| 标题 | 描绘内幕交易法的未来：边界、漏洞和对策 |
| Title | Mapping the Future of Insider Trading Law: of Boundaries, Gaps, and Strategies |
| 原作者 | John C. Coffee Jr. |
| 原作者单位 | Columbia Law School |
| 译者 | 金奕州 |
| 译者单位 | 华东政法大学国际金融法律学院 |
| Translator | Yizhou Jin |
| Affiliation | International School of Law and Finance, East China University of Political Science and Law. |
| 关键词 | 内幕交易法 10b5规则 美国证券交易委员会 |
| Keywords | Insider Trading Law, Rule 10b5, SEC |
| 引用格式 | |
| DOI | 10.55574/GALZ1175 |
| 论文链接 | https://www.clj.ac/?page_id=118 |
摘要：现行的内幕交易法存在着缺漏与不完善的地方，未将无意获取内幕信息的接收者等情形纳入到内幕交易规制的范围当中。在成文法尚未改变的前提下，SEC应基于自身的权力制定10b5-3和10b5-4规则以完善现行法律中在定义“欺骗”要件的不足。上述规则的提出，在弥补现有漏洞的同时，合理得扩大了现有内幕交易的规制范围，且维护了市场效率。
Abstract: The current insider trading law has its gaps and imperfections, notably not covering scenarios where recipients acquire inside information unintentionally within the regulatory scope of insider trading. Given that the written law has not been altered yet, the SEC should, based on its own authority, formulate Rules 10b5-3 and 10b5-4 to rectify the deficiencies in the current law in defining the element of “deception”. The proposal of these rules, while addressing existing loopholes, reasonably expands the regulatory scope of current insider trading, and maintains market efficiency.