内幕信息敏感期的界定  

Definition of Sensitive Period to Inside Information

作　　者：黄伟文[1] HUANG Wei-wen(School of Law,East China University of Political Science and Law,Shanghai 201620,China)

机构地区：[1]华东政法大学法律学院,上海20000

出　　处：《兰州财经大学学报》2018年第4期118-124,共7页Journal of Lanzhou University of Finance and Economics

摘　　要：内幕信息敏感期认定的关键在于内幕信息形成时间与公开时间。内幕信息形成时间"一般标准+特殊标准"的认定模式较为模糊,缺乏原则性准则。内幕信息公开时间的标准立法并未统一、实践中形式公开性标准认定模式又较为单一,导致内幕信息敏感期易成为案件的争议点。为此,我国内幕信息形成时间的司法解释应该明确"某事项是否已经进入一定的实质性操作阶段并且具有较大的实现可能性"的原则性准则,同时采取形式结合实质的公开性标准。The keypoint of defining the sensitive period to inside information is to confirm the formation time and disclosure time.By routine,the formation time of inside information is defined vaguely as “general standard plus special standard” which is without principles-based standard.The standard act of our country in defining the disclosure time of inside information has not been unified,while in practice the mode of it is comparatively monotonous.So the sensitive period of inside information is easily to become the point of disagreement.Accordingly,the judicial interpretation should clarify the principle of inside information’s sensitive period as “whether something has entered a certain substantive operational stage and has a greater possibility of implementation”,meanwhile adopting a open standard which combines form and substance.

关 键 词：内幕交易 秘密性 形成时间 公开时间 

分 类 号：D922.287[政治法律—经济法学]