内幕交易抗辩事由:实证分析与法律规制

Generalized Defenses of Insider Trading:Empirical Analysis and Legal Regulation

内幕交易的抗辩事由是指当事人提出的不符合内幕交易构成要件或者可以减轻、免除责任的事由。除了内幕交易的可独立抗辩事由之外,内幕交易行为人还提出了种类繁杂的不可独立抗辩事由。中国证监会为了证明和说理的需要,承担着一定的辩驳压力。通过对比国外关于可独立抗辩事由的监管制度、观察中国证监会2004年至2020年对内幕交易作出的行政处罚案例并进行实证分析,可以归纳出实践中当事人提出的抗辩事由的具体形态,总结其抗辩效力、判断因素,并探寻内幕交易证券执法所存在问题,为证监会提供应对思路。此外,结合实证研究的结果,针对证监会内幕交易监管所遇到的困境和不足,建议细化可独立抗辩事由的适用规定、建立典型案例公布制度、明确证券执法证明标准和推定规则、提高听证程序的合规性。

The defense of insider trading refers to the reason that the party does not meet the constitutive requirements of insider trading or can reduce or exempt the liability.In addition to the independent defense of insider trading, insider trading actors also put forward a variety of non-independent defense.In order to prove and justify, China Securities Regulatory Commission(CSRC) bears infinite pressure of refutation.By comparing independent supervision system of the justifications abroad, observing the administrative punishment on insider trading case made by CSRC from 2004 to 2020 and the empirical analysis about them, we can sum up the concrete forms of defense, summarizes its defense force, judgment factors, existing problems, explore the insider trading securities law enforcement and provide countermeasures for the CSRC.In addition, based on the results of empirical research and in view of the difficulties and deficiencies encountered by the CSRC in the supervision of insider trading, it is suggested to refine the applicable regulations of independent defences, establish the system of publishing typical cases, clarify the standard of securities law enforcement proof and presumption rules, and improve the compliance of hearing procedures.