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Title: 內線交易構成要件之探討-以最高法院判決為中心
A Study on the Substantive Elements of Insider Trading in Taiwan’s Securities Exchange Law: from the perspective of Supreme Court Practice
Authors: Tsia, Ming-Yao
Contributors: NTOU:Institute of the Law of the Sea
Keywords: 內線交易;犯罪所得;重大消息成立時點;綠點公司案;台開公司案;內線交易除罪化
Insider Trading;Proceeds of Crime;Materiality of Nonpublic Information;Green Point Enterprise case;Taiwan Land Development Corporation case;Decriminalization of Insider Trading
Date: 2018
Issue Date: 2019-05-23T06:24:59Z
Abstract:   我國法院關於內線交易的判決,時常引起學術界及產業界批判因見解不一致,而導致訴訟久懸未決,嚴重影響被告之生活規劃,甚至令產業界無所適從,減少企業競爭力。惟我國證券交易法關於內線交易之規定及法院判決是否真如批判者所言如此不堪?本論文擬分六個章節予以分析、研究。   第一章先敘明研究之動機、目的、範圍及方法。第二章則說明內線交易是否有禁止必要之理論爭議,俾能清楚瞭解我國立法禁止內線交易之緣由。而我國內線交易之立法主要係參考美國法制,為澈底瞭解內線交易之規範理論,自有介紹美國法制之必要。又我國與大陸經貿往來頻繁,台資企業進軍大陸證券市場已係無可避免,本論文乃安排於第三章介紹美國及大陸關於內線交易之相關規範。再者,我國內線交易是否因構成要件不夠明確,致法院判決見解不一致,並引起諸多批判,故於第四章分析我國內線交易之立法沿革及其構成要件,以探究我國內線交易之法制是否未臻妥適。另我國最高法院已累積不少關於內線交易之相關判決,本論文第五章即選取最高法院判決中值得探討之案例(佳鼎公司案、綠點公司案、雅新公司案、台開公司案及倚天公司案),並彙整相關判決意旨,期能歸納出統一見解,以供實務參考。於綜合前五章之論述後,本論文於第六章彙整出幾點建議,希望對我國內線交易法制之健全發展能有些許助益。   最高法院判決關於內線交易部分引起最大批判者,乃重大消息何時明確之綠點公司案,及犯罪所得應如何計算之台開公司案,本論文將於第五章特就此兩案例予以詳細介紹、分析,俾使讀者更能瞭解案情始末及判決理由之論述。
  Case studies of Taiwan Court Judgments on Insider trading often give rise to criticisms from both academia and industry. These criticisms argue that time-consuming and unpredictable litigation resulting from inconsistent opinions pose severe impacts on defendant’s daily life and even on its competitiveness as industries. However, are Court Judgments as well as Securities and Exchange Act as impotent as what the criticisms argue? This essay analyzes and proposes several advices in the following six chapters.   Chapter I elaborates motivation, purpose, scope and method adopted for the research. Chapter II has its focus on the theoretical controversy concerning the necessity of prohibiting insider trading, aiming at clarifying the rationale of criminalizing insider trading in Taiwan. Since Taiwan’s legislation on prohibiting insider trading modeled itself after the relevant legislation in the US, the chapter starts by an introduction of the US legislation on prohibiting insider trading. By virtue of the close cross-strait trade and investment relationship, Taiwanese enterprises entering Mainland Chinese securities market has been inevitable. Chapter III thus introduces relevant legislation in both the US and Mainland China. Besides, the fact that the requisite elements of insider trading could be insufficient and cause inconsistent opinions among Court Judgments has been fiercely criticized. Therefore, Chapter IV analyzes the legislative background and the requisite elements of the insider trading in Taiwan, in an attempt to discuss the adequacy of regulation of insider trading in Taiwan. In addition, there have already been plenty of cases concerning insider trading in Taiwanese Supreme Court; hence, Chapter V selects some cases worth discussing (including Vertex Precision Electronics case, Green Point Enterprise case, Yah Hsin Industrial case, Taiwan Land Development Corporation case and E-Ten Information Systems case), and compiles the implications of these cases in an effort to propose possible unified opinions through generalization of the cases and to serve as reference in terms of legal practice. Last but not least, Chapter VI concludes and proposes several advices in hope of being informative and conducive to strengthening the development of insider trading regulations in Taiwan.   The strongest criticisms concerning insider trading in the Supreme Court Judgments are materiality of nonpublic information in Green Point Enterprise case as well as the calculation of proceeds of crime in Taiwan Land Development Corporation case. These two cases are particularly introduced and analyzed in Chapter V in order that the background and the ratio decidendi could be further understood.
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