Ξ :,, :,, :,, 1, 30 1934,10 (b) ( SEC) 10 b25,, 1984 1988, 2 1948,,,1953,, 1988 1980 Ξ 1 :, :5,1996,89 2 1984 25,1988, 100, 250, 5 10 1, 91
2000 2 1985 1986 1993 1993,, 1991 9 1 3,,,,,, 4 1934, 5,,,,,,,,50, :,,, 6,,,,,, 7 :, 8,,,,,,,,, 9, (insider trading),,, 3 : ( ),1999,943 4 []:,,1995 1 5 See ABA Sec. of Corp. Banking & Bus. Law, Conf erence on Codif ication of the Federal Securities L aw (1967),22, Bus. Law p. 922. 6 Fratt V. Robinson,203F 2d. 627. p632 (9th,cir,1953) 7 1, 8 :,1982,9 9,,,, 92
,,,: (),,( ),, (constructive insid2 ers),,,,,,,,,,(), 10,,, (Chiarella) 11,14e23, 12,( Powell) (Driks),,:,,, (Driks), 13, (tippee),, 14,,,, 67 68 10Moss V. Morgan Stanley Inc. 719 F2d 5 (2d,cir.,1983) 11United States V. Chiareua,588F 2d 1358 (2d,cir,1978) 12United States V. Chiarella,588 F 2d 1358 (2d,cir.,1978) 13Dirks V. SEC,463 US 646,103 S. G. 3255,77L. ED. 2D911 (1983) 14 4, 93
2000 2 5 13,,,,,, (),, 15 : (1) ; (2) ; (3) 16, () 11,,,,, : (1) ; (2) ; (3),,,,,,,,, 17 21,,,, 18,, 19,, 15 69 16 1,; :,1999,93 17 1, 18TSC lndustries lnc V. Northway lnc,426. US438,P450. 19SEC V. Bausch & Lomb lncorporated,565 F 2d 8,p10 (1977). 94
, 20,,,,,,,, :,;,,,, () 21 : (1) ; (2), ; (3),,,, ( ) (),, 22 ( Ernst & Ernst V. Olga Hachfelder),, 23,,,,,( more than simple or inexcusable negli2 gence) 24,,,, ( ), 25 26, 20 69, 5 21 22 1,,5,96 23Ernst & Ernst V. Olga Hachfelder,425 US 185,P210 (1976). 24SEC V. Sothwest coal & Inergy go.,624 f. 2d 1312,1321n c 5 th cir. 1980. 25John Morris Cross ( 1990) 91 Cr. App. R. 115 ( ) : Yanion, Report of the lnsider Dealing Tribunal of Hongkong on Public International Invest ment limited ( Hong Kong :1995),pp82-83. 26Report of the insider Deding Tribunal of Hong Kong on S uccess Holdings L i mited ( Hong Kong :1994). P82 3,,960 95
2000 2 27,,,, : (1), ; (2), ; (3) 28,,,, 29 (Diamond V. Oreamuno),, 30,,,, 31,,, ( ),,,,,,,,,,,,,,,,?,,,, (SEC V. Texas Gulf Sulphur Co. ),,,SEC10b25, 27Lewis d. Soomon, Donald E. schwarte,jeffrey bauman, Corporations law and policy, West Publishing co. p1255, (1988). 28Freeman V. Decio,584 F 2d 186 PP. 194-195. 29Schein V. Chasen,478 F 2d 817 (1973). 30Schein V. Chasen,478 F 2d 817 PP. 822-823 (1973). 31Wang, Trading on M aterial, Non Public Inf ormation on I m personal M arkets : W ho is harmed, and W ho can S ue w hom U nder S EC R ule 10b25,54 S. Cal L Rev 1217, (1981). 96
(non face to face),, 32 ( Heit V. Weitzen),, (in connetton with puchase or sale), 33,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,10 b25, 34, : ;?,,,,: (1), 32SEC v. Texas Gulf Sulphur Co,401 F. 2D 833 (2d cir,1968). 33Heit v. Weitzen,402 F. 2d 909 (2d cir,1968). 34Fridrich V. Bradford,542 F 26 307 (6 th.,cir,1977) 97
2000 2, (2), :,,;,, 35,,, 20 36,,, 1988 20A (b) :(1) (a), 37 (),,, (short swing trading),( ),,, 16 (b), 6,( ),,6 6,,,,,,,,(6 ),,,6 38, 35:,1999,182 36131 6 37Harry McVea, Fashioning a System of Civil Penalties f or Insider Dealing : Sections 61 and 62 of the Financial. Ser2 vices Act 1986 (1996)JBL 344,P353. 1, 3816 (b) Thomas G. Corcoran Hearings on Stock Exchange Praictices bef ore the Senate Com mittee on Bank and Currency,73d. Cong, 2d Sess 6557 (1934) See Gadsy, idpp8-5. 98
,,,,,,,, 40 38 : 5 %,6 6, 5 %,, (),,, : (1), 10 %,, 5 %,5 41,,,,,, 5,, 42 (2) 5 %,,,,,, 43,, (), 39,,, ;,,,?,,,,,,,,, 39:,:1,1994,219 40 189, 157 41 42 1, 43Louis loss : Fundamentels of Securieies Regulation,p. p. 569-574, :1, 1994,220 99
2000 2,,,,,, () 16 (a), 12 (g), 10,, 10,,, 44, 1967,,, 10 45 (),, (disgolgeinent),,,, 46, 11,,,,,,,,,, 16 (b),,,,60,, 157,,, 30, 189 21,,,,,, ( 60, 30 ),,, 44:, 1997,372 4562 64 46:1,1994,221 100
, 47,,,,, 48 207,, 49, 4 50,,,,, Abstract :This paper stands for that the victims in insiders trade should be relieved by private law. It defines the subjects,inside information,conduct of trade,intention or negligence of the traders. It also inquires into the procedure status of a victim,the criterion of liability and the liability of in2 side traders. By the end,the author emphasizes that civil relief should be in the priority place,com2 paring to other punishments. 47:1,1994,221 48 1, 49SEC V. Texas Gulf Sulphur Coh. 401 F 2d 833 (2d,cir,1968) 50[] S:, 1993 4 101