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| Title: | 內線交易規範引進預定交易計畫 可行性之研究
A Study of Whether to Introduce the Affirmative Defense Clause like Rule 10b5-1 |
| Authors: | 李承桓
Li, Cheng Huan |
| Contributors: | 劉連煜
Liu, Len Yu
李承桓
Li, Cheng Huan |
| Keywords: | 內線交易
抗辯條款
Rule 10b5-1
知悉標準
閉鎖窗口條款
Insider trading
Defense provisions
Rule 10b5-1
Knowing possession
Blackout window restrictions |
| Date: | 2013 |
| Issue Date: | 2015-04-01 10:01:01 (UTC+8) |
| Abstract: | 我國的公司內部人於買賣股票時往往需面對包含民事求償及刑事訴追在內的法律上風險，一旦他們持有重大未公開之消息。臺灣刑事法律選擇重刑化處罰內線交易。然而，由於內線交易構成要件之解釋及適用常常產生爭議，例如主觀要件之知悉及利用等問題，致公司內部人常常疑問：究竟應如何買賣股票才安全？
我國2006年行政院曾提出證券交易法第157條之1之條文修正草案，擬增定豁免條款，未獲立法院通過，其後更於2010年再次提出豁免條款之修正草案，亦未完成立法，足見相關免責抗辯條款否有之引進是否有必要性及可行性，在實務上爭議頗大。
美國證管會對此採取了知悉說的看法，並且建立了10b5-1規則作為內線交易的積極抗辯。觀察2010年第2次提出豁免條款草案之立法文字，可知此次豁免條款草案主要係參考美國證管會發佈之Rule 10b5-1。職是，我國是否應該通過這次修正草案及修正草案之內容應如何設計，本應觀察美國法上實務之發展情形與學說之批判，作出合理的決定。又而倘我國確實要引進類如Rule 10b5-1之抗辯條款，則此一免責抗辯條款應如何與刑法體系屬大陸法系之我國相搭配，亦成為值得討論之議題。
因此，本文將以「是否應引進類如美國Rule 10b5-1之抗辯條款」及「如何引進此一抗辯條款方能避免濫用」為兩大主軸，先介紹美國法上內線交易法制之發展，再介紹Rule 10b5-1之起源及運用方式，並整理美國法上學者們對Rule 10b5-1之各種看法，用以解決我國是否應引進類如美國Rule 10b5-1抗辯條款及如何設計方可避免抗辯條款濫用之問題，並建議引進「交易計畫之公開揭露」、「裁減公司經營者報酬」及「閉鎖窗口」等配套措施，並擬提出部分條文之修正草案，用以補充行政院於2010年所提草案之不足，俾供我國未來修法及實務運作之參考。
In Taiwan, corporate insiders face legal risk (both civil and criminal) when trading their firm’s securities because they possess material nonpublic information. Legislation of Taiwan select severe criminality policy to punish insider trading. However, there are some disputes in the interpretation and application of insider trading law, such as subjective element ("Possession standard "versus "Use standard " issue). Which arouse a question for insiders: How should we buy and sell stocks safely?
Executive Yuan had proposed Revision Draft of Article 157-1 of securities exchange act in 2006, tending to add an affirmative defense clause, which had not been approved by Legislative Yuan. After then, the Revision Draft of affirmative defense clause had been proposed again in 2010, which also did not become legislative. From which, it is clear that there are huge disputes on the necessity and availability of affirmative defense clause.
US Securities and Exchange Commission adopted knowing possession standard and established Rule 10b5-1 plans as a affirmative defense to allegations of insider trading. From the legislative language of the 2nd affirmative defense clause draft proposed in 2010, it is known that this affirmative defense clause draft was mainly based on Rule 10b5-1 released by US Securities and Exchange Commission. Thus, we should make a reasonable decision on whether to pass the revision draft and how to design the contents by observing development of US legislative practice and criticism of theories. Moreover, it should be a topic that how the affirmative defense clause matches with Criminal Law of Continental Legal System if we shall introduce the affirmative defense clause like Rule 10b5-1.
