内幕交易规制的立法体系进路：域外比较与中国选择

内幕交易监管全球化背景下，当代世界各国规制内幕交易的立法体系可以归纳为信义进路与市场进路。信义进路的发展历史，就是一部不断拓宽信义义务人范围边界与判断其交易主观状态的历史；市场进路的发展历史，就是一部限缩或废除内幕交易认定的主体与主观要件与完善内幕交易客观构成要素的历史。中国资本市场内幕交易难以禁止的现实困境，实则是内幕交易行为构成体系逻辑混乱的一个映射，并已对内幕交易行为认定与责任追究构成妨碍。就内幕交易规制立法体系变革方向而言，我国目前不宜引入信义进路，而市场进路或许更适合我国法制传统和资本市场实际。在市场进路指引下，任何不当使用内幕信息的行为皆应被认定为内幕交易，废除现行法中关于内幕交易行为构成的主体要件和主观要件，同时完善客体要件和客观要件，既能推助内幕交易规制立法的功能实现，又可彰显证券法的核心宗旨和基本原则，或为契合本土实际并体现世界最新立法趋势的内幕交易立法改革方案。

Legislative Approaches to Regulating Insider Trading:A Comparative Study of Foreign Experiences and Choice for China

Against the background of globalization of regulation of insider trading,legislative approaches to regulating insider trading adopted by various countries in contemporary world may be divided into two types:fiduciary and market approaches.The development of fiduciary approach is a process of increasingly extending the scope of fiduciary obligor’s boundary and judging the obligor’s subjective state of transaction.As regards the development of market approach,it is actually a history of restricting and abolishing the subject and subjective elements decided by insider trading and improving the objective elements of insider trading.It is truly difficult to prohibit insider trading in Chinese capital market.This realistic dilemma actually reflects the fact that insider trading has resulted in an institutional logic confusion,and constituted obstacles in terms of determining relevant transactions and ascertaining liabilities.With regard to the orientation of the reform of legislative system relating to insider trading,at present,it is not yet proper to introduce fiduciary approach in China,whereas market approach may be more suitable to our legal tradition and the reality of capital market at home.Guided by market approach,any improper use of inside information should be decided as insider trading,the constitutive elements concerning subject and subjectivity that constitute insider trading as provided by the law in force should be abolished,and both object and objective elements be improved.Such practice will not only be conducive to the realization of legislative function of regulation of insider trading,but also helpful to show the key purpose and fundamental principles of securities law.