公平交易理论下内幕交易受害投资者司法救济

发布时间：2018-01-09 08:14

本文关键词：公平交易理论下内幕交易受害投资者司法救济　出处：《中外法学》2017年03期 　论文类型：期刊论文

【摘要】：内幕交易受害投资者司法救济制度构建的前提,是对内幕交易与投资者损害之间法律关系的合理阐释。内幕交易既未侵害投资者知情权,也没有对其投资决策造成误导,因此不属于欺诈行为,反欺诈理论的事实基础并不准确。就危害实质而言,内幕交易属于使用非法信息优势的不公平交易行为,侵害了交易对手依据平等决策基础和相同成败机会进行公平交易的合法权益。依据公平交易理论,内幕交易损害赔偿请求权人应当被界定为与内幕交易时间完全一致的善意反向交易者,其有权获得的赔偿数额为实际买入和卖出相关证券的价格差额,同时应以内幕交易人的违法所得数额为限。
[Abstract]:The premise of the construction of the judicial relief system of insider trading is the rational explanation of the legal relationship between insider trading and investor damage . The insider trading not only violates the right of investors , but also does not mislead the decision of investment . Therefore , it does not belong to fraudulent behavior , and the fact basis of anti - fraud theory is not accurate . According to the theory of fair trade , the right person should be defined as a kind of good faith reverse trader with the same time as the insider trading time . The compensation amount is the difference between the price actually bought and sold . At the same time , it should be limited to the amount of the insider trading person ' s illegal earnings .

【作者单位】：最高人民法院;
【分类号】：D922.287
【正文快照】： 引言内幕交易违背资本市场“三公原则”,严重破坏市场诚信基础,影响市场功能发挥,直接损害投资者合法权益,被视为资本市场的毒瘤。因此,内幕交易始终是我国证券行业监管的重点,对其惩罚力度也呈现出不断加大的趋势。[1]与此形成明显对比的是,证券投资者因内幕交易所遭受的损

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