證券內(nèi)幕交易民事責(zé)任制度研究
發(fā)布時間：2018-09-04 06:27
【摘要】：內(nèi)幕交易是證券交易市場上一種交易違法行為,這種違法行為的法律救濟(jì)就是法律責(zé)任,主要是民事責(zé)任、行政責(zé)任和刑事責(zé)任。而我國現(xiàn)行證券法和相關(guān)法律法規(guī)對行政責(zé)任和刑事責(zé)任都作了不同程度的規(guī)定,但對最能直接體現(xiàn)對受害交易相對方進(jìn)行補(bǔ)救功能的民事責(zé)任缺乏系統(tǒng)的規(guī)定。本文主要圍繞證券內(nèi)幕交易的民事責(zé)任問題展開了討論。 首先,本文探討了構(gòu)建內(nèi)幕交易民事責(zé)任制度的法理基礎(chǔ),認(rèn)為其民法基礎(chǔ)是平等原則和誠信原則。內(nèi)幕交易是與民法平等原則和誠信原則格格不入的,前者是構(gòu)成內(nèi)幕交易民事責(zé)任的第一民法基礎(chǔ),后者是第二民法基礎(chǔ);認(rèn)為其商法基礎(chǔ)是公開原則與披露原則,公開原則在證券交易中具有的很大作用,是構(gòu)建內(nèi)幕交易民事責(zé)任制度的第一商法基礎(chǔ),而內(nèi)幕交易主要是掌握內(nèi)幕信息并依內(nèi)幕信息進(jìn)行證券交易,它與披露原則背道而馳,是構(gòu)建內(nèi)幕交易民事責(zé)任制度的第二商法基礎(chǔ); 其次,對內(nèi)幕交易民事責(zé)任主體和載體進(jìn)行了界定。在主體方面,主要包括承擔(dān)主體和追究主體。提出在我國確立證券內(nèi)幕 WP=4 交易民事責(zé)任制度時,要在責(zé)任承擔(dān)主體規(guī)制方面確立“整體分類”立法體例,并結(jié)合我國證券市場實際及證券立法對內(nèi)幕人作了直接內(nèi)幕人和間接內(nèi)幕人的“本土化”確定,并相應(yīng)的提出了追究主體為與內(nèi)幕人從事交易并因此而受損的外幕人,即不知情的證券賣方或賣方。在載體方面,提出內(nèi)幕交易民事責(zé)任發(fā)生的載體是內(nèi)幕信息,內(nèi)幕信息的確定是判斷是否發(fā)生民事責(zé)任的關(guān)鍵,本文觀察國外有關(guān)內(nèi)幕信息的規(guī)定并同我國證券法相關(guān)規(guī)定作出比較,認(rèn)為“成文法依據(jù)與典型判例參考相結(jié)合”是內(nèi)幕信息的界定模式選擇,在判斷標(biāo)準(zhǔn)上,提出了實質(zhì)性標(biāo)準(zhǔn)和秘密性標(biāo)準(zhǔn)。 再次,本文重點分析了內(nèi)幕交易民事責(zé)任的性質(zhì)和歸責(zé)原則。在性質(zhì)上,認(rèn)為內(nèi)幕交易民事責(zé)任是一種侵權(quán)責(zé)任而不是違約責(zé)任,并論述了界定為侵權(quán)責(zé)任的意義;在歸責(zé)原則上,提出了“二元主義”的體制選擇,并根據(jù)對責(zé)任承擔(dān)主體的不同分類,認(rèn)為對直接內(nèi)幕人的民事責(zé)任采用無過錯責(zé)任原則,對間接內(nèi)幕人的民事責(zé)任采用過錯責(zé)任原則。 最后,本文分析了證券內(nèi)幕交易民事責(zé)任的構(gòu)成要件和賠償機(jī)制。在構(gòu)成要件上,區(qū)別直接內(nèi)幕人和間接內(nèi)幕人而分別作出了三要件構(gòu)成系統(tǒng)和四要件構(gòu)成系統(tǒng);內(nèi)幕交易民事責(zé)任制度的一個直接功能就是通過賠償對交易對方給予損害補(bǔ)救,本文在分析了構(gòu)建內(nèi)幕交易民事責(zé)任制度時應(yīng)該克服的幾個認(rèn)識誤區(qū)及確立方式之后,提出了民事責(zé)任中賠償損失的計算規(guī)則及實現(xiàn)機(jī)制。
[Abstract]:Insider trading is a kind of illegal transaction in the securities trading market. The legal remedy for this illegal act is legal liability, mainly civil liability, administrative liability and criminal liability. But the current securities law and related laws and regulations of our country have made the different degree stipulation to the administrative responsibility and the criminal liability, but lack the systematic stipulation to the civil liability which can directly reflect the remedy function to the aggrieved transaction relative party. This paper mainly discusses the civil liability of securities insider trading. Firstly, this paper discusses the legal basis of constructing the civil liability system of insider trading, and holds that the civil law basis is the principle of equality and the principle of good faith. Insider trading is incompatible with the principle of equality in civil law and the principle of good faith. The former is the first civil law foundation of civil liability for insider trading, the latter is the second civil law basis, and the commercial law basis is the principle of openness and disclosure. The principle of openness plays a very important role in securities trading, and it is the first basis of commercial law to construct the civil liability system of insider trading, while insider trading is mainly to master insider information and conduct securities trading according to inside information, which runs counter to the principle of disclosure. It is the second commercial law foundation to construct the civil liability system of insider trading. Secondly, it defines the subject and carrier of civil liability of insider trading. In the aspect of subject, it mainly includes undertaking subject and investigating subject. When establishing the civil liability system of insider WP=4 trading in China, It is necessary to establish the "whole classification" legislative system in the regulation of the subject of responsibility, and make the localization of the insider and the indirect insider in the light of the reality of the securities market and the securities legislation in our country. Accordingly, the author puts forward that the main body of investigation is the outside agent, that is, the unsuspecting seller or seller of securities, who is engaged in trading with the insider and is damaged as a result. In the aspect of carrier, it is proposed that the carrier of civil liability for insider trading is insider information, and the determination of insider information is the key to judge whether civil liability occurs or not. This paper observes and compares the provisions of insider information in foreign countries with the relevant provisions of China's securities law, and holds that "combination of statutory law basis with reference to typical cases" is the choice of defining mode of insider information, and the judgment standard is as follows. The substantive standard and the secret standard are put forward. Thirdly, this paper analyzes the nature and liability principle of insider trading civil liability. In nature, the civil liability of insider trading is considered as a kind of tort liability rather than breach of contract liability, and the meaning of defining it as tort liability is discussed, and the system choice of "dualism" is put forward in the principle of imputation. According to the different classification of the subject of liability, the author thinks that the principle of no-fault liability is adopted for the civil liability of the direct insider and the principle of fault liability for the civil liability of the indirect insider. Finally, this paper analyzes the civil liability of securities insider trading elements and compensation mechanism. In terms of the constituent elements, the author distinguishes the direct insider from the indirect insider and makes a three-element constitution system and a four-element constitution system respectively. One of the direct functions of the civil liability system of insider trading is to remedy the damage to the other party by way of compensation. After analyzing several misunderstandings and ways of establishing civil liability system of insider trading, this paper puts forward the calculation rules and realization mechanism of compensation for losses in civil liability.
