我国债券市场内幕交易法律规制的立法现状与完善路径  

The Legislative Status Quo and Improvement Path of the Legal Regulation of Insider Trading in China’s Bond Market

作　　者：费一凡 Yifan Fei(School of Law,Jiangsu University,Zhenjiang Jiangsu)

机构地区：[1]江苏大学法学院,江苏镇江

出　　处：《法学（汉斯）》2024年第11期6314-6322,共9页Open Journal of Legal Science

摘　　要：中国债券市场内幕交易的法律规制体系正逐步完善,但仍面临一系列问题。现行法律体系中,包括刑法、证券法、证券期货相关法律法规及行政法规等多层次规制措施,明确了内幕交易的定义、立案标准及追诉情形,同时涵盖了行政、司法等多个方面的监管。然而,这些规定在债券市场的适用性上存在局限性,如刑法相关条款的适用性及证券法修订后的突破与缺陷等。为完善债券市场内幕交易法律制度,建议加强行政立法,制定专门的债券内幕交易规定和司法解释性文件,以适应债券市场特性。同时,建立内幕信息隔离墙制度,完善发行人内幕信息知情人登记制度,确保信息的合规使用和披露。The legal regulation system of insider trading in China’s bond market is gradually improving,but it still faces a series of problems.In the current legal system,there are multi-level regulatory measures including criminal law,securities law,securities and futures related laws and regulations,and administrative regulations,which clarify the definition,filing standards,and prosecution situations of insider trading,and cover multiple aspects of supervision such as administration and judiciary.However,these regulations have limitations in their applicability to the bond market,such as the applicability of relevant provisions in criminal law and breakthroughs and deficiencies in the revised securities law.To improve the legal system of insider trading in the bond market,it is suggested to strengthen administrative legislation,and formulate specialized regulations on insider trading in bonds and judicial explanatory documents to adapt to the characteristics of the bond market.At the same time,an insider information barrier system should be established,the registration system should be improved for insiders of the issuer’s insider information,and the compliant use and disclosure of information should be ensured.

关 键 词：债券市场 内幕交易 法律规制 法律责任 

分 类 号：D92[政治法律—法学]