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内幕交易是危害资本市场正常交易秩序的几种典型不公正交易行为之一,各国监管机构都将内幕交易的规制作为其重要职责。确定内幕交易行为主体的范围对有效规制内幕交易十分关键,我国规定的相关行为主体主要有内幕信息知情人和内幕信息受领者两大类,但目前关于后者主导的相关案例尚未得到充分披露,也难以总结出实践中信息受领者的主要类型及现行规定能否有效应对当前内幕交易案件频发的现状。因日本法对内幕交易行为主体的规定方式与我国较为相似,且相关案例资源比较丰富,本文旨在通过分析日本法的相关法律规定和司法实践,归纳日本法相关规定的特点、找出目前存在的问题和将来可能的进路,并为我国规制内幕交易的立法和司法实践提供借鉴和参考。
Insider trading is one of the typical unfair trade practices that endanger the normal transaction order in capital markets. Regulators in all countries regard the regulation of insider trading as their important duty. Determining the scope of the main body of insider trading is very crucial for effective regulation of insider trading. The main body of relevant acts stipulated in our country are mainly the insider and the insider, but at present the relevant cases concerning the latter are not yet fully disclosed , It is difficult to summarize the main types of information recipients in practice and whether the existing provisions can effectively deal with the current situation of frequent insider trading cases. Because the Japanese law is more similar to our country in terms of the rules of the subject of insider trading, and the relevant case resources are abundant, this article aims to find out the current existence by analyzing the relevant laws and regulations of Japanese law and judicial practice, summarizing the characteristics of the relevant provisions of Japanese law, As well as the possible approach in the future, and provide reference and reference for China’s legislation and judicial practice of regulating insider trading.