【摘要】 当前,各国对证券内幕交易主体进行规制的理论基础不同,主要以欧盟的信息平等理论和美国的信赖关系理论为主导。尽管新《证券法》对证券内幕交易主体进行修改,但是由于仍以信赖关系理论作为主要理论基础,导致立法存在一些问题:主体范围不一致,部分应当纳入内幕交易主体范围的人员被遗漏等。经过梳理分析已裁判的案例发现,司法认定存在以下难题:部分证券内幕信息知情人员的认定存在争议,对非证券内幕交易主体正当获取内幕信息的认定不尽相同,经过多次传递的证券内幕信息接收人存在认定困境。针对立法与司法中的问题,我国应当以采用二元理论,以信息平等理论作为主要理论基础,对证券内幕交易主体进行立法修正,重新构建主体范围,进一步细化认定标准,并设定不同的证明标准。更多还原

【Abstract】 Currently, different countries have different theoretical foundations for the regulation of the insider trading subjects of securities, mainly based on the equal access theory of the European Union and the fiduciary theory of the United States.Although the New Securities Law has revised the insider trading subjects of securities, it still takes the fiduciary theory as the main theoretical basis, which leads to some problems in the legislation: the scope of the subject is inconsistent, and some personnel who should be included in the scope are omitted.An analysis of the adjudicated cases reveals that there are the following problems in judicial determination: the identification of some insiders of securities knowing inside information is controversial, the identification of some trading subjects of non-securities that have obtained insider information by proper means varies, and there is a dilemma in the identification of the recipient with some insider information which has been transmitted for many times.In view of the problems in the legislation and judicature, we should adopt the dual theory and take the equal access theory as the main theoretical basis, improve the legislation for the insider trading entities, reconstruct the scope of insider trading subjects, further refine the identification standards and set different certification standards.更多还原