U.S. Insider Trading Law Enforcement: Issues and Survey of SEC Actions from 2009 to 2013

美國內線交易執法狀況之實證研究：以SEC2009年至2013年資料及相關問題為核心

本文分析美國聯邦證券管理委員會，於2009年到2013年間提起的全體內線交易案件。架構上，第一部分處理美國法上內線交易及一般證券法違反案件的處理架構；其次，我們就美國聯邦證券管理委員會2009年到2013年所提起所有的內線交易案件進行系統性實證調查。主要的調查方法，是透過該會所發布新聞稿及網站相關資料取得案件內容。而相關案件細部內容，則分別列出案件總數，被告類型、消息類型、不法所得、案件結果、和解情形與是否後續提出刑事起訴等。透過對期間內案件的完整整理，本文得以更清楚地描繪出美國內線交易與執法情形的全貌。本文對於相關案件的分析，提供了一個重要的機會，去觀察與討論美國證券法在執行上幾個主要關鍵點：美國聯邦證券管理委員會的程序、決策過程與主導地位；民事程序扮演在證券違法防止上的重要角色；和解的廣泛使用與實況；以及現行作法的利弊得失。

This article surveys insider trading enforcement actions brought by the Securities and Exchange Commission (SEC) in the United States in the five-year period from 2009 to 2013. We first introduce the legal framework in which securities laws are enforced in the United States and then focus our analysis on the empirical data of insider trading cases collected from the SEC’s news releases and its website. By categorizing actions surveyed, information about types of defendants, types of information used, illicit gain, case results, settlement, and subsequent criminal prosecutions brought by the Department of Justice are revealed and a more complete picture of the enforcement of insider trading law in the U.S is thus provided Accordingly, this survey offers needed factual understandings to tackle several core issues in the U.S. securities law enforcement: the reason why the SEC is taking such a prime position in securities law enforcement, the phenomenon of extensive use of settlements and their decision process, and the advantages as well as problems brought by the current approach.