at the core,and thus adjusting and perfecting China insider- trading prohibition.