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近年来,证券与期货市场之区隔已渐渐模糊,助长了金融衍生品之跨市场内幕交易行为。本文介绍我国台湾地区相关案例及证券与期货内幕交易规范,探讨二者之规范间隙与其弥补手段,并对有价证券衍生品之跨市场内幕交易,提出以下几点建议:第一,“有价证券”衍生品的交易,其价格变动与特定有价证券具备高度关联性者,应同受内幕交易规范之拘束。第二,有价证券衍生品的内幕交易,与抢先交易在规范主体、规范客体及内幕信息等层面都具备差异性,应予以区分。第三,建议有价证券衍生品的内幕交易规范,采取“准用”证券内幕交易规范的立法手段,有利于沿用证券内幕交易所累积的意见及经验,且可避免法令适用的复杂化以及潜在的竞合适用问题。
In recent years, the separation of the securities and futures markets has gradually blurred, contributing to cross-market insider trading of financial derivatives. This article introduces the relevant cases in Taiwan of our country and securities and futures insider trading norms, discusses the gap between the two norms and their remedies, and puts forward the following suggestions on cross-market insider trading of securities: First, Price securities “Derivatives transactions, the price changes and specific securities have a high degree of relevance, should be subject to the rules of the insider trading constraints. Second, the insider trading of securities derivatives should be distinguished from the preemptive transactions in the aspects of standardizing the subject, standardizing the object, and insider information. Thirdly, the proposed legislation on the insider trading of securities derivatives should be based on the legislative measures of ”regulating" securities insider trading practices, which will be conducive to the accumulation of opinions and experiences accumulated by securities insider dealing and may avoid the complication of the application of laws and ordinances As well as potential competing issues.