内幕交易侵权责任中的因果关系证明

Studying the Causal Relationship of Insider Trading Tort Liability

内幕交易对内幕交易人、善意同时同向继续交易者、善意同时同向放弃交易者、善意同时反向原交易者、善意同时反向新加入交易者的利益产生了影响。域外国家法律上对不同类型交易者的处理方式和态度,为我国处理相关法律问题提供了借鉴。在我国现行的证券法、侵权责任法制度下,对"平等取得资讯原则"进行适当改造是有必要的。内幕交易侵犯之客体为善意同时反向交易者的公平交易权。鉴于举证难题和立法宗旨,在侵权责任损害认定上应当采取推定因果关系说,减轻投资者的举证责任。

By observing real changes caused by insider trading, the paper points out that insider trading affects the interests of insider traders, goodwill proceeding simultaneous traders in the same direction, goodwill abandoning traders in the same direction, goodwill proceeding original trader in the reversed direction, goodwill proceeding new traders in the reversed direction. Specifically, the author showsanalysis of the different approaches and attitudes adopted by foreign laws to provide insights for dealing with legal issues in China. This paper argues that plaintiff qualification of insider trading should be limited to goodwill traders in the reversed direction. On deciding tort responsibility for injury, we should take the presumption of causation and reduce investor＇s responsibility of proving.