A Study of Insider Trading Related questions in the domain of Mergers and Acquisitions

• Main Authors: Xie, Yi-lin, 謝宜霖
• Other Authors: Zhou,Zhen-feng
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/65xkh5

碩士 === 國立中正大學 === 法律學系碩士在職專班 === 106 === Mergers and Acquisitions (hereinafter “M&A”) are company’s significant decisions, and will influence the company’s management policy. The stock price of the M&A companies’ may arise when the information is disclosed to the public. During the M&A negotiation process, the participants, including the insiders and other organization’s specialist consultants, such as lawyers, accountants or bank investors, may also receive information regarding the trading tendency and insider trading may then occur. Because of the characteristics of economic criminal law,legislators used a large number of indefinite legal concept, which causes court practice discrepancy between the scope, significance of material information, whether the time at which inside information is formed, and whether public and other issues, in addition the evidence not easy to obtain, making low conviction rate in insider trading. This thesis is intended to give a brief introduction of the theoretical basis for insider trading and related norms of our country, the United States and the European Union. Then taking this as the foundation, organize and analyze relevant cases of our country court practice and discuss the viewpoints adapted by Taiwan courts toward “the time at which inside information is formed”, “announce material information in the public ”, “the standard of the use or knowing Possession” and other controversial issues, are proper. In the end, concludes with the further discussion on elements’ interpretation and identification in the cases which previously mentioned in the foregoing Chapters of this thesis, and the conclusion and suggestions are provided in this Chapter.