美國「內線交易」(insider trading)之規定

1934年證券交易法10b

 

任何人(直接或間接利用州際商務工具，或郵件，或全國性證券交易所設備之人)於買賣上市或非上市有價證券時，不得使用操縱或詐欺之手段、計謀等而違反SEC為維護公共利益及保護投資人所制定之規定。

To use or employ, in connection with the purchase or sale of any security registered on a national securities exchange or any security not so registered, any manipulative or deceptive device or any securities-based swap agreement, or contrivance in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors.

 

SEC Rule 10b–5

 

 

任何人(直接或間接利用州際商務工具，或郵件，或全國性證券交易所設備之人)於買賣上市或非上市有價證券時，不得直接或間接地為下列各款行為：

1、利用任何方法、手段或詭計從事詐欺行為。

2、對重要事實作不實陳述，或省略某些重要事實陳述，以致在當時之情境下，能使他人產生誤導之效果。

3、從事任何會對他人產生詐欺或詐欺之情事的行為、業務、商業活動等。

 

It shall be unlawful for any person, directly or indirectly :

(a) to employ any device, scheme, or artifice to defraud,

(b) to make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading, or

(c) to engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person, in connection with the purchase or sale of a security.

「公告消息否則禁止買賣」(disclose or abstain Rule )

 

 

內部人或那些被認為係暫時或準內部人，其擁有重要非公開消息，必須在交易前揭露之，或戒絕交易直至消息已公開。

insiders, and those who would come to be known as "temporary" or "constructive" insiders, who possess material nonpublic information, must disclose it before trading or abstain from trading until the information is publicly disseminate.

 

平等接觸理論(The Equal Access Theory )

 

 

SEC v. Texas Gulf Sulphur Co. ( federal circuit)

任何人持有內部消息，被要求去公開地揭露消息或戒絕交易；沒有人應被允許基於內線消息之優勢而交易，因其猶如欺騙市場上其他買賣者。

anyone in possession of inside information is required either to disclose the information publicly or refrain from trading；no one should be allowed to trade with the benefit of inside information because it operates as a fraud all other buyers and sellers in the market.

 

忠實義務理論(The Fiduciary Theory)

 

 

 

 

 

 

 

 

 

 

 

 

Chiarella V. United States(1980)

 

 

 

基於重要非公開消息交易本身並未違反禁止詐欺條款，因為印刷工人對於併購目標公司之股東未負有義務，所以其未欺騙他們。

trading on material nonpublic information in itself was not enough to trigger liability under the anti-fraud provisions and because the printer owed target shareholders no duty, he did not defraud them.

Dirks V. SEC

 

 

 

 

 

 

最高法院在Dirks案，認為：消息受領者負有責任，假如他們知道或有理由相信消息傳遞者透露重要消息係違反一忠實義務，且因此透露而獲有直接或間接之私人利益。

Dirks held that tippees are liable if they knew or had reason to believe that the tipper had breached a fiduciary duty in disclosing the confidential information and the tipper received a direct or indirect personal benefit from the disclosure.

Dirks footnote 14.

 

 

 

 

 

準內部人 –外部律師、顧問、投資銀行業者等– 其藉由提供服務之過程，合法地從公司獲得秘密消息。假如公司期望準內部人保守消息之秘密，這些準內部人承接了真正內部人之忠實義務。

constructive insiders" – outside lawyers, consultants, investment bankers or others – who legitimately receive confidential information from a corporation in the course of providing services to the corporation. These constructive insiders acquire the fiduciary duties of the true insider, provided the corporation expected the constructive insider to keep the information confidential.

 

私自取用理論(The Misappropriation Theory)

 

 

 

 

 

 

 

 

 

 

 

United States v. Carpenter.

(1986,Second Circuit)

 

「私自取用理論」更廣泛地禁止內部人或其他人於證券買賣上侵占非公開消息。

 

The misappropriation theory more broadly proscribes the conversion by insiders' or others of material non-public information in connection with the purchase or sale of securities.

United states V. O’Hagan

 

「私自取用理論」認為當一個人為了證券交易的目的濫用重要消息而違背其對消息來源的義務，其犯了證券交易的詐欺，且因此違反了10(b) 和Rule 10b-5。在這理論下，受託人未揭露消息，而自行使用委託人的消息去買賣證券，違反忠實及保密義務，騙取了專屬於委託人之消息使用權。私自取用理論將責任之前提置於由受信託人轉變之交易人對賦予其接近秘密消息管道之人的欺騙，取代了以公司內部人和公司股票買賣者間委託關係為前提之義務。

 

 

The "misappropriation theory" holds that a person commits fraud "in connection with" a securities transaction, and thereby violates 10(b) and Rule 10b-5, when he misappropriates confidential information for securities trading purposes, in breach of a duty owed to the source of the information. Under this theory, a fiduciary's undisclosed, self-serving use of a principal's information to purchase or sell securities, in breach of a duty of loyalty and confidentiality, defrauds the principal of the exclusive use of the information. In lieu of premising liability on a fiduciary relationship between company insider and purchaser or seller of the company's stock, the misappropriation theory premises liability on a fiduciary-turned-trader's deception of those who entrusted him with access to confidential information.

 

SEC Rule 10b5-1

10(b) 及 Rule 10b-5所禁止之操縱或詐欺行為包括：憑藉關於有價證券之重要非公開消息而為該有價證券之買賣，違反其對該證券發行人、股東或重要非公開消息來源之人，直接、間接或衍生所負有之信託或保密義務。

 

 

 

 

一個人持有內線消息而交易即違反Rule 10b-5；假如買賣有價證券時知曉重要非公開消息，即是所謂憑藉重要非公開消息。

The "manipulative and deceptive devices" prohibited by Section 10(b) of the Act and Rule 10b-5 thereunder include, among other things, the purchase or sale of a security of any issuer, on the basis of material nonpublic information about that security or issuer, in breach of a duty of trust or confidence that is owed directly, indirectly, or derivatively, to the issuer of that security or the shareholders of that issuer, or to any other person who is the source of the material nonpublic information.

 

 

a person violates Rule 10b-5 simply by trading while in "possession" of inside information. It states, in full, that

Subject to the affirmative defenses in paragraph (c) of this section, a purchase or sale of a security of an issuer is "on the basis of" material nonpublic information about that security or issuer if the person making the purchase or sale was aware of the material nonpublic information when the person made the purchase or sale.