法秩序统一性视野下被动获悉型内幕交易犯罪主体的识别  

Identification of the Criminal Subject of Insider Trading in Securities from the Perspective of Unity of Legal Order

作　　者：刘双阳 李川[1] Liu Shuangyang;Li Chuan(School Law,Southeast University,Nanjing Jiangsu 211189)

机构地区：[1]东南大学法学院,江苏南京211189

出　　处：《河南财经政法大学学报》2020年第1期95-103,共9页Journal of Henan University of Economics and Law

基　　金：2019年国家社会科学基金项目“网络智能时代个人信息泛在泄露与刑法有效保护研究”(项目批准号19BFX076)的阶段性成果。

摘　　要：内幕交易主体的识别是判断行为人是否构成内幕交易犯罪的关键,关于“被动获悉型”内幕交易人是否属于内幕交易罪的主体争议颇大,源于我国证券交易法规采纳不同的理论学说与识别标准,对内幕交易主体的表述有所差异。随着证券市场的发展,内幕交易主体多元化,一方面,从维护证券交易市场公平秩序出发,采纳基于信息平等接触理论构建的“任何知悉人”标准是大势所趋,为将“被动获悉型”内幕交易人纳入内幕交易主体范围奠定理论根基;另一方面,基于内幕交易罪双重违法性的行政犯特征,从法秩序统一性视角考察“被动获悉型”内幕交易,依据现行法认定其具有行政违法性与刑事违法性,为“被动获悉型”内幕交易人进入内幕交易主体范围扫清规范障碍。但并非任何被动获悉内幕信息的人均不能进行相关交易,若符合法定的责任豁免情形可以抗辩,防止不当扩大内幕交易罪的适用对象。The identification of the insider trading subject is the key to judge whether the actor constitutes the crime of insider trading.There is a great controversy about whether the“passive informed”insider trader is the subject of insider trading crime,which stems from the different theories and standards adopted in China’s securities trading laws and regulations.With the development of the securities market and the diversification of the insider trading,on the one hand,from the perspective of maintaining the order of securities trading market fair,adopting the“Any known person”standard based on the theory of equal access to information contact is an irresistable trend.which lays the theoretical foundation for the insider trading of the“passive informed”.On the other hand,based on the characteristics of administrative crime of double illegality of insider trading crime,the“passive informed”insider trading is observed from the perspective of the unity of legal order,this paper examines the“passive informed”insider trading from the perspective of the unity of legal order,and finds it to have administrative illegality and criminal illegality according to the current law,which clears up the normative obstacles for the“passive informed”insider trader to enter the scope of the subject of insider trading.However,it is not that any person passively informed of insider information is unable to conduct relevant transactions.If it meets the statutory exemption from liability,it can defend to prevent improper expansion of the applicable object of insider trading crime.

关 键 词：内幕交易 主体识别 被动获悉 法秩序统一性 责任豁免 

分 类 号：D924.33[政治法律—刑法学]