內線交易的紅線－－重大消息何時明確？

Problems of Mrteriality in Insider Trading: Where Is the Line？

重大消息明確時點的認定，直接關涉被告是否構成內線交易的結果，經常是訴訟上的爭議焦點。然而證券交易法及金管會的行政命令，對於如何認定消息的明確時點，並未有具體的規定，司法判決對於類似的案件也採用不同的認定標準。本文從美國、歐盟與我國相關法制，探討消息明確應有的認定標準。本文認為，重大消息的認定，應以特定交易的進行，是否已足以對投資人的決定產生重 大影響，做為判斷標準。

At the heart of insider trading cases lies the issue of defining the materiality of nonpublic information. The Securities Exchange Law of 1968 （“the Exchange Law') and regulations of the Financial Supervision Commission, however, remain indeterminate on the issue. Judicial decisions are applying different criteria to similar cases, resulting in uncertainly and inequality for the insider trading law enforcement. This article discusses laws pertinent to the issue in the United States and in the European Union, and examines the Exchange Law and the relevant court decisions in Taiwan. The auther concludes that nonpublic information becomes material when a reasonable investor would consider it significant in making an investment decision.