证券市场导报
證券市場導報
증권시장도보
Securities Market Herald
2014年
4期
65~70
,共null页
市场操纵 欺诈操纵 价格操纵 立法技术
市場操縱 欺詐操縱 價格操縱 立法技術
시장조종 기사조종 개격조종 입법기술
market manipulation, deceit manipulation, price manipulation, legislative technique
市场操纵是当前资本市场最为突出的违法违规行为之一。美国法认为，操纵的本质是误导和欺诈，我国法没有规定操纵行为的实质定义。美国法规定了欺诈操纵和价格操纵两种类型，前者的构成标准低于后者，可并行适用，我国法中只有价格操纵。美国的立法技术是定义、列举、兜底和授权的模式，我国只有列举和兜底，且兜底中只有正面规定，没有反面排除的安全港规定。对《证券法》修改的启示是：界定操纵行为的本质为误导和欺诈、降低市场操纵的认定标准和增加新类型的操纵规定。
市場操縱是噹前資本市場最為突齣的違法違規行為之一。美國法認為，操縱的本質是誤導和欺詐，我國法沒有規定操縱行為的實質定義。美國法規定瞭欺詐操縱和價格操縱兩種類型，前者的構成標準低于後者，可併行適用，我國法中隻有價格操縱。美國的立法技術是定義、列舉、兜底和授權的模式，我國隻有列舉和兜底，且兜底中隻有正麵規定，沒有反麵排除的安全港規定。對《證券法》脩改的啟示是：界定操縱行為的本質為誤導和欺詐、降低市場操縱的認定標準和增加新類型的操縱規定。
시장조종시당전자본시장최위돌출적위법위규행위지일。미국법인위，조종적본질시오도화기사，아국법몰유규정조종행위적실질정의。미국법규정료기사조종화개격조종량충류형，전자적구성표준저우후자，가병행괄용，아국법중지유개격조종。미국적입법기술시정의、열거、두저화수권적모식，아국지유열거화두저，차두저중지유정면규정，몰유반면배제적안전항규정。대《증권법》수개적계시시：계정조종행위적본질위오도화기사、강저시장조종적인정표준화증가신류형적조종규정。
Market manipulation is one of the most prominent illegal acts in Chinese capital market. The U.S. law holds the philosophy that the essence of manipulation lies in misleading and defrauds, while the Chinese law does not have a similar practice. The Securities Exchange Act of 1934 established the legal framework of anti-manipulation in the U.S. securities market： a combination of general and specific rules, namely defraud-manipulation and price-manipulation. They can be applied in parallel, although the general rules have a lower standard. The security law of China only defines price-manipulation. The U.S. laws apply the legislative technique of definition, listing, catch-all provision and authorization, while Chinese laws only have the technique of listing and catch-all provision, and the listing provisions are including rather than excluding rules.
