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内幕交易作为证券欺诈行为之一种,是伴随着证券市场的产生而产生的。在证券市场存在的初期,由于缺乏对内幕交易特有危害性的必要认识,内幕交易并没有得到应有的法律规制。随着对内幕交易特有危害性的逐渐认识,对内幕交易的法律规制终于成为现实。美国成为世界上第一个用法律规制内幕交易的国家,从而结束了长达两个世纪无法律规制内幕交易的历史。美国规制内幕交易的立法被世界各国公认为是最严格、最全面的。我国由于证券市场兴起的时间较晚,规制内幕交易的立法尚相当薄弱,且较为模糊,并缺乏实务的可操作性,不利于有效地引导我国证券市场健康、公平、公正、有序、高效地发展。正基于此,本文对美国规制证券内幕交易的立法发展、规制内幕交易的法律要点、对证券内幕交易的法律制裁等内容作研究和阐述,以期对我国能尽快建立对证券内幕交易行为进行有效规制的法律体系提供一点启迪。
Insider trading as a form of securities fraud is accompanied by the emergence of the stock market. In the early days of the stock market, due to the lack of necessary knowledge of the unique dangers of insider trading, insider trading has not been properly regulated by laws. With the gradual realization of the unique dangers of insider trading, the legal regulation of insider trading has finally become a reality. The United States has become the first country in the world to regulate insider trading by law, putting an end to the history of insider trading that has not been regulated by law for more than two centuries. The legislation on the regulation of insider trading by the United States is universally accepted by all countries in the world as the strictest and most comprehensive one. Due to the late start of the securities market in our country, the legislation of regulating insider trading is still quite weak and vague, and lack of practical maneuverability, which is not conducive to effectively guiding the securities market in our country to be healthy, fair, just, orderly and efficient development of. Based on this, this article studies and elaborates the legal development of the regulation of the insider trading of the securities in the United States, the legal points of regulating the insider trading, the legal sanctions on securities insider trading and so on, so as to effectively regulate the insider trading of securities in our country as soon as possible The legal system provides a little enlightenment.