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Please use this identifier to cite or link to this item: http://ntour.ntou.edu.tw:8080/ir/handle/987654321/42633

Title: 內線交易行為人認定之研究-以證券交易法第157條為焦點
Authors: Lee, Su-Ming
李樹敏
Contributors: NTOU:Institute of the Law of the Sea
國立臺灣海洋大學:海洋法律研究所
Keywords: 內線交易;公司治理;內部控制;直接消息受領人;遠距消息受領人
insider trading;corporate governance;internal control;direct messaging;tele-message subject
Date: 2015
Issue Date: 2017-05-22T07:58:54Z
Abstract: 證券交易法第157條之1第1項第5款規定,從公司董事、監察人、經理人、持股逾百分之十股東及基於職業或控制關係獲悉消息之人,即為「消息受領人」(Tippee),實際知悉發行股票公司有重大影響該公司股票價格之消息時,在該消息明確後,未公開前或公開後18小時內,不得對該公司之上市或在證券商營業處所買賣之股票或其他具有股權性質之有價證券,自行或以他人名義買入或賣出,否則將面臨民、刑事責任之訴追;同法第4項規定,消息受領人對於前項損害賠償,應與第1項第1款至第4款提供消息之人,負連帶賠償責任,但前述提供消息之人有正當理由佐證該消息已公開者,不須負擔賠償責任。然而,證券交易法對於消息受領人適用範圍之界定不明確,除自公司內部人直接取得消息者(學說稱為『直接消息受領人』或『第一手消息受領人』)外,自第一手消息受領人再行傳遞而獲得消息之「遠距消息受領人」(RemoteTippee,學說或稱為遙遠消息受領人、間接消息受領人或第二手消息受領人),是否亦受禁止內線交易之限制?本文將先介紹美國法相關法規與實務,再探討我國學說與司法實務見解後,復提出本文意見與分析,並提出修正建議。
Securities trading method 157th article of 1 1th items 5th paragraph provides, from company directors, and monitored people, and managers, and holdings over 10% 10% shareholders and the based on career or control relationship was informed that news of people, that for "news subject people" (Tippee), actual knows issued stock company has major effects the company stock price of news Shi, in the news clear Hou, not public Qian or public Hou 18 hours within, Shall not on the company of listed or in securities commercial business premises sale of stock or other has equity nature of securities, itself or to others name buy or sold, otherwise will faced people, and criminal of v Chase; with method 4th items provides, news subject people for preceding paragraph damage compensation, should and 1th items 1th paragraph to 4th paragraph provides news of people, negative joint compensation responsibility, but Qian said provides news of people has due reason left card the news has public who, not must burden compensation responsibility. However, securities trading method for news subject people applies range of defined not clear, except since company internal people directly made news who (doctrine called "directly news subject people" or "first-hand news subject people") outside, since first-hand news subject people again line passed and obtained news of "far from news subject people" (RemoteTippee, doctrine or called distant news subject people, and indirect news subject people or second hand news subject people), whether also by banned inside trading of limit? This paper will start with United States law and regulations and practices, and then discusses the theory and judicial practice views, and presents views and analysis, and proposals for amendments.
URI: http://ethesys.lib.ntou.edu.tw/cgi-bin/gs32/gsweb.cgi?o=dstdcdr&s=G0040046112.id
http://ntour.ntou.edu.tw:8080/ir/handle/987654321/42633
Appears in Collections:[海洋法律研究所] 博碩士論文

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