证券内幕交易主体范围研究

The Scope of The Subject of Insider Trading

内幕交易规制主体范围的认定直接关乎行为人责任的有无,且与内幕交易基本理论密切相关,故向来成为内幕交易监管的重要课题。我国关于内幕交易规制主体用语"内幕信息的知情人"、"非法获取内幕信息的人"、"任何知情人"导致的文义混乱和逻辑矛盾,使主体范围未能清晰界定。实务中也面临证券内幕交易主体多元化的趋势。对此,我国《证券法》中关于内幕交易规制主体范围的规定应采用平等接触理论,这样基于市场路径下的内幕交易主体认定,不再限于行为主体是否负有信赖义务,仅依据是否明知内幕信息仍加以非法利用的事实来判断。进而,我国立法应以"(任何)知情人"作为规定内幕交易主体的统一立法用语,同时,对内幕交易规制主体进行"公司内部人、公司准内部人、消息受领人"的分类。如此,不仅利于加强内幕交易监管,也能促进投资人平等获取信息权利的保护。

Due to its direct link to the reach of insider trading liability and underlying theory, the determining the scope of the ＂insider＂ has always been an important issue in the regulation on insider trading. Chinese Security Law of Article 73 on the subject of insider trading has the following expressions ： ＂the insiders who have access to insider information of securities trading＂ ers who have illegal obtainment of insider information＂, ＂any insiders＂, which brings , ＂ the insid- about entan- glements and contradiction in both textual and logical aspects so that there isn＇t a clear definition of the scope of the insiders, the subject. Besides, the pluralistic trend of the subject in practice within insider trading is inevitable. Therefore, the equal access theory should be adopted regarding the reg- ulation on the scope of the ＂insider＂ so that the identification of the ＂insider＂ based on the markets will exclusively depend on the fact whether the person who insists illegally use the insider information that he already knew instead of being confined to whether the person bears reliance or not. Furthermore, it is suggested that ＂ （any） insider＂ should serve as the unified legislative term for regulating the scope of the subject in insider trading in our legislation as well as adhere to the classification of the insider： corporate insider, constructive insider, tippee. If so, the regulation on insider trading is more easily to be strengthened as well as the protection of the investors＇ equal fights to obtain information is promoted.