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为维护市场公平,国家需要对具有特定身份的人在特定期间内的交易行为予以禁止。对比中国台湾地区的“实际知悉”标准,大陆地区以内幕信息形成的时点作为“内幕人交易禁止期间”的起始点,或致无辜的内幕人遭到事后追责,进而对其交易行为产生影响。台湾地区终结点的确定采取的事先类型化操作,若以“市场消化说”为基础视之,则存在法律继受下“效果与目的错位”的情形。相较之下,大陆地区采取“形式公开说”确定终结点的设计,符合现阶段保障形式公平的需要,相关制度设计也与经济社会发展之现实相协调。
In order to maintain market equity, the state needs to prohibit the trading of persons of a specific status within a specified period of time. Compared with the “actual knowledge” standard in Taiwan Province of China, the timing of the formation of insider information in mainland China serves as the starting point for the “prohibition period of insider trading” or the hiding of innocent insider afterwards, Its trading behavior has an impact. If the end-point determination in Taiwan adopts the type-setting operation based on “digesting the market,” then there is a situation where the law is subject to “the dislocation of effectiveness and purpose.” In contrast, the mainland has adopted the principle of “openly speaking ” to determine the design of the end point in line with the need of ensuring the fairness of the form at the present stage, and the design of relevant systems is also in harmony with the reality of economic and social development.