操縱股價制度的檢討──以意圖活絡表象的沖洗買賣及意圖炒作股價的連續買賣為中心

A Review on Stock Price Manipulation ─Focusing on an Intent to Create the Impression of Brisk Trading on Wash Sale and Continuous Trading for an Intent on Stock Speculation

證交法規定以意圖活絡表象的沖洗買賣，認定交易活絡表象之判斷應以日週轉率為宜，以避免投資人買賣流動性較小之公司股份即輕易構成犯罪。至意圖炒作股價而連續買賣之規範，應以逐日交易為要件，以確立股價變化與行為人炒作行為之關聯性，並應證明行為人主觀具有炒作股價之不法意圖。為限縮該款適用，製造市場活絡表象意圖、不法所有意圖、引誘他人交易之意圖等構成要件，可做為劃分正當買賣與不法炒作之界線。此外，操縱股價之要件認定有其專業性，確有仰賴鑑識會計或專業統計方法之必要。證券交易所之「有價證券監視報告函送偵辦案件作業要點」並未公開，以此要點做為操縱股價與否之認定基礎有違罪刑法定主義，且證券交易所出具之交易意見分析書，非交易紀錄而屬意見表達之部分，應認無證據能力，以保障被告訴訟權。

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.