Thus, based on two axis of whether to introduce the affirmative defense clause like Rule 10b5-1 and how to introduce the affirmative defense clause to avoid abusing, this article firstly introduces the development of insider trading law of USA, then introduces the origin and utilization of Rule 10b5-1 and opinions of scholars to solve above-mentioned problem, such as whether to introduce affirmative defense clause like Rule 10b5-1 and how to design the contents to avoid insiders to abuse the Rule, further suggesting to introduce some supporting measures such as “Disclosure of Trading Plan”, “Reducing compensation of executives” and “Blackout window restriction”, etc. Moreover, this article propose revision draft to supply the deficiency of the draft proposed by Executive Yuan in 2010, providing reference for future law revision and practical operation. |
| Reference: | 一、中文文獻（依作者姓氏筆畫排列）
書籍：
1.林鈺雄，新刑法總則，3版，2011年9月，元照出版。
2.林東茂，刑法綜覽，2版，2003年8月，2版，新學林出版。
3.黃榮堅，基礎刑法學上，2003年5月，初版，元照出版。
4.黃榮堅，基礎刑法學下，2003年5月，初版，元照出版。
5.劉連煜，內線交易構成要件，2011年7月，初版，元照出版。
6.劉連煜，新證券交易法實例研習，2012年9月增訂10版，元照出版。
7.曾宛如，證券交易法原理，2012年8月，6版，元照出版。
8.賴英照，最新證券交易法解析，2009年10月，再版，元照出版。
期刊文獻：
1.何曜琛、戴銘昇，無利用消息意圖之內線交易-最高法院99台上字第2015號民事判決，台灣法學雜誌118期，2011年8月1日。
2.林仁光，公司內部建立內線交易防範措施之芻議，企業與金融法制，余雪明大法官榮退論文集，元照，2009年1月。
3.林國全，二○一○年五月證券交易法修正評析，台灣法學雜誌第155期，2010年7月。
4.林國全，證交法第一五七條之一內部人交易禁止規定之探討，政大法學評論第45期，81年6月。
5.武永生，證券投資、投資資訊與內線交易，法律經濟學之分析，柯芳枝教授六秩華誕祝賀論文集，1977年4月初版。
6.武永生，內線交易案件獲悉與利用之爭論-股市極限遊戲規則(一)，銘傳大學法學論叢第10期，2008年12月。
7.洪令家，內線交易的避險天堂-我國訂立豁免條款之初探，臺灣法學雜誌196期，2012年3月。
8.莊永丞，從美國內線交易被告持有內線消息與使用內線消息之論爭，論我國證券交易法應有之立場與態度，東吳法律學報第23卷第1期。
9.陳俊仁，處罰交易或處罰未揭露?內線交易規範法理基礎之檢視與規範之解構與再建構，月旦民商法雜誌32期，2011年6月。
10.陳彥良，歐盟、德國內線交易法制之發展，兼論臺灣之內線交易規範，國立中正大學法學集刊第32期。
11.郭大維，論我國內線交易法制，由英美兩國對證券市場內線交易之規範談起，軍法專刊，第56卷第4期，2010年8月。
12.曾宛如，新修正證券交易法，資訊揭露、公司治理與內線交易之改革，臺灣法學雜誌第155期。
13.曾宛如，建構我國內線交易之規範：從禁止內線交易所欲保護之法益切入，台大法學論叢第38卷第1期，2009年3月。
14.賴英照，內線交易的理論基礎，月旦法學雜誌123期，2005年8月。
15.劉連煜，內線交易免責之抗辯:預定交易計畫，台灣法學雜誌第114期，2008年10月15日。
16.賴英照，內線交易的理論基礎，月旦法學雜誌123期，2005年8月。
二、外文文獻（依字母順序排列）
Books：
1.Stephen Edition, Securities Law：Insider Trading, Foundation Press,（2007）.
2.Thomas Lee Hazen, Federal Securities Law, third edition, Federal Judicial Center,（2011）.
Articles：
1.Alan J. Berkeley, Form Of Summary Memorandum And Sample Corporate Policy On Insider Trading, ALI-ABA Business Law Course Materials Journal, October（2005）.
2.Karl. T .MUTH, With Avarice Aforethought: Insider Trading and10b5-1 Plans, U.C.Davis Business Law Journal,Vol.10, Fall (2009).
3.M.Todd Henderson, Insider trading and executive compensation: what we can learn from the experience with Rule 10b5-1, Research handbook on executive pay, August（2012）.
4.Stanley Veliotis, Rule 10b5-1 Trading Plans and Insiders Incentive to Misrepresent, 47 Am. Bus.L.J.（2010）.
Internet Source：
1.Alan D. Jagolinzer, Do Insiders Trade Strategically within
the SEC Rule 10b5-1 Safe Harbor?, December 6,2006,available
at：http://ssrn.com/abstract=541052（last visited date:04/01/2014）.
2.Brandon C. Parris, Staying out of Trouble, Business Law
Today,Number 5 May/June 2008,available at：
http://apps.americanbar.org/buslaw/blt/2008-05-06/parris.shtml (last visited date:04/01/2014).
3.Jane Sasseen, The SEC Is Eyeing Insider Stock Sales, March, 2007,available at：
http://www.businessweek.com/stories/2007-03-18/the-sec-is-eyeing-insider-stock-sales（last visited date: 03/20/2014）.
4.Stephen M. Bainbridge, The Law and Economics of Insider Trading: A Comprehensive Primer, available at： http://papers.ssrn.com/sol3/papers.cfm?abstract_id=261277 (last visited date:04/01/2013).
5.SEC Release No.33-8090, Proposed Rule: Form 8-K Disclosure of Certain Management Transactions, available at：
http://www.sec.gov/rules/proposed/33-8090.htm (last visited date:04/01/2013).
6.Speech by SEC Staff: Remarks at the 2007 Corporate Counsel
Institute on March 8, 2007, available at：
http://www.sec.gov/news/speech/2007/spch0308071ct2.htm.（last visited date:04/01/2014）.
7.Telephone Interpretations Fourth Supplement(Includes Interpretations Issued May 2001, December 2000, and October 2000), available at：
http://www.sec.gov/interps/telephone/phonesupplement4.htm（last visited date：04/01/2014）.
8.William F. Sullivan, Peter M. Stone, Thomas A. Zaccaro and Morgan J. Miller, The SEC Targets 10b5-1 Plans–Ten Things Executives and Boards Should Be Doing, available at:
http://www.paulhastings.com/assets/publications/801.pdf
（last visited date:05/01/2014）. |
| Description: | 碩士
國立政治大學
法律學研究所
97651028
102 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0097651028 |
| Data Type: | thesis |
| Appears in Collections: | [法律學系] 學位論文
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