【學(xué)位授予單位】：華東政法學(xué)院
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2003
【分類號】：D912.28;D913
[Abstract]:Insider trading is a kind of illegal transaction in the securities trading market. The legal remedy for this illegal act is legal liability, mainly civil liability, administrative liability and criminal liability. But the current securities law and related laws and regulations of our country have made the different degree stipulation to the administrative responsibility and the criminal liability, but lack the systematic stipulation to the civil liability which can directly reflect the remedy function to the aggrieved transaction relative party. This paper mainly discusses the civil liability of securities insider trading. Firstly, this paper discusses the legal basis of constructing the civil liability system of insider trading, and holds that the civil law basis is the principle of equality and the principle of good faith. Insider trading is incompatible with the principle of equality in civil law and the principle of good faith. The former is the first civil law foundation of civil liability for insider trading, the latter is the second civil law basis, and the commercial law basis is the principle of openness and disclosure. The principle of openness plays a very important role in securities trading, and it is the first basis of commercial law to construct the civil liability system of insider trading, while insider trading is mainly to master insider information and conduct securities trading according to inside information, which runs counter to the principle of disclosure. It is the second commercial law foundation to construct the civil liability system of insider trading. Secondly, it defines the subject and carrier of civil liability of insider trading. In the aspect of subject, it mainly includes undertaking subject and investigating subject. When establishing the civil liability system of insider WP=4 trading in China, It is necessary to establish the "whole classification" legislative system in the regulation of the subject of responsibility, and make the localization of the insider and the indirect insider in the light of the reality of the securities market and the securities legislation in our country. Accordingly, the author puts forward that the main body of investigation is the outside agent, that is, the unsuspecting seller or seller of securities, who is engaged in trading with the insider and is damaged as a result. In the aspect of carrier, it is proposed that the carrier of civil liability for insider trading is insider information, and the determination of insider information is the key to judge whether civil liability occurs or not. This paper observes and compares the provisions of insider information in foreign countries with the relevant provisions of China's securities law, and holds that "combination of statutory law basis with reference to typical cases" is the choice of defining mode of insider information, and the judgment standard is as follows. The substantive standard and the secret standard are put forward. Thirdly, this paper analyzes the nature and liability principle of insider trading civil liability. In nature, the civil liability of insider trading is considered as a kind of tort liability rather than breach of contract liability, and the meaning of defining it as tort liability is discussed, and the system choice of "dualism" is put forward in the principle of imputation. According to the different classification of the subject of liability, the author thinks that the principle of no-fault liability is adopted for the civil liability of the direct insider and the principle of fault liability for the civil liability of the indirect insider. Finally, this paper analyzes the civil liability of securities insider trading elements and compensation mechanism. In terms of the constituent elements, the author distinguishes the direct insider from the indirect insider and makes a three-element constitution system and a four-element constitution system respectively. One of the direct functions of the civil liability system of insider trading is to remedy the damage to the other party by way of compensation. After analyzing several misunderstandings and ways of establishing civil liability system of insider trading, this paper puts forward the calculation rules and realization mechanism of compensation for losses in civil liability.
【學(xué)位授予單位】：華東政法學(xué)院
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2003
【分類號】：D912.28;D913
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