欧盟市场滥用规制框架修订草案述评——兼论金融犯罪罪责认定的客观化与社会化趋势  

The Revised Draft of EU Market Abuse Directive:Also on the Financial Crimes Culpability Identification’s Objectivation and Socialization Trend

作　　者：李明良[1] 李虹[1] 

机构地区：[1]中国金融期货交易所,上海200122

出　　处：《证券市场导报》2012年第11期10-14,共5页Securities Market Herald

摘　　要：欧盟委员会于2011年10月20日公布了对现行《反市场滥用指令》的修订草案,以《反市场滥用条例》取代现行指令,并另行制定《内幕交易和市场操纵刑事处罚指令》。这是继美国之后成熟市场对金融监管体系的又一次重大变革。欧美修法中体现出的金融犯罪罪责认定标准客观化和社会化趋势,集中反映了风险社会对刑法的风险分配功能与威慑预防功能的迫切需求。我国应当重视这一趋势,在立法中明确市场滥用的概念与要件,前移监管关口,重视跨市场和跨国界滥用行为防范,加强行政和司法的协调与衔接。European Commission issued a revised draft on October 20th, 2011 for a regulation on insider dealing and market manipulation （i.e. market abuse） to update and strengthen the existing Market Abuse Directive （2003/6/EC）, and a separated punishment directive to be enacted too. As another major change in financial regulation after Dodd-Frank Act, it is reflecting the objectivation and socialization of standards of culpability in financial area as well as the imperative need of criminal act＇s function on allocating risk besides deterrence in context of risk society. China should pay attention and take efforts to this trend such as clarifying the concept and constitutive elements of market abuse, moving forward regulatory crossings, emphasizing cross-market and cross-border illegal activities and strengthening administrative and judicial coordination and convergence.

关 键 词：欧盟《反市场滥用指令》 罪责标准 证券交易法规 金融犯罪 

分 类 号：DF438[政治法律—经济法学]