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一个完整的内幕交易概念须包括内幕人士、内幕信息、交易行为与因果关系①四要件,前三者在我国法律当中已有了较为周全细致的规定,但构成内幕交易需要何种类型的因果关系却仍旧众说纷纭。目前在证明相关因果关系的方法上,较为通行的“占有标准”与“利用标准”均存在各自明显弊端,或短于宽泛,或失于严苛,在实践当中皆不良于行。因此,参考发达国家的先进立法例,引入“占有修正标准”来完善我国立法,应是当前最为切实可行的选择。
A complete concept of insider trading must include the four elements of insiders, insider information, trading behavior and causation. The first three of them have been more comprehensive and detailed in the law of our country. However, what kind of causal relationship is needed to constitute insider trading? Still different opinions. At present, in certifying the causal relationship, the more common defects of “possession standard ” and “standard of use ” are either short or too broad, . Therefore, referring to the advanced legislation of developed countries and introducing “Amendment Standard of Possession ” to perfect our legislation should be the most practical and feasible option at present.