论证券内幕交易民事责任制度的实现

Studies on the Realization of Civil Liability of Insider Trading in the Securities Market

作者: 专业:法律 导师:杨忠孝 年度:2010 学位:硕士  院校: 华东政法大学

Keywords

stock market, insider trading, civil liability, system improvement

        内幕交易是证券市场与生俱来的顽症,由于在实行集中竞价的公开证券市场上,证券交易类似于以信息为中心的,非面对面或非人格化的匿名博弈过程,这给躲在暗处内部之人有可乘之机。内幕交易构成要素包括内幕人员、内幕信息、内幕交易行为三个部分。其中,内幕人员包括传统内幕人、推定内幕人、接受透露者;内幕信息必须符合未公开性、重大性两个标准;而证券内幕交易行为则呈现多样化的特征。虽然我国新、旧证券法均规定了内幕交易的法律制度,但有关内幕交易行为的认定内容规定不具体(当然,也可能与担心内幕交易行为处理会引发群体性矛盾等有关),才使得司法机关在追究相关责任人责任时有些束手无策。新《证券法》虽然进一步明确了内幕交易的民事责任制度规范,但也没有规定追究内幕交易民事责任的特别民事诉讼程序,司法机关即使要追究内幕交易者民事赔偿责任,也因囿于举证困难、当事人确定、赔偿数额的认定等方面的困难而难以有所作为。当然,监管机关为促进证券市场的健康发展,在内幕交易法律规制上已经做出了更多的努力,并不断取得新的成效。但更重要的是,稳定经济增长背景下的证券市场一定要变得更加规范。文章通过比较国外内幕交易规制方式,主张对我国证券内幕交易规制进行必要的制度构建,并以内幕交易民事责任的内涵分析为切入点,提出了完善内幕交易民事责任制度实现的程序保障的建设性意见。全文共分四章。约25000字。第一章主要分析内幕交易民事责任制度实现的基础,对民事责任的定义、性质、价值等予以阐述。分析得出的结论是,内幕交易民事责任的性质宜属于特殊侵权,在极少数情况下会发生违约责任与侵权责任的竞合。第二章分析了内幕交易民事责任制度内涵的基本分析,首先对内幕交易民事责任的构成要件做了阐述,其次介绍内幕交易民事责任的主要类型,主张以赔偿为主并借鉴国外经验引入撤销交易和惩罚性赔偿构建内幕交易民事责任制度类型的基本框架。本章还对内幕交易民事责任的抗辩原因提出了意见。以第二章的讨论为基础,本文第三章仍然讨论民事责任制度的内涵分析,但重点讨论了民事责任制度设计中的主要规则,包括赔偿义务人的确定、原告主体资格认定、损害赔偿数额的确定、内幕交易民事赔偿请求权的时效等问题。笔者主张原告主体资格的认定应把握同时与善意两个原则;对损害赔偿数额的认定,主张宜采取差价计算法。第四章主要分析了内幕交易民事责任制度实现的程序保障,提出需完善的部分,包括消除前置程序、举证责任倒置和引入集团诉讼规则。
    Insider trading is a inherent stubborn disease in the running of securities market of the world. The process of bidding in the open stock exchange market give a handle to those insiders grounded on the information-centric and anonymous non-face-to-face gaming securities transaction. The paper elaborates the definition of insider trading at the first place which comprises of three parts: the insider, the inside information and the format of insider trading. Among them, the insider is consists of three categories which are traditional insider, constructive insider and tippee, in the meantime, material non-public information and diversity of practice need to be taken into account as well. Although we adopted provisions related to insider trading in both previous and present securities law, but still, are not sufficient, especially on civil liability. There are, however, outstanding problems affect the efficiency of China’s stock market. As an important part of securities regulation and supervision, Chinese regulators need to make more efforts on the enforcement of insider trading regulation. It is can reasonably be expected that a stable growth approach combined with good and better regulation improvement will emerge in the long run of China. By reference other countries advanced experiences could possibly set a feasible example for us.This article starts elaborate from the definition of civil liability of insider trading and value in order to specify full exposition of civil liability.Then the article falls into four parts based on the above skeleton, contained about 25,000 words.Chapter one mainly discusses the very foundation of civil liability of insider trading by elaborating its character and elements, then came to the conclusion that classify this particular civil liability to the special tort category will be appropriate, despite the concurrence between liability for breaching contract and tort in a few cases.Chapter two sets forth the first part of civil liability of insider trading by analysis components at the first place, regarding to types of civil liability, put monetary compensation together with punitive damages, including choice of rescission, will be much diversity. Moreover, adding expressly statutory provisions for the defense is a necessity.Chapter three focuses on the second part of civil liability, mainly express the scope of proper plaintiff and defendant, the different methods counting the amount of compensation.Chapter four emphasis on the procedures of civil liability of insider trading. As to China, abolish pre-suit demand, shifting the burden of evidence and class action are three aspects needs to be improve.
        

论证券内幕交易民事责任制度的实现

摘要3-5
Abstract5-6
导言9-11
    一、问题提出9
    二、文献综述9-10
    三、选题意义10-11
第一章 内幕交易民事责任制度实现的基础11-19
    第一节 内幕交易民事责任的逻辑起点--内幕交易的认定11-12
    第二节 内幕交易的构成要件12-16
        一、内幕信息12-13
        二、内幕人员13-15
        三、内幕交易行为15-16
    第三节 内幕交易民事责任的概念和性质16-19
        一、内幕交易民事责任概念16
        二、规定内幕交易民事责任的必要性16-17
        三、内幕交易民事责任的性质和特殊性17-19
    第四节 内幕交易民事责任制度的价值19
第二章 内幕交易民事责任制度的内涵(上)19-25
    第一节 内幕交易民事责任的构成要件19-24
        一、侵权行为20
        二、损害后果20-21
        三、侵权行为与损害后果之间的因果关系21-22
        四、过错与归责原则22-23
        五、连带责任23-24
    第二节 内幕交易民事责任的主要类型24-25
    第三节 内幕交易民事责任的抗辩25
第三章 内幕交易的民事责任制度的内涵(下)25-28
    第一节 赔偿义务人的认定25-26
    第二节 原告主体资格的认定26-27
    第三节 损害赔偿数额的确定27-28
    第四节 民事赔偿请求权的时效28
第四章 内幕交易的民事责任制度实现的程序保障28-35
    第一节 内幕交易民事责任追究的一般机制28-30
        一、案件受理28-29
        二、诉讼管辖29
        三、诉讼方式29-30
    第二节 内幕交易民事责任追究的特殊规则30-35
        一、前置程序30
        二、举证责任30-31
        三、诉讼参加31-33
        四、我国的代表人诉讼制度33-35
结语35-37
参考文献37-41
致谢41-43
        下载全文需10


本文地址:

上一篇:论公司隐名投资的法律性质及相关纠纷处理机制
下一篇:资产证券化中的信用评级问题研究

分享到: 分享论证券内幕交易民事责任制度的实现到腾讯微博           收藏
评论排行
公告