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ID:454625
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时间:2017-08-04
《禁止证券内幕交易立法的若干问题【外文翻译】》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
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
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