论中美证券市场内幕交易的罪与罚——以美国高盛独董入狱与中国证监会36亿罚单为视角  

On the Crime and Punishment of Insider Trading in China&US Securities Market——from the Imprisonment of Goldman Sachs ID to the RMB 3.6 Billion Fine by CSRC

作　　者：郭丹[1] 汪蕴青 GUO Dan;WANG Yunqing(Nanjing Audit University,Nanjing 210029,China;Shanghai Landing Law Firm,Shanghai 200000,China)

机构地区：[1]南京审计大学,南京210029 [2]上海兰迪律师事务所,上海200000

出　　处：《中国证券期货》2024年第5期67-74,共8页Securities & Futures of China

摘　　要：在资本市场中不正当利用信息时间差以趋利减损的内幕交易行为,侵蚀了资本市场的公平、公正、公开三原则,扰乱了资本市场运作的正常秩序,是各国证券监管机构重点打击的对象。本文从两个影响巨大的内幕交易案出发,探讨中美两国规制内幕交易法律体系的差异。随着新《证券法》的施行,我国内幕交易监管与处罚体系将不断发展与完善。但是内幕交易基础理论“平等获得信息原则”与董事高管“信义义务原则”是重叠适用,还是特定排他适用;内幕交易“推定成立”的法律渊源等级是否应提升;是否应授予行政裁决与司法审判不同的“自由裁量权范围”等问题,尚无定论,本文在比较借鉴的基础上进一步探讨研究。The insider trading behaviors erode the three principles of equity,justice and publicity in the capital market and disrupt the normal order of the capital market.It is the combat target of the securities market regulation of all countries.Starting from two high-profile insider trading cases,this paper discusses the diversities in the legal liability system of insider trading in China and the United States,as well as the latest development and improvement of the legal system of insider trading regulation in China with the implementation of the new Securities Law.However,whether the basic theory of“equal access to information”and the principle of“fiduciary duty”of insiders should be applied in overlap or exclusively;whether the statutory level of“presumptive establishment”of insider trading needs to be enhanced;whether the discretionary power of administrative agency and judicial court should be differently set?The abovementioned issues are worth further study in this paper.

关 键 词：证券市场 内幕交易 证监会 行政处罚 证券犯罪 

分 类 号：D908[政治法律—法学理论] D912.28[政治法律—法学]