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2013年光大证券案引发了证券领域的一次震动,事件的各个环节都充满了争议和讨论。其中,光大证券是否构成内幕交易更是在各界都引发了广泛的讨论。本案的不同之处在于,涉案的内幕信息和最终的交易行为都同交易型开放式指数基金直接相关,而关于本案的争议归根结底也产生于证监会从现实需要出发的处理已经突破了现有法律的解释和适用。以此出发,本文结合交易型开放式指数基金的自身特点和打击内幕交易行为的根本目的进行分析,得出更加适宜的认定包含交易型开放式指数基金在内的各种证券的内幕交易理论和规制方法,以期最终对现有法律的解释和修改提出建议,并指导执法活动的进行。
Everbright Securities case in 2013 triggered a shock in the field of securities, the events of all aspects are full of controversy and discussion. Among them, Everbright Securities constitute the insider trading is in all walks of life have led to a wide range of discussions. The difference between the case and the case is that both the inside information and the final transaction involved are directly related to ETFs, and the dispute concerning the case ultimately arises from the fact that the Commission has already broken through the existing laws based on the actual needs The interpretation and application. Based on this, this article analyzes the intrinsic characteristics of transaction-based open-end index funds and the fundamental purpose of the crackdown on insider trading behavior, and draws a more appropriate identification of the insider trading theory of various securities including the transactional open-end index funds and Regulation method, with a view to eventually make recommendations on the interpretation and amendment of existing laws and guide the enforcement of law enforcement activities.