Research on Sanctions of Insider Trading —Focusing on the Japan Administrative Monetary Penalty
Date Issued
2014
Date
2014
Author(s)
Hsu, Sung-Po
Abstract
Same as the other countries, to protect domestic investor and prosper the capital market in Taiwan, insider trading is not allowed in Taiwan security laws and regulations and the criminal sanction against insider trading has been increased continuously. However, up to now, the amount of insider trading doesn’t decrease accordingly and the criticism of prosecution’s difficulty that increase social cost comes up. It''s obvious that to impose harsh criminal sanctions on the insider trading cannot prevent the occurrence of insider trading effectively in Taiwan. Same as Taiwan, Japan also amends its security laws in reference to US security law; and, in Japan''s Financial Instruments and Exchange Act, insider trading regulations include criminal, civil and administrative sanction（Administrative Monetary Penalty）. Nowadays, the administrative sanction plays an important role in the field of Japan insider trading prevention. Because a harsh punishment cannot decrease the amount of insider trading in Taiwan, in this article, I would like to introduce the mechanism of Japan administrative sanction against insider trading, analyze whether Taiwan can import such the administrative sanction against insider trade into Taiwan securities laws and regulations, and figure out whether the administrative sanction is the best way to solve the problem or not. In the last part of this article, a conclusion with respect to the possibility and necessity of administrative sanction on insider trading in Taiwan will be made, and I will try to build up a Taiwan-Style administrative sanction on the insider trading.
Keywords: Japan Administrative Monetary Penalty, Capital Market, Insider Trading, Criminal Sanction, Civil Sanction, Administrative Sanction, Financial Instruments and Exchange Act
Subjects
日本行政課徵金
資本市場
內線交易
刑事制裁
民事制裁
行政制裁
金融商品交易法
SDGs
Type
thesis
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