The Materiality of Information and the Exemption Clause of Insider Trading : From the Perspectives of the Comparative Law between the U.S. and Taiwan

• Main Authors: Yuan-YuanLo, 羅元媛
• Other Authors: Chun-Jen Chen
• Format: Others
• Language: en_US
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/72748k

碩士 === 國立成功大學 === 法律學系 === 102 === Insider trading violation has been in the headline of the news for the past decade. However, insider trading violation case still occurs every year. Although prosecutors constantly show their determinations in combating this type of economic crime, the decisions of the courts are ambiguous. The indefinite legal concept of certain elements of insider trading regulations is the main reason for this result. High rate of indictment but ending with low rate of culpability, not only cause the insiders’ conduct unforeseeable, but dismay the public. This thesis focuses on numeral controversial issues in connection with the disputes or debates of insider trading constitution elements, and attempts to provide suggestions to current judicial application and legislation. This thesis first introduces long-term disputed theories of insider trading prohibition to elaborate the justifiable reason for inside trading prohibition and punishment. This thesis attempts to discuss several disputes regarding to insider trading based on its fundamental prohibiting theories. This thesis discusses the issue of materiality information, introducing numeral cases in the U.S. and Taiwan. Furthermore, this thesis provides an in-depth discussion of the subjective elements of insider trading constitution, and emphasizes on the analysis of the necessity of the enactment of exemption clause in Taiwan on the basis of the U.S. regulations. Insider trading prevention policy is a dilemma of balancing individual rights and market integrity. This thesis hopes to facilitate the law compliance of insiders and other legal specialists and attain the honest market protecting purpose by providing plausible suggestions and interpretations to the insider trading regulations construction.