| 英文摘要 |
To define an intent to create the impression of brisk trading on washsale in Securities Exchange Acts, judgment on the impression of brisktrading shall be made on turnover rate, so as to prevent the investor frombeing suspected or found guilty easily only for trading on less fluiditystock. As for the regulation regarding the continuous trading with an intentto speculate the stocks price, continuously day by day trading shall be oneof the key elements to confirm the causation of the stock price variationand speculation, not to mention the actor’s intention to speculate thestocks shall be proved as well. To reasonably apply the regulation onstock-price manipulation, the finding of an intent to create the impressionof brisk trading, an illegal intent on proprietary, and/or an illegal intent totempt the investors to deal on a specific stock, etc. could be the line todistinguish legal transaction from illegal speculation. Besides, as the judgment on stock-price manipulation always requires professional vision,it is thus proposed that forensic accounting and/or professional statisticalmethods shall be introduced and performed in our judicial system. Since the “Guideline of Security Surveillance Report for the CaseTurning in to Investigation” formulated by the Taiwan Stock ExchangeCorporation (TSEC) is not disclosed and is not by law itself, it wouldviolate Nulla poena sine lege if the prosecutor or the court defines a stockpricemanipulation based on it. In addition, the analysis conducted by theTSEC is not a trade record and shall have no admissibility of evidence, soas to ensure the accused’s right.
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