内幕交易犯罪认定研究

发布时间：2018-05-12 21:47

本文选题：内幕交易 + 泄露内幕信息　；参考：《南京大学》2014年硕士论文

【摘要】：证券市场是市场经济资本筹集与配置的主要场所之一,与国民经济趋势的紧密联系,被称之为“经济晴雨表”。我国证券市场在伴随宏观经济迅猛发展的同时,内幕交易、泄露内幕消息等违法犯罪行为日益猖獗,严重扰乱证券市场正常秩序,侵害广大公众投资者的合法权益。内幕交易犯罪天然具有专业性、复杂性,加之相关犯罪分子一般具有地位、财富及权力方面的优势地位,监管部门查处起来困难重重,因而开始采取更多有力措施来打击内幕交易。在实践中,如何准确有效认定是否属于内幕交易,一直是监管部门工作的难点,也是司法审判工作中控辩双方争论的焦点。2012年3月29日,最高人民法院、最高人民检察院(以下简称“最高院、最高检”)联合发布《关于办理内幕交易、泄露内幕信息刑事案件具体应用法律若干问题的解释》(以下简称《内幕交易解释》),便旨在有效解决这一难题。该司法解释第三条采用“刑事推定”的证明方法,以“相关交易行为明显异常”等诸多特征来推定犯罪嫌疑人是否从事内幕交易行为。此解释一出,便引发了广泛讨论,实务界与理论界意见不一,甚至严重对立。本文除引言与结语之外,共分为六个部分：第一,内幕交易的内涵与特征。本文将扼要介绍内幕交易的实质、核心以及作为犯罪形式而言的诸多特征,揭示查处与认定内幕交易的困难所在,从而引出认定内幕交易的重要方式,即内幕交易刑事推定。第二,内幕交易刑事推定的基本概念。本文将简要介绍内幕交易犯罪刑事推定的基本含义、存在基础(哲学、实践及社会基础三个方面),并指出其对于打击内幕交易犯罪的价值所在。第三,内幕交易刑事推定的构成要件。笔者将对内幕交易刑事推定的构成要件一一解析,针对其疑点难点重点阐述诠释,以便实践中的正确适用。第四,内幕交易刑事推定在实践中存在的潜在问题与挑战。刑事推定在内幕交易认定中的适用并非总是恰当的,相反它面临着诸多的问题与质疑,例如程序上的,实体法上的,法理上的等等,笔者将结合具体的案例逐一进行揭示。第五,域外诸国内幕交易相关法律比较。笔者将列出主要发达国家和地区在认定内幕交易时所采取的种种措施与规则,指出他们的差异与融合趋势,并总结目前内幕交易法律规制的发展趋势与前景,努力寻找对我国内幕交易认定的有益借鉴。第六,关于完善内幕交易认定的建议。笔者将针对于第四部分的所提出的问题与质疑,结合对于域外法律的借鉴与研究,从而提出对我国内幕交易认定的建议。建议主要分为(1)实体法上建立一般性认定原则；(2)程序法上对全过程(从发起到抗辩到认定)予以细化：(3)引入专家委员会,提高内幕交易认定的专业性；(4)借鉴美国有益经验,适当考虑引入辩诉交易制度,有效维护投资者利益。
[Abstract]:The securities market is one of the main places for raising and allocating capital in the market economy, which is closely related to the trend of the national economy and is called "economic barometer". Along with the rapid development of macro economy, the illegal and criminal activities such as insider trading and leaking insider information are increasingly rampant, which seriously disturb the normal order of the securities market and infringe upon the legitimate rights and interests of the public investors. Insider trading crime is naturally professional, complex, and related criminals generally have a status, wealth and power advantages, regulatory authorities to deal with difficulties to deal with a lot of difficulties. So began to take more effective measures to crack down on insider trading. In practice, how to accurately and effectively identify whether insider trading is part of the work of the regulatory authorities has been a difficult point, and is also the focus of argument between the prosecution and the defense in the judicial work. On March 29, 2012, the Supreme people's Court, the Supreme people's Court, The Supreme people's Procuratorate (hereinafter referred to as "the Supreme people's Court, Supreme Procuratorate") jointly issued "on insider trading," Explanation of several problems in the Application of Law in Criminal cases of leaking Insider Information. (hereinafter referred to as "Insider Trading explanation"), the purpose is to solve this problem effectively. The third article of the judicial interpretation uses the method of "criminal presumption" to prove whether the criminal suspect is engaged in insider trading. As soon as this explanation comes out, it leads to extensive discussion, and there are different opinions and even serious antagonisms between the practical and theoretical circles. In addition to the introduction and conclusion, this paper is divided into six parts: first, the connotation and characteristics of insider trading. This paper will briefly introduce the essence, core and many characteristics of insider trading as a form of crime, and reveal the difficulties in investigating and identifying insider trading, thus leading to an important way to identify insider trading, that is, criminal presumption of insider trading. Second, the basic concept of criminal presumption of insider trading. This paper will briefly introduce the basic meaning of criminal presumption of insider trading crime, the existence basis (philosophy, practice and social basis), and point out its value in cracking down on insider trading crime. Thirdly, the constitution of criminal presumption of insider dealing. The author will analyze the constitutive elements of criminal presumption of insider trading one by one, focusing on its doubtful points and difficulties, so as to correctly apply in practice. Fourth, the potential problems and challenges of criminal presumption of insider trading in practice. Criminal presumption is not always appropriate in the determination of insider trading, on the contrary, it faces many problems and challenges, such as procedural, substantive law, legal theory and so on. Fifth, the comparison of relevant laws of insider trading in foreign countries. The author will list the measures and rules adopted by major developed countries and regions in identifying insider trading, point out their differences and trends of integration, and sum up the development trend and prospects of the legal regulation of insider trading at present. Try hard to find the beneficial reference to our country insider trading cognizance. Sixth, on the improvement of insider trading identification recommendations. The author will aim at the questions and questions raised in the fourth part, combine with the reference and research of the extraterritorial law, and then put forward some suggestions on the confirmation of insider trading in our country. The proposal is mainly divided into two parts: 1) establishing a general principle of cognizance in substantive law and 2) introducing a committee of experts in procedural law to refine the whole process (from initiation to defense to confirmation) to improve the professionalism of insider trading identification) and to draw lessons from the beneficial experience of the United States. Appropriate consideration should be given to the introduction of plea bargaining system to effectively safeguard the interests of investors.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：D924.3

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