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《证券法》第76条的规定只关注了内幕交易的一般行为形态,而对复杂的传递形态(多层次传递)和复杂的交易形态(正反向混合操作、影子交易)无暇顾及。而实践中,这些特殊的内幕交易行为形态逐渐有扩散蔓延的趋势,甚至还出现了主动探寻获取内幕信息的“获取型”和互换内幕信息的“交换型”内幕交易。由于法律并无明文规定,这些由实践中衍生的特殊行为形态的内幕交易存在认定上的困难,本文拟对这些特殊内幕交易的行为特征、认定难点展开分析,并在总结借鉴境外立法和执法经验的基础上,提出修订完善我国《证券法》内幕交易相关规范的一些建议。
The provisions of Article 76 of the Securities Law only focus on the general behavior of insider trading, but do not have time to deal with complex forms of delivery (multi-level delivery) and complicated trading patterns (positive and negative hybrid operations and shadow trading). In practice, these special behaviors of insider trading gradually spread and spread, and even emerged “exchange-type” insider trading that actively sought to obtain insider information and exchange insider information. Due to the fact that there is no express provision in the law, there are difficulties in the confirmation of the insider trading of special behaviors derived from practice. This article intends to analyze the behavioral characteristics and difficulties identified in these special insider trading, and draw lessons from the overseas legislation and law enforcement experience , Put forward some suggestions on revising and improving the relevant norms of insider dealing in the “Securities Law” of our country.