“利用自身資訊交易”作為內幕交易抗辯規則的建構──兼論我國內幕交易安全港規則的基本框架

The Construction of the Rule of“Trading with One’s Own Information”as the Defense of Insider Trading: On the Basic Framework of Safe Harbor Rule for Insider Trading in China

“利用自身資訊交易”是指利用自己的資訊對並非自己發行的金融工具實施交易的情形。成熟市場通過不同的監管路徑構建了利用自身資訊實施交易免受內幕交易責任規制的抗辯規則。我國現行《證券法》除沿襲舊法對收購情形下利用自身資訊實施交易予以內幕交易責任豁免外，對內幕交易安全港規則尚無內在統一的立法思路。本文以自身交易資訊作為切入點，考察不同內幕交易監管理念下“利用自身資訊交易”作為內幕交易抗辯規則之結構性差異，厘清利用自身資訊實施交易應當免於承擔內幕交易責任的內在邏輯，進而為我國規制內幕交易制度的完善，尤其是內幕交易安全港規則的構建提供框架性建議。

"“Trading with one’s own information”refers to the trading of financial instruments not issued by one’s own with one’s own information. Mature markets have constructed defense rules to avoid insider trading regulation application by using their own information through different regulatory paths. China’s current Securities Law follows the previous law and exempts the liability of insider trading by using one’s own information in the case of acquisition, which has no unified legislative approach for the safe harbor rule of insider trading. This paper takes one’s own trading information as the lead, investigating the regulatory path differences of trading with one’s own information under different insider trading regulatory philosophy, and clarifying the internal logic that trading with one’s own information should be exempted from insider trading accountability, so as to provide framework suggestions for the improvement of China’s insider trading regulatory system, especially the construction of safe harbor rules of insider trading."