证券内幕交易作为一种违法行为,是指内幕交易人员利用其知悉的内幕信息与不知情的一般投资者进行交易,以牟取利益或避免损失。它违背了证券市场奉行的公开、公平、公正原则,破坏了证券市场的正常交易秩序,损害了公众投资者的正当利益,因此,应当成为法律规制的对象。笔者从立法角度分析了规制内幕交易的必要性,提出内幕交易的规制机制应包括事前的预防机制和事后的制裁机制,并对其中的具体制度进行了分析。 The insider trading of securities as an illegal act means that insider dealers use the insider information they know to trade with unsuspecting general investors in order to seek benefits or avoid losses. It violates the principle of openness, fairness and justice pursued by securities markets, undermines the normal trading order of securities markets and undermines the legitimate interests of public investors. Therefore, it should be the object of legal regulation. The author analyzes the necessity of regulation of insider trading from the perspective of legislation. It points out that the regulatory mechanism of insider trading should include the precautionary mechanism and ex post sanction mechanism, and analyze the specific system.