A Study of the Practice of Anti-manipulating Provision in the Centralized Securities Exchange Market-----Focusing on the Criminal Responsibility of Securities and Exchange Act of Taiwan, R.O.C. , Article 155, ProvisionⅠ

• Main Authors: Tung-Liang Shih, 施東亮
• Other Authors: Chih-Ming Yao
• Format: Others
• Language: zh-TW
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/7e5z3n

碩士 === 國立高雄大學 === 法律學系碩士班 === 97 === The goal of formulation of Securities and Exchange Act of Taiwan, R.O.C. is “develops the national economy” and “the safeguard investment”. One of the most important functions of Securities Exchange Market, lies in forms the moderate price. In the open market, the negotiable securities transaction, is based on the negotiable securities value realizing, forms certain supply and demand relations, and to decide the transaction price. Manipulating the market quotation, will twist the market function, therefore we have to perform to forbid it, and will avoid as a result of the artificial operation, avoid creating the false transaction and the incorrect price , and misleading appearance of active trading in any security , the harassment finance order, then influence the development of the nation economy. Our country negotiable Securities and Exchange Act, Article 155, is the standard operating to prohibit the market quotation behavior designed in view of this kind, calls it generally “Anti-manipulation provision”. Speaking of the Taiwan stock market actual operating situation, the artificial stock price always is a financial crime important link. In recent years, the Taiwan stock market occurred are many the significant manipulative stock price cases, caused the society to focus attention on. Demonstrated by the Securities & Futures Bureau of Financial Supervisory Commission, Executive Yuan, the detection prosecution from 1999 to 2008 , and after all levels of court trial significant negotiable securities crime cases, namely had 78 cases. Because the case content is complex, during various cases after all levels of receive examining the court, often delay the date and time, to the influence of society and finance condition, does not have any significances, and often suffers the commentary from people, its reason why, whether is the present laws and regulations content has the flaw, or the suspect of the illegal activity to recognize is not easily, or so that the court is unable to make the accurate decision, or has other factors, urgently awaits to explore. Negotiable the Article 155, Securities and Exchange Act of Taiwan, has legislated since 1968, the legislator refers to the theory and the practice decision, carries on 3 amendments to this article content around to revise, however, its effect resembles is not still ideal. This study on the Article 155, provisionⅠ, each section stipulation, will deliberate the 3 times amendments around the law, paragraph by paragraph, each chapter will carry on the analysis comparison, and will refer to US, Japan and European Union sets up the legal regulation, and the cases, the reasons of the court decision, to understand whether the laws and regulations content still do have the flaw as well as the implementation whether still have its difficulty, and search the solution.