中國大陸期貨市場內幕交易的規制：制度建構及策略——基於美澳相關立法及監管實踐的考察

Regulations for Insider Dealing in P.R.C Futures Market: the Establishment and Strategy of System - Based on the Observations on the United States and Australia Legislations

透過對美國、澳大利亞期貨市場內幕交易立法和監管執法實踐比較，本文提出，簡單地把複製證券內幕交易法律制度，適用於期貨市場內幕交易制度建構和監管執法實踐需要謹慎，尤其是對於中國大陸，鑑於期貨業發展起步晚，市場仍處在培育和發展過程中，有許多問題還沒有充分曝露的情況下。中國大陸應當採取的正確策略是：有關內幕交易的期貨立法應盡可能原則，保持其靈活性和包容能力，以便讓監管機構、法院能夠結合執法實踐不斷豐富和發展相關制度，否則立法過於僵化和寬泛，無法適應市場實踐的發展。

By comparing the legislation and supervision on future markets insider dealing between the United States and Australia, this article points out that we should be cautious about applying insider dealing regulations in securities market to futures market, especially in China due to its immature and developing futures industry. To enable the supervisory authorities and the courts to keep enriching relevant systems through incorporating practice experiences, China should adopt the approach which leaves more flexibility in regulations over insider dealing in futures market, or the legislation may fail to adapt itself to the development of market practice.