TGS案之資訊平等理論

The Equal Access Theory in TGS

本文探究美國內線交易法上之資訊平等理論的意涵，而以其中之指標判決Cady, Roberts案及TGS案為研究對象，並以後者為中心，追溯其在當時時空背景下之來龍去脈，而主張即使Cady, Roberts案及TGS案在分類上同歸資訊平等理論，然二者仍有不同。TGS案無論由其行文、引用文獻，與其他判例之關係或是後續發展，較諸Cady, Roberts案皆更有爭議。我國實務雖主張證券交易法第157條之1規定，係採取資訊平等理論，然究係哪一版本之資訊平等理論、其內涵為何，最高法院未有言明，而有探究必要。本文藉由美國法之研究，試就此問題提出若干觀察與思考。

Based on Cady, Roberts and TGS, especiailly the latter, this article explores the meaning of the equal access theory on the US insider trading jurisprudence. Tracing back to the context at that time, this article argues that, although being classified under the category of equal access theory, Cady, Roberts and TGS differ significantly. From the reasoning, literatures cited or its following treatment, TGS is more controversial than Cady, Roberts. First, TGS, without adequate reasoning, jumped into the conclu-sion that anyone in possession of material nonpublic information should bear the liability of insider trading. Second, the precedents TGS cite were made before the enactment of the Securities Exchange Act of 1934. Third, the articles TGS cites does not mention equal access of information. Four, TGS is read narrowly in the following cases by the US court. The courts in Taiwan generally hold that Article 157-1 adopts the equal access theory, but they do not specify the version of equall access theory to be adopted and what does such equal access theory means. This article tries to provide some observations and thoughts through the lens of the comparative study of the US law.