“利用自身信息交易”作为内幕交易抗辩规则的建构——兼论我国内幕交易安全港规则的基本框架  

The Construction of the Rule of“Trading with One’s Own Information”as the Defense of Insider Trading:On the Basic Framework of Safe Harbor Rule for Insider Trading in China

作　　者：陈洁[1] CHEN Jie(Institute of law,Chinese Academy of Social Sciences,Beijing 100088)

机构地区：[1]中国社会科学院法学研究所,北京100088

出　　处：《现代法学》2021年第5期145-157,共13页Modern Law Science

摘　　要：“利用自身信息交易”是指利用自己的信息对并非自己发行的金融工具实施交易的情形。成熟市场通过不同的监管路径构建了利用自身信息实施交易免受内幕交易责任规制的抗辩规则。我国现行《证券法》除沿袭旧法对收购情形下利用自身信息实施交易予以内幕交易责任豁免外,对内幕交易安全港规则尚无内在统一的立法思路。本文以自身交易信息作为切入点,考察不同内幕交易监管理念下“利用自身信息交易”作为内幕交易抗辩规则之结构性差异,厘清利用自身信息实施交易应当免于承担内幕交易责任的内在逻辑,进而为我国规制内幕交易制度的完善,尤其是内幕交易安全港规则的构建提供框架性建议。“Trading with one’s own information”refers to the trading of financial instruments not issued by one’s own with one’s own information.Mature markets have constructed defense rules to avoid insider trading regulation application by using their own information through different regulatory paths.China’s current Securities Law follows the previous law and exempts the liability of insider trading by using one’s own information in the case of acquisition,which has no unified legislative approach for the safe harbor rule of insider trading.This paper takes one’s own trading information as the lead,investigating the regulatory path differences of trading with one’s own information under different insider trading regulatory philosophy,and clarifying the internal logic that trading with one’s own information should be exempted from insider trading accountability,so as to provide framework suggestions for the improvement of China’s insider trading regulatory system,especially the construction of safe harbor rules of insider trading.

关 键 词：内幕交易 安全港规则 自身信息 责任豁免 

分 类 号：DF438.7[政治法律—经济法学]