碩士 / 國立臺北大學 / 法律學系一般生組 / 97 / According to the provisions of “Section 157-1 of Securities and Exchange Law”, insiders who acknowledge nonpublic material information sell and purchase stocks or other equity-type securities, constitute insider trading. Because of the characteristics of economic criminal law, legislators used a large number of indefinite legal concept, which causes court practice discrepancy between the scope, significance of material information, whether the time at which inside information is formed, and whether public and other issues, in addition the evidence not easy to obtain, making low conviction rate in insider trading.
After the outbreak of major cases, such as Infodisc case or Taiwan case, prosecutors and investigators carried out large-scale search in the companies which may proceed insider trading, making enterprises extremely nervous. Hence there were some suggestions of revising insider trading exemption clause, then in 2007, Financial Supervisory Commission also put forward the draft in response, but The Legislative Yuan did not reach a consensus. While examining, legislators proposed amendments to insider trading as "using" non-public material information to sale and purchase stocks or other equity-type securities, which constitutes insider trading. Recently the Court practice also adopted "the use of" standard of the case. Therefore, the conviction in insider trading constitutes whether on the basis of insider using non-public material information and then selling and purchasing stocks or other equity-type securities, as well as whether it is necessary to revising exemption clauses in Taiwan. The issues above are necessary to be discussed.
This thesis is intended to give a brief introduction of the theoretical basis for insider trading and related norms of our country, the United States and the European Union. Then taking this as the foundation, organize and analyze relevant cases of our country court practice and discuss the viewpoints adapted by Taiwan courts toward “the time at which inside information is formed”, “announce material information in the public ”, “the standard of the use or knowing Possession”, “applications of exemption clause” and other controversial issues, are proper. In the end, this thesis is to put forward some views on the above issues, and to provide reference on Taiwan court practice and future amendments of the law.
| Identifer | oai:union.ndltd.org:TW/097NTPU0194054 |
| Date | January 2009 |
| Creators | CHANG JUI-LING, 張瑞玲 |
| Contributors | LAI,IN-JAW, 賴英照 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 178 |
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