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A Comparative Study on Exemption Clause under Taiwan Insider Trading Law
Insider Trading,Exemption Clause,Rule 10b5-1,
|Publication Year :||2013|
We have severe liability for people who violate insider trading law. Perpetrators will be punished by imprisonment for no less than three years and no more than ten years, and in addition thereto, a fine which ranges from of no less than NT$10 million to no more than NT$200 million. Moreover, during 2005 to 2008, many companies whose stock are listed on the stock exchange or traded over the counter were suspected of engaging in insider trading and were searched by police and prosecutor. In 2005, prosecutor brought suit against Shin Kong Financial Holding Company and Power Quotient International Co. LTD for insider trading. In 2006, Taiwan Land Development Corporation’s criminal charge was proceeding. In 2007, insider-trading scandals about BenQ Company and Inventec Appliances were burst out. In 2008, Integrated Circuits Company and Simplo Technology Company were investigated and accused of similar charges. Every case mentioned above resulted in turmoil in the stock market. However, in the Shin Kong, BenQ and Powerchip Technology case, the court acquitted those defendants of insider trading charges. It is a warning to prosecutors. As a result, calls from companies whose stock are listed on the stock exchange or traded over the counter demand introducing exemption clause into current Taiwanese insider trading law. Considering that imposing severe liabilities might result in disadvantages against entrepreneurship, this thesis argues that the introduction of exemption clause is necessary. Therefore, this thesis will first deliberate the opinions in U.S., Japan and EU and then analyzes previous empirical cases in Taiwan. Finally this thesis will try to propose a solution about legislating exemption terms.
|Appears in Collections:||法律學系|
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