2020年新冠肺炎疫情爆發後，全球股市經歷了史上最長的牛市。伴隨股市熱潮，內線交易也再度受到重視。 我國內線交易之規定為證券交易法1988年修正時新增於第157條之1，其立法理由稱係參考美國Rule 10b-5之判例。因此在論及內線交易理論基礎時，學說上亦多參照美國法上之理論發展過程，有資訊平等理論、信賴關係理論及私取理論，與由消息受領人所衍生出來之消息傳遞責任理論。然而，我國目前對於內線交易應採何種理論，迄今尚未有一定論，因此本文將參照美國法，對我國內線交易之基礎理論提供建議。 而我國內線交易之消息傳遞責任規範於證券交易法第157條之1第1項第5款，即「從前四款所列之人獲悉消息之人」。從文義解釋似乎係將所有獲悉消息之人納入內線交易之規範主體。因此我國內線交易消息傳遞責任之規範過於簡單，架構薄弱，以至於適用上有諸多疑義，法院常常略而不談消息傳遞責任之構成要件。例如：消息受領人並非公司內部人，為何要課予其內線交易之責？消息傳遞人並未實際從事內線交易，為何須負內線交易之責任？遙遠消息受領人應如何課予其內線交易責任？等許多爭點。 由於我國內線交易係仿照美國證交法之立法，故本文將以美國法為比較法，從美國法之相關理論及司法實務判決，從探討內線交易之基本概念及基礎理論開始，而後分析我國消息傳遞責任之問題，並以美國著名之Dirks案所建立之要件為主要探討焦點，分析我國是否適合用信賴關係理論下之三要件來判斷消息傳遞責任，並從我國實務判決檢視目前我國消息傳遞責任之走向，提供我國消息傳遞責任之修法建議。;The COVID-19 outbreak in 2020 was followed by the longest bull market in global equities. With the stock market boom, insider trading has been valued again. The regulation of insider trading in Taiwan was added to Article 157 of the Securities and Exchange Act in 1988. The reason for the legislation is that it refers to the case of Rule 10b-5 in the United States. However, there is no certain theory about what kind of insider trading theory should be adopted in our country, so this paper will refer to the American law, and provide some suggestions on the basic theory of insider trading in our country. In our country, the standard of Tipper/Tippee Liability for insider trading is too simple, the structure is weak, so that there are many doubts in its application, and the courts often neglect to talk about the constituent elements of Tipper/Tippee Liability. Since my country′s internal trading is based on the legislation of the United States Securities and Exchange Act, this article will take the United States law as the comparative law, starting from the relevant theories and judicial practice judgments of the United States law, and discussing the basic concepts and basic theories of insider trading, and then analyzing our country The issue of Tipper/Tippee Liability.
