内幕交易的压制与暗流:美国预定交易计划规则修法镜鉴  

Insider Trading Suppression and Undercurrents:The Retrospect and Institutional Research of the Scheduled Trading Program Rules

作　　者：伍坚[1] 刘慈航 Wu Jian;Liu Cihang(School of Economic Law,East China University of Political Science and Law,Shanghai 201620,China)

机构地区：[1]华东政法大学经济法学院,上海201620

出　　处：《金融发展研究》2021年第11期66-72,共7页Journal Of Financial Development Research

摘　　要：美国内幕交易规制涵盖于证券反欺诈体系之下,并通过交易计划规则为内部人士证券交易松绑。随着市场主体的逐利性挖掘与执法实践的深入,交易计划规则逐渐被内部人士通过巧妙信息披露、策略性修改和终止以及多样化操作等方法所滥用,成为隐蔽型内幕交易的合规倚靠。美国新法案旨在探求内部人士所持证券流动性与严格监管内幕交易行为之间的平衡点,但规则变革仍面临现实利益考验。在依法从严打击证券违法活动的浪潮下,我国《证券法》以及相关司法解释应当从现有减持规定重置、界定标准划分、强制延迟期施加与严格信息披露等方向入手,完善预定交易计划规则,以使其为内幕交易规制体系服务。U.S.insider trading regulation is covered under the securities antifraud system and is unbundled through trading plan rules for insider securities trading.As the profit-seeking nature of market participants tapped into and enforcement practices intensified,trading plan rules were gradually abused by insiders through clever disclosures,strategic modifications and terminations,and diversification operations,becoming a compliance lean for covert insider trading.The new Bill aims to explore the balance between the liquidity of insider-held securities and strict regulation of insider trading practices,but the rule changes still face a real-world test of interest.Under the wave of strict crackdown on illegal securities activities in accordance with the law,China's Securities Law and related judicial interpretations should start from the direction of resetting the existing regulations on shareholding reduction,delineating the definition criteria,imposing a mandatory delay period and strict information disclosure,etc.,to improve the rules of scheduled trading plans in order to make them serve the system of insider trading regulation.

关 键 词：预定交易计划 内幕交易 10b5-1规则 改革建议 

分 类 号：F830.91[经济管理—金融学]