內線交易法制下公司之地位與角色

Abstract

內線交易之發生有礙於證券市場之發展，是以，我國法制設有禁止內線交易之相關規範。又內部人從事內線交易之消息來源大多係源自於公司法人，從而，公司法人於內線交易之角色可謂舉足輕重。 基於前揭觀點，有關公司於內線交易法制之地位與角色，本文主要分為兩部份加以討論。首先，本文透過整理學說並蒐集相關實務判決，對於當公司內部人以法人名義從事內線交易時，依據現行法制公司可能負擔之責任加以分析。再者，本文從防範內線交易之角度，認為公司對於內部人以個人名義從事交易亦應負有相關監督義務。 參酌美國法之控制者責任以及內線交易法制之相關規範，本文嘗試構築我國內線交易之規範架構。除了對於我國現行內線交易法制提出相關修法建議外，亦主張應對於公司課予監督內部人之義務以促進公司落實公司治理。希冀我國公司得訂定適切之內部控制制度以防範內線交易。

Insider trading is harmful to the development of the securities market. Therefore, there are some relevant regulations to prohibit insider trading in Taiwan’s legal system. Besides, most of the information that insiders are engaged in insider trading comes from the corporate itself, thus, the role of the corporate in insider trading can be said to be very important. Based on the previous point of view, this thesis is mainly divided into two parts to discuss the status and role of the company under the insider trading law. First of all, this thesis collates theories and relevant practical judgments to analyze when a company insider engages in insider trading by using the account of the legal person, the possible liabilities of a company based on the current insider trading law. Furthermore, from the perspective of preventing insider trading, this thesis argues that the company should supervise the insider when the insider engages in securities transactions by the account of the natural person. With reference to the liability of controlling persons and the relevant regulations of insider trading from the United States legal system, this thesis tries to build a regulatory framework of insider trading. This thesis not only proposes amendments to the current insider trading law but also argues that companies should be imposed obligations to supervise insiders to increase the motivation of companies to implement corporate governance. I hope that companies can establish appropriate internal control systems to prevent insider trading.