摘要
传统期货内幕交易的理论认为,期货内幕交易只会发生在因工作关系而获得信息的政府雇员身上。基于此,美国禁止期货内幕交易的立法,传统上也一直针对具有政府和交易所职务的主体。2008年金融危机后,证券法领域的"盗用理论"被引用到期货领域。通过"盗用理论",期货内幕交易的主体范围不再限于特定职务身份,被扩展到任何基于信任和信心关系而具有保密义务的人。这种理论和立法的变化,极大的扩张了CFTC在内幕交易方面的执法权力,推动其加强执法力度。同时,随着期货内幕交易执法的深入,来源于证券判例法的相关规则在期货内幕交易案件中的适用性问题,应当根据具体情况加以甄别和论证,对我国的执法实践也具有较强的借鉴意义。
The traditional theory of futures insider trading holds that, futures insider trading would only occur between government employees who get the information because of their work, excluding insiders of related companies in the futures market. Based on this, the US legislation on prohibiting futures insider trading had been targeting at the person functioning as government or exchange. After financial crisis of 2008, the ＂Misappropriation Theory＂, a concept in the field of securities law, was applied to the field of futures. Through the ＂misappropriation theory＂, the futures insider is no longer limited to persons with specific positions, but is extended to anybody who has a duty of confidentiality based on trust and confidence. This movement of theory and legislation has greatly expanded and enhance the enforcement power of CFTC in insider trading. At the same time, with the deepening of law enforcement of the futures insider trading, the applicability of related rules derived from securities case law to futures insider trading cases, shall be identified and reasoned on the specific circumstances, and shall be referred by the law in China in terms of the enforcement and practice.
出处
《证券市场导报》
CSSCI
北大核心
2018年第7期71-78,共8页
Securities Market Herald
关键词
期货
内幕交易
执法
证券法
盗用理论
futures
insider trading
enforcement
security low
misappropriation theory
