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一、内幕交易概说证券市场的内幕交易,系指因其特殊地位而可获取上市公司内幕情报的人员,利用该内幕情况变为公开信息前的时间差,进行证券交易以牟取暴利的行为。按照1948年英国公司法规定,内幕人士是指与公司有联系或由于从事该公司证券的交易而拥有内幕信息的个人。在美国,凡公司的董事、行政负责人及其他能得到其雇佣公司内幕消息的行政人员和技术人员都是内幕人士。澳大利亚证券行业法规定,与公司保持联系的人为内幕人士,包括董事、秘书、雇员、拥有该公司股票10%以上的股东、经纪人、律师、商业银行职员、以及重要股东的办事员等。联邦德国股份公司法规定,清算人、审计员、管理委员会成员也是内幕人士。
I. Insider Trading Overview Insider trading in a securities market refers to those who can obtain insider information of a listed company due to their special status and make use of the time difference before the public information becomes public information to conduct securities trading in order to make huge profits. According to the English Company Law of 1948, an insider means an individual who has inside information in connection with the company or trading in the securities of the company. In the United States, every company’s directors, chief executives, and other executives and technicians who receive inside information about the hiring company are insiders. The Securities Industry Act of Australia provides that persons who maintain contact with the company are insiders, including directors, secretaries, employees, shareholders, brokers, lawyers, commercial bank staff and clerks of substantial shareholders who own more than 10% of the company’s shares. Federal Republic of Germany joint-stock company law provides that liquidators, auditors, members of the management committee is also insider.