論內線交易之制裁規範──以日本行政課徵金為中心

Research on Sanctions of Insider Trading—Focusing on the Japan Administrative Monetary Penalty

系所名稱：法律研究所
學位別：碩士
畢業學年：103年
指導教授：蔡英欣
為保護投資大眾及健全證券市場之發展，我國參考各國之立法例，於證券交易法中明文增訂禁止內線交易之規定後，不斷透過修法調高內線交易之刑度。惟時至今日，非但未見我國發生之內線交易案件有減少之趨勢，反因內線交易偵查之複雜與困難性所帶來高昂之社會成本，而不斷受到各界之挑戰與批評，顯見我國目前內線交易之制裁規範並未達成其所預期之效果。而與我國同樣係參照美國證券交易法引進內線交易規範之日本，於其金融商品交易法之中，除透過刑事責任及民事責任作為規範內線交易之制裁手段外，更透過行政責任之制裁手段（課徵金）作為管制內線交易之利器，並在實務上操作上近乎取代了內線交易之刑事制裁手段。為何世界各國對於內線交易皆設有行政制裁之規範，唯獨我國就此付之闕如，在採取刑事重罰仍無法有效嚇阻內線交易之現況下，是否亦有引進行政制裁之必要性即值得進一步探討，故本文擬全面就我國與日本對於內線交易之制裁規範加以分析比較，以期能透過借鏡日本之現行制度，在我國內線交易之刑事責任與民事責任外，進一步探討以行政責任作為內線交易制裁手段之必要性及可能性，並透過此一機會再次檢視我國現行法下內線交易制裁規範所存在之諸多缺失，最後並提出立法論上及解釋論上之建議，以建構出一套能有效制裁內線交易之法制規範。

Same as the other countries, to protect domestic investor and prosper the capital market in Taiwan, insider trading is not allowed in Taiwan security laws and regulations and the criminal sanction against insider trading has been increased continuously. However, up to now, the amount of insider trading doesn’tdecrease accordingly and the criticism of prosecution’s difficulty that increase social cost comes up. It's obvious that to impose harsh criminal sanctions on the insider trading cannot prevent the occurrence of insider trading effectively in Taiwan. Same as Taiwan, Japan also amends its security laws in reference to US security law; and, in Japan's Financial Instruments and Exchange Act, insider trading regulations include criminal, civil andadministrative sanction （Administrative Monetary Penalty）. Nowadays, the administrative sanction plays an important role in the field of Japan insider trading prevention. Because a harsh punishment cannot decrease the amount of insider trading in Taiwan, in this article, I would like to introduce the mechanism of Japan administrative sanction against insider trading, analyze whether Taiwan can import such the administrative sanction against insider trade into Taiwan securities laws and regulations, and figure out whether the administrative sanction is the best way to solve the problem or not. In the last part of this article, a conclusion with respect to the possibility and necessity of administrative sanction on insider tradingin Taiwan will be made, and I will try to build up a Taiwan-Styleadministrative sanction on the insider trading.