從證券交易法之修正論刪除第一五五條第一項第二款有關處罰股價操縱行為--「沖洗買賣」刑事責任之探討

摘要:歷經八年又一個月之漫長審議,立法院終於八十九年六月三十日三讀通過證券交易法修正案,本次修正增列多項興利性之條文值得肯定,但最值得可議之處乃立委主動刪除證交法第一五五條第一項第二款處罰炒作股價之「沖洗買賣」操縱行為。按各國證交法為維護自由市場機能之發揮,以形成公平價格,對於以不正當手法炒作股價均施以刑事制裁,沖洗買賣亦為美國、日本證交法所明文禁止,而我立法機關卻主動刪除,勢將對整頓證券市場產生若干衝擊,亦為證券主管機關新挑戰之開始,本文即討論未來對沖洗買賣之操縱行為應如何面對與因應,以維護證券市場之公正性。Abstract:The securities amendment act was passed in the Legislative Yuan on June 30, 2000 after eight years and one month long reviewing.This amendment act add some new rules to set out the rights and obligations of the securities markets. But it also made a serious argument that is the amendment act Has abolished the article 155-1-b market manipulation (wash sale) sanction regulation.For maintaining the regular functionality of the stock market operation and protecting the http://mcu.lawbank.com.tw/001/001006.pdf