內線交易豁免之規範－以預定交易為中心

Abstract

本文以《證券交易法》第157條之1為核心，從「禁止／豁免」雙軌視角出發，回應內線交易實務中的關鍵不確定：重大消息是否已達明確、何時視為公開、消息受領人的責任邊界，以及對「知悉／利用」的推定所帶來的爭議與成本。本文主張，應以程序可稽核性作為共同語言，將是否得以交易的評價前移到可被外部檢視的程序與揭露，減少對事後動機臆測的依賴，並兼顧市場誠信與合規可行性。 研究方法採取比較法分析與我國實務觀察：一方面參酌美國、歐盟與日本之制度經驗，歸納其在合法例外通道與防濫設計上的共通做法；另一方面回望我國裁判與監理運作中的典型爭點，整理現行判準語言的落差與實務困難，作為提出改進方向的基礎。 本文據此提出：宜將「預定交易」定位為「構成要件排除」的程序性工具，透過明確、可追溯且可接受外部檢視的程序與資訊揭露，形成一條可預測的合法交易路徑；並以一致的審查方法與分層的規範設計，促進監理與司法標準的收斂。此一路徑旨在連結禁止規範與合理例外，改善裁判不一致與法遵不確定的情形，提升制度運作的穩定與透明。

This study examines insider-trading regulation under Article 157-1 of Taiwan’s Securities and Exchange Act through a dual-track lens of prohibition and exemptions. It targets persistent uncertainties—when information is sufficiently material and public, the scope of Tippee liability, and the role of “knowledge/use” presumptions. To curb reliance on ex post intent inferences, it adopts procedural auditability as a shared language that moves the permissibility assessment toward externally verifiable procedures and disclosures while preserving market integrity and compliance feasibility. Methodologically, it combines comparative law analysis and Taiwan practice observation: drawing on the U.S. (Rule 10b5-1), EU (MAR), and Japan to extract lawful-path and anti-abuse design, then mapping these against recurring Taiwanese issues. The paper argues that pre-planned trading should operate as a procedural element-exclusion tool, contingent on clear, traceable, externally reviewable steps and disclosures. A consistent review method and layered regulatory design can align supervisory and judicial practice, link prohibitions with reasonable exceptions, and reduce adjudicatory inconsistency and compliance uncertainty, enhancing stability and transparency in Taiwan’s regime.