市場濫用法的新發展──抑或：論刑法的現況

New Development of Market Abuse Regulation–or: On the Current State of Criminal Law

本文藉由三個議題批判市場濫用法的新發展，並探究刑法的現況。第一個問題涉及證券交易法中使用的空白刑事立法技術。這種立法技術必須符合憲法明確性原則的要求，但從規範的明確性角度觀察，相關的構成要件卻很有疑慮。第二個問題涉及官僚技術性的專業知識對於刑事立法的重要性。這些特定領域的專家對於歐盟市場濫用規則的立法有很大的影響力。誠然，針對專業內容需要技術領域的專家參與立法，不過這些專業意見只能有輔助的功能，絕對不能決定要如何使用刑法。第三個問題涉及能否將刑法作為貫徹法治的工具，以刑法來管制相關的市場濫用行為？本文將指出，以刑法作為貫徹法治的手段這種主張係受不當的理性選擇模式影響，以刑法來管制市場濫用行為在憲法上就已經站不住腳，因為此處欠缺一個對於社會而言重要的，且因此值得保護的法益。但此處也無法以秩序違反法來管制相關的市場濫用行為，而是應該交由技術性的預防或者民法來處理。

This paper criticizes the new development of market abuse regulation through three issues in this field and examines the current state of criminal law and its negative development. The first issue involves the“blanket Acts”(Blankettstrafgesetze) in the Securities Trading Act. Such“Blanket Acts”should fulfill the demand of the principle of certainty (nulla poena sine lege certa), However, from the aspect of this principle the related provisions are questionable. The second issue involves the relevance of technocratic-instrumental expertise to legislation. The experte in this field play an influential role in the legislation. Certainly, in this filed we need experte to join the legislation. However, their advice can only be assistive, not decisive. The third issue involves whether the criminal law can be a means of law enforcement, and be used to regulate related market abuse. This paper indicates that the claim of law enforcement by criminal law is influenced by doubtable Rational-Choice model. From the constitutional perspective, controlling the market abuse by criminal law is not acceptable, due to a lack of a legal good which is so important to the society that is worth to be protected by criminal law. On the other hand, the market abuse can also not be regulated by the Act on Regulatory Offence, but by technical prevention or civil law.