论“内幕信息”的法定边界和特征

STUDY ON THE LEGAL BOUNDARIES AND CHARACTERISTICS OF "INSIDER INFORMATION"

内幕信息应当是指对证券、期货交易活动具有重大影响且尚未公开的信息,其认定标准应当是两个:未公开性和重要性。未公开性的认定应当采取形式公开为主、实质公开为辅的标准,根据司法解释中的"内幕信息形成之时"和"内幕信息敏感期"认定公开时间和公开方式。重要性的认定应当由完全的"客观标准"向"主观标准"为主、"客观标准"为辅的主客观结合认定模式转变,即主要从一般理性投资者的立场来判断某一信息的重要性程度,而把某一信息对证券、期货市场特别是证券、期货交易价格的影响作为补充判断标准,但不以重大影响实际必然发生为条件。

Insider information can be defined as: information that has significant influence on securities and futures trading activities but has not yet been made public. Insider information's characteristics and recognized standards have two: non public and importance.Non public's acknowledgment should mainly take form public standard,substantial public standard supplemented,and according to the judicial interpretation of ' the time that insider information formed' and ' insider information sensitive period' to recognize the publicity time and manner. The recognize paradigm of importance should change fully rely on the ' objective criteria' to the principle of correspondence between subjectivity and objectivity that mainly rely on ' subjective criteria',subsidiary rely on ' objective criteria',which means that we should judge the importance degree of the specific information mainly from the position of general rational investors,and treat the influence to securities and futures market especially the securities and futures market price as a complementary judgment standard,but the influence needn't subject to actual inevitable significant impact.