多层次传递型内幕交易责任认定的实证考察与理论反思  

Empirical Investigation and Theoretical Reflection on Responsibility Determination of Multilevel Transmission Type Insider Trading

作　　者：陈岱松[1] 徐嘉豪 CHEN Daisong;XU Jiahao(East China University of Political Science and Law,Shanghai 200050,China)

机构地区：[1]华东政法大学,上海200050

出　　处：《中国证券期货》2023年第4期88-96,共9页Securities & Futures of China

摘　　要：信息传递与互联网技术的耦合带来传递型内幕交易中传播链条的延长,造成现行推定规则在追究各信息受领主体责任时的局限性,也导致了法律责任在交易端与泄露端间的严重不匹配。应当认识到,泄密人与受密人责任是成立内幕交易责任的两个方面,现行推定规则实则是在泄密人责任成立的基础上对受密人责任的推定。将泄密人违法性具体化为从泄密中获益,受密人交易行为的违法性具体化为对受密人违法的认知,方能揭示内幕交易以获益为核心的违法性本质。身份关系所蕴含的人际利益是信息传递的原动力,在坚持一次推定的基础上,通过分析信息传递过程中各主体间的身份关系,以信息获取便利性与利益一致性为实质审查标准,可以将形式上处于不同传播层级的主体实质认定为同一层级知情人,从而在确保推定事实效力的基础上对内幕交易责任主体实现精准覆盖。The coupling of information transmission and Internet technology brings about the extension of the transmission chain in insider trading,resulting in the limitations of the current presumption rules in holding the subjects of information recipients liable,and also leading to a serious mismatch between the legal liability at the trading end and the leaking end.It should be recognized that the liability of the leaker and the recipient are two aspects of the liability for insider trading,and the current presumption rule is actually a presumption of the liability of the recipient on the basis of the liability of the leaker.The current presumption rule is in fact a presumption of insider trading liability based on the establishment of the leaker's liability.By concretizing the illegality of the leaker to benefit from the leak and the illegality of the recipient's trading behavior to the knowledge of the recipient's illegality,the nature of insider trading illegality with benefit as the core can be revealed.The interpersonal interests contained in the identity relationship are the driving force of information transmission.By analyzing the identity relationship among the subjects in the process of information transmission on the basis of the presumption,and by taking the convenience of information access and consistency of interests as the substantive examination standard,the subjects formally at different levels of dissemination can be identified as the same level of knowledge,thus ensuring the effectiveness of the presumption on the basis of the responsibility of insider trading.In this way,the insider trading liability can be precisely covered based on the presumption of fact.

关 键 词：多级传递 推定规则 身份关系 

分 类 号：D92[政治法律—法学]