The Theory and Practice of the Insider Trading
Date Issued
2009
Date
2009
Author(s)
Ho, Chien-kuan
Abstract
In view of the active capital markets, financial crimes, one after another, especially in the conduct of insider trading. Capital markets have often resulted in unfair phenomenon. This paper is divided into nine chapters on the theory and practice of insider trading . Insider trading and whether there should be punishment of controversy began in 1966, Professor Henry G. Manne legal point of view of economic analysis, expressed opposition to insider trading norms, causing extensive academic and practical discussion, since both positive and negative campaign launched the debate, although Governments have made insider trading of punishment, but punishment of the reasons for opposing the enactment of laws, I also thought of the merits. Insider trading system was learned from the United States, so the spirit of its insider trading theory and judicial practice of opinion has its importance. U.S. judicial practice, insider trading regulations of the road after a few turns, for insider trading norms, from the early market on the view that any person who know insider information, should comply with the publication of news or a ban on the sale of provisions(The Disclose or Abstain Rule), later reduced to limit the scope of combat that has a trust obligation to apply the provisions of personnel, namely, the Fiduciary Duty Theory, but because many do not have trust in the relationship between the people to carry out insider trading, resulting in unfair circumstances, they also have the Misappropriation Theory, to expand the scope of application of insider trading. European Union is aware of the development of globalization, stock market fraud shows the complexity and transnational nature, and new financial products and derivatives have also been introduced, cross-market manipulation and insider trading significantly increased the risk, in order to maintain European stock market trading order, the European Community Council, in November 3, 1989 release, "the coordination of insider trading Directive" (89/592/EEC), to the minimum standard requirements of Member States. The European Union in 2003, promulgated the "insider trading and market manipulation instructions" (2003/6/EC), the European Union within the scope of the prohibition of insider trading and market manipulation. The Member States of the United Kingdom, Germany and France, respectively, in response to the requirements of the EU directive to strengthen the legislative insider trading penalties, and the establishment of a single competent authority to carry out cross-border cooperation to monitor and control the market abuse . Japan in 1988 for acts of insider trading in the Securities Exchange Act of section 166 and other provisions provide for punishment of acts of insider trading. For indeed the supervision of the securities market on the market abuse, in 1992 set up the Securities Regulatory Commission, in order to strengthen the prosecution and supervision of the securities market. In 2006 Congress passed the Securities Exchange Act of amendment, changed its name to financial products and Exchange Act, and in September 2007 implemented, the new law to increase the penalties for insider trading, and other administrative measures to deter acts of rampant insider trading. This article explores the last of Taiwan''s insider trading norms of theoretical foundation, elements of insider trading analysis and criminal liability. Discuss how the Prosecutor investigating insider trading and the burden of proof to meet the point, because of insider trading of financial crime has its professionalism, prosecutors investigating insider what weapons can use. They should pay attention to in order to avoid evidence of the ability of the attack suffered by lawyer. Citing the case found not guilty to be discussed, pointed out that the errors lie, reference for investigators.
Subjects
Insider trading
Misappropriation Theory
Burden of proof
SDGs
Type
thesis
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