日本法下的內幕交易資訊受領者責任：現狀、問題與展望

The Liability of Insider Trading Tippee under Japanese Law: Actuality, Issue and Forecast

內幕交易是危害資本市場正常交易秩序的幾種典型不公正交易行為之一，各國監管機構都將內幕交易的規製作為其重要職責。確定內幕交易行為主體的範圍對有效規制內幕交易十分關鍵，我國規定的相關行為主體主要有內幕資訊知情人和內幕資訊受領者兩大類，但目前關於後者主導的相關案例尚未得到充分披露，也難以總結出實踐中資訊受領者的主要類型及現行規定能否有效應對當前內幕交易案件頻發的現狀。因日本法對內幕交易行為主體的規定方式與我國較為相似，且相關案例資源比較豐富，本文旨在通過分析日本法的相關法律規定和司法實踐，歸納日本法相關規定的特點、找出目前存在的問題和將來可能的進路，並為我國規制內幕交易的立法和司法實踐提供借鑑和參考。

Insider trading is a typical form of unfair trading practices， which substantially impairs the order in the capital markets and has constantly arisen the attention of relevant regulatory authorities. Defining the scope of conductors concerning insider trading is a key to effectively regulate insider trading. According to relevant laws and regulations in China， the conductors include insiders possessing material information， and tippee of such material information. Since cases conducted by the latter have been rarely disclosed in China， it is difficult to conclude the main types of tippee as well as to evaluate whether current provisions are sufficient to deter the massive insider trading violators in reality. Meanwhile， the conductors of insider trading as prescribed by Japanese law is similar to which in Chinese law， and Japanese regulatory authorities provide abundant cases for disclosure purpose. This article will focus on relevant provisions and cases regarding insider trading conducted by tippee in Japan， conclude the features of Japanese law on tippee liability， try to locate potential problems existing under the current regime and to find out feasible solutions. The aim is to provide reference for legislators and legal practitioners concerning the regulation of insider trading in China.