我国证券投资基金业“老鼠仓”行为法律规制初探

发布时间：2018-06-16 02:26

本文选题：老鼠仓 + 基金　；参考：《复旦大学》2014年硕士论文

【摘要】：“老鼠仓”行为本质上是一种利益输送行为,是对于信赖义务的违反,在基金从业人员与基金份额持有人利益冲突中产生。近年来,中国证监会不断加大对“老鼠仓”的打击力度,直至《刑法修正案(七)》将“利用未公开信息交易罪”列入刑法的规制范围,对“老鼠仓”行为进行了最严格的处罚。随着新《基金法》的实施,我们应当看到其对基金从业人员在证券投资方面放开,转而针对基金管理公司加强内部制度建设的进步,这与境外发达国家的许多做法类似,但是我们必须注意目前我国对“老鼠仓”行为法律规制的缺陷。笔者通过对我国现有法律制度的分析,指出目前存在的问题,结合其他国家和地区的立法例,提出完善我国“老鼠仓”行为法律规制的建议。本文共分五章。第一章对“老鼠仓”行为的概念进行本文的界定,阐述了具体的构成要件和表现形式,分析了在我国法律框架下与内幕交易行为的区别,进而提出规制“老鼠仓”行为的必要性。第二章以表格的形式总结了截至目前为止我国“老鼠仓”处罚案例的具体情况及该违法行为的最新特点。第三章笔者对目前规制“老鼠仓”的法律法规进行了全面梳理,指出了在《证券法》、《基金法》、《刑法》等法律规范中的不足与漏洞以及目前就“老鼠仓”行为提出民事赔偿的困难。第四章着重介绍了其他国家和地区对“老鼠仓”行为的法律规制体系,包括美国、英国及香港地区的法律法规,总结出我国法律中可以借鉴的地方。第五章对完善我国证券投资基金业“老鼠仓”行为法律规制机制提出建议,包括完善目前有关“老鼠仓”行为的立法,加强基金公司内部治理规范,完善我国相关责任追究机制,并且,着重加强行业自律管理等。
[Abstract]:The behavior of "mouse storehouse" is essentially a kind of benefit conveying behavior, which is a breach of trust obligation, which arises from the conflict of interests between fund practitioners and fund share holders. In recent years, CSRC has continuously intensified its crackdown on "rat storehouse" until the Criminal Law Amendment (7) included "the crime of using unpublished information transaction" in the scope of the criminal law, and imposed the strictest punishment on the "mouse storehouse" behavior. With the implementation of the new fund law, we should see that it has liberalized its portfolio investment for fund practitioners and turned to the progress of strengthening the internal system construction of fund management companies, which is similar to many practices in overseas developed countries. However, we must pay attention to the defects of our country's legal regulation of "mouse storehouse" at present. Based on the analysis of the existing legal system in China, the author points out the existing problems and puts forward some suggestions on how to perfect the legal regulation of the "rat storehouse" behavior in China by combining the legislative examples of other countries and regions. This paper is divided into five chapters. The first chapter defines the concept of "rat storehouse" in this paper, expounds the specific elements and forms of expression, and analyzes the differences between insider trading and insider trading under the legal framework of our country. Furthermore, the necessity of regulating the behavior of "rat storehouse" is put forward. The second chapter summarizes the specific situation and the latest characteristics of the illegal behavior in the case of "rat bin" in China so far in the form of a table. In the third chapter, the author makes a comprehensive analysis of the current laws and regulations governing the "mouse storehouse". The shortcomings and loopholes in the legal norms such as Securities Law, Fund Law and Criminal Law are pointed out, and the difficulties of putting forward civil compensation for "rat storehouse" at present are also pointed out. The fourth chapter mainly introduces the legal system of other countries and regions, including the laws and regulations of the United States, Britain and Hong Kong, and summarizes the areas that can be used for reference in our country's laws. The fifth chapter puts forward some suggestions on how to perfect the legal regulation mechanism of "mouse warehouse" behavior in China's securities investment fund industry, including perfecting the current legislation on "mouse warehouse" behavior and strengthening the internal governance norms of fund companies. Improve China's related accountability mechanism, and focus on strengthening industry self-regulation and so on.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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