禁止证券内幕交易立法的若干问题【外文翻译】

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1、外文翻译原文ProhibitionofinsidertradingofsecuritieslegislationinanumberofissuesMaterialSource:InsiderTradingLawandRegulation，Page190，February1996Author:BRAZIERGProhibitionofinsidertradingofsecuritieslegislationinanumberofissuesThesecuritiesmarketisablendofinformationandcapitalmark

2、etinformation，investorshavetherighttoknowtousetheinformationtojudgetheinvestment，buttheuseofinsidertradinginsidertradinginformation，itwilldisrupttheorderofthesecuritiesmarketsothatinvestorsfeelthemarketinjustice，tostayawayfromthemarketSothatthesecuritiesmarkettofinancecapita

3、landintendedfunctionoffrustration.In1909theU.S.SupremeCourtinthecaseStrongV.Repidetoestablisha"speciallegalviolations"andastockinsidertradingsanctionsasearlyasthenorm，followedbycountriesinthesecuritieslegislationoninsiderdealingaretobebanned，designedtodefend"fair"and"open""F

4、air"principle，regulatethesecuritiesmarketandprotecttherightsandinterestsofinvestors.First，theneedfortheProhibitionofinsidertrading.TheneedfortheProhibitionofinsiderdealing:thefirstisconducivetothemaintenanceofthestockmarket"fair，justandopen"and"Three"principle.Insiderstaffto

5、re-openforinsidertrading，willundoubtedlyhinderedtheflowofinformation，contrarytotheprincipleofopenness.Insidertradingusingaspecialstatus，thestatusoftheabuseofinformationresources，harmthelegitimateinterestsofinvestors，contrarytotheprincipleoffairness.Ifnotprohibitedbyinsidertr

6、ading，themarketwillnotbeabletoachieveajust，"Three"mustexistinnameonly;Second，isconducivetosafeguardingtheprincipleofefficiency.Insidertransactionsonthestockmarketcausedinvestorsdonottrust，whichisnolongerinvolved，whichcausedthestockmarketasawholethecountry'spoliticalandeconom

7、icturmoil，moreefficientmarketoutofthequestion;thethirdwillhelpfostertheconceptofgoodfaith.Ofgoodfaithasaprincipleofcivillaw，hasbeenregardedasthebasicnormsofmarketbehavior.Insidertradingagainsttheperpetratoroftheabuseofinsideinformationshallnotbeanobligationtoself-interestint

8、heestablishmentoflegitimateinvestorsonthebasisoftheinjuredisobviouslycontra