论文部分内容阅读
一、引言对“证券市场价格重大影响”判断标准,又称“重大性”判断标准,重大性英译为Material、Significant两种意思,是内幕信息的主要特征之一,~①其和“尚未公开”如同内幕信息之双轨,缺一不可,“尚未公开”此一特征争议在立法技术及执行上多已解决,其在内幕信息的形成时程由初始到结束到最后公开,唯重大性仍是判定内幕信息主要且绝对的标准,由初始到结束相始相随,缺少重要性所有内幕信息的特征将失所附丽,迄今重大性的议题仍是争议四起,未有定论。争议所在是因为依我国《证券法》第75条条文对內幕信息之定义是指涉及公司的经营、财务或者对公司证券的市场价格有重大影响尚未公开的信息,上述文字“重大影响”本质
I. INTRODUCTION Judging criteria of “significant influence on the price of the securities market ”, also known as “materiality ” standard of judgment, materiality is translated into Material and Significant, which is one of the main characteristics of inside information. Its characteristic is controversial over the legislative techniques and enforcement. Its controversy over the formation of insider information from initial to the end To the final public, the solemnity is still the main and the absolute criterion for determining the insider information, from the initial to the end of the phase sequence, the lack of importance of all the characteristics of insider information will be lost, the major issues so far is controversial, There is a conclusion. The reason for the controversy is that the definition of inside information according to the provisions of Article 75 of the Securities Law of the PRC refers to the information concerning the operation and finance of the Company or the significant influence on the market price of the Company’s securities which have not yet been disclosed. Nature