内幕交易违法所得司法判断规则研究

发布时间：2018-08-18 10:20

【摘要】：违法所得是影响内幕交易定罪量刑的重大要素,但法律与司法解释规定的原则性、判例的实践争议性及资本市场刑法理论解释能力的有限性,共同决定了内幕交易违法所得司法判断规则亟须完善。内幕信息公开后,市场价格客观出现了与信息内涵相应方向的价格波动,应推定信息与价格具有相当因果关系,以内幕交易者实际实施的相关平仓价格水平作为计算违法所得的基准价格;内幕信息与平仓价格水平无关,交易所得是受外部市场介入因素影响的,应当排除内幕交易违法所得的认定或者扣除相应数额;未完成平仓或者意图规避损失的内幕交易,其违法所得属于法律拟制的犯罪结果,应根据内幕信息与市场价格关联性、持仓水平、规避损失等具体要素进行司法核定。内幕信息传递的违法所得,应当根据信息价值是否通过他人金融商品交易行为转化为信息传递者的个人经济利益予以核定。
[Abstract]:Illegal income is an important factor that influences the conviction and sentencing of insider trading, but the principle of the law and judicial interpretation, the controversy of the practice of the case and the limitation of the explanation ability of the capital market criminal law theory. It is decided that the judicial judgment rules of the illegal income from insider trading should be improved urgently. After the insider information is made public, the market price fluctuates objectively in the direction corresponding to the information connotation, and it should be presumed that the information and the price have a considerable causality. The relevant unwinding price level actually implemented by the insider trader is used as the benchmark price for calculating the illegal income; the insider information has nothing to do with the level of the liquidation price, and the trading proceeds are influenced by the external market intervention factors. The identification or deduction of the illegal proceeds of insider trading shall be excluded or the corresponding amount shall be deducted; the illegal proceeds of insider trading which have not been closed or intended to avoid losses shall be the result of a crime assumed by law, and shall be related to the market price according to the insider information, Position level, loss avoidance and other specific elements for judicial approval. The illegal proceeds of insider information transmission shall be determined according to whether the value of information is transformed into the personal economic interests of the information transmitters through the trading of other people's financial commodities.
【作者单位】：华东政法大学;
【基金】：国家社科基金重大项目“涉信息网络违法犯罪行为法律规制研究”(项目批准号:14ZDB147)的阶段性成果
【分类号】：D922.287

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