证券内幕交易主体的法教义学解析与反思

Legal Dogmatic Analysis and Reflection on the Subject of Securities Insider Trading

证券内幕交易主体在我国现行法律框架下被二分为“内幕信息的知情人员”与“非法获取内幕信息的人员”,但被二分的主体在诸多的规范中采用了不同的认定标准,导致实践中频繁出现法律适用难题。内幕交易主体方面的立法主要秉持信义义务理论,而执法与司法实践常常超越身份联系,逾越相关规定中“兜底条款”与“双重兜底条款”要求的同质性解释边界。基于身份联系的现行法规固然存在处罚漏洞,但法教义学视角下的监管进路应当是明确规范边界,包括证监会经授权制定成文规章、司法解释重新定义“非法获取人员”的概念,以及利用法律理论进行补漏。

The legal terms about the subject of securities insider trading are divided into“the insiders who has access to any insider information”and“the insiders who has unlawfully obtained any insider information”.However,The divided nature of the subject in various regulations has led to frequent difficulties in practice.Legislation concerning insider trading is primarily based on the theory of fiduciary duty theory.Law enforcement and judicial practices often go beyond the boundaries of identity connections and the homogeneous interpretation of“safety net provisions”and“double safety net provisions”as stipulated.Although there are penalty loopholes in the existing laws and regulations based on identity connection,the regulatory approach from the perspective of legal dogmatic should be to clarify the normative boundaries,including the authorization of the CSRC to formulate written rules,judicial interpretation to redefine the concept of“the insiders who has unlawfully obtained any insider information”,and using legal theories to reduce legal loopholes.