股份回购中内幕交易行为之证券法规制

在公司股份回购过程中,容易产生内幕交易等证券违法行为。美、日等国家一般在放松公司股份回购的同时,在证券法中加强对内幕交易等证券违法行为的联动规范。但我国在公司法中增加股份回购事由的规定时,并未在证券法中对信息披露、内幕交易行为作联动规范。鉴于此,我们应在证券法中针对股份回购中的内幕交易行为作联动规范,将公司规定为内幕人员;股份回购行为本身构成应披露的内幕信息;限制内部人交易本公司的股份;同时还应禁止公司的短线交易行为。

Regulation on Insider Trading by Securities Law in the Course of Shares Repurchase

Insider trading occurs usually in the course of shares repurchase. America, Japan and other countries relax the regulation on share repurchase, at the same time, they legislate specially to regulate insider trading in securities law. But China do not like this. It is important for China to lay down the securities law to regulate insider trading accordingly. Company itself should be regarded as an insider. The information of shares repurchase should be regarded as insider informaion and be required to disclose. Dealing of company＇s shares by insider should be restrainted and short-term trading by company should be banned.