從比較法之觀點檢視我國證券交易法第155條之規範問題

Examining the Regulatory Issues of Article 155 of Taiwan’s Securities and Exchange Act: From the Perspective of Comparative Study

由於證券市場操縱行為會扭曲市場價格機能，並破壞市場秩序，從而各國多立法禁止證券市場之操縱行為。我國證券交易法第155條亦明文禁止證券市場之操縱行為，違反者並有相關民、刑事責任。然證券交易法第155條第1項各款之構成要件仍存在諸多疑義尚待釐清（包括相關主觀及客觀不法構成要件之解釋與認定、是否應增訂證券市場操縱行為之豁免條款等）。因此，本文將從比較法的角度，探討美國與歐盟對於證券市場操縱行為之規範，並檢視我國現行證券交易法第155條有關操縱行為之規範缺失，進而提出個人淺見，建議於證券交易法第155條增訂相關豁免規定，修正本條第1項之部分內容，並對於行為人主觀意圖之認定謹慎為之，以期完備我國證券市場操縱行為之規範法制。

Market manipulation will distort market price functions and disrupt market order. Accordingly, many countries have enacted legislation to prohibit market manipulation. Article 155 of the Securities and Exchange Act prohibits manipulative behaviors in the securities market, and violators will be subject to relevant civil and criminal liabilities. However, there are still many doubts about the constituent elements of Paragraph 1 of Article 155 of the Securities and Exchange Act that have yet to be clarified, such as interpretation and identification of relevant subjective and objective illegal elements, whether exemption clauses for market manipulation should be added, etc. Therefore, this article will explore the regulations on market manipulation in the United States and the European Union from the perspective of a comparative study, examine the shortcomings of current regulatory system in Taiwan, and then offer suggestions for improving Taiwanese regulations. It is recommended to add relevant exemption provisions to Article 155 of the Securities and Exchange Act, amend Paragraph 1 of Article 155 of the Securities and Exchange Act, and be cautious in determining the subjective intentions of the person, in order to complete the regulatory legal system for Taiwan’s securities market manipulation.