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我国“内幕交易司法解释”第四条规定了不属于内幕交易的免责抗辩事由,该规定标志着内幕交易行为人的抗辩权得到了立法确认。其中的预定交易计划抗辩条款是参照美国10b5-1规则设立,但该条款过于简单,既无法为行为人的合法交易提供有效地法律依据,也无法有效的惩治违法交易。鉴于此,本文在探讨预定交易计划抗辩的法律依据、判例沿革的基础上,发现该抗辩事由可能存在的法律漏洞,并针对我国立法提出相应的完善建议。
Article 4 of China’s “Judicial Interpretation of Insider Trading” stipulates that the defenses of exemption that do not belong to insider trading should be confirmed by the legislation. The defamation clause of the scheduled transaction plan is set up according to the U.S. Rule 10b5-1. However, the clause is too simple to provide an effective legal basis for the legal transaction of the perpetrator and can not effectively punish illegal transactions. In view of this, this article explores the legal basis for the defense of the scheduled trading plan, based on the evolution of jurisprudence, finds possible legal loopholes in the defenses, and puts forward corresponding suggestions for our country’s legislation.