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研究生:林繼耀
研究生(外文):Chi-Yao Lin
論文名稱:資訊公平揭露與終結內線交易―試論美國證券交易法公平揭露規則新制
論文名稱(外文):Fair Disclosure v. Insider Trading―Study on the SEC Regulation FD
指導教授:謝易宏謝易宏引用關係
指導教授(外文):Yi-Hong Hsieh
學位類別:碩士
校院名稱:中原大學
系所名稱:財經法律研究所
學門:法律學門
學類:專業法律學類
論文種類:學術論文
論文出版年:2002
畢業學年度:90
語文別:中文
論文頁數:107
中文關鍵詞:內線交易資訊揭露選擇性揭露公平揭露規則
外文關鍵詞:Reg. FDinsider tradingselective disclosure
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本論文之研究主題為「資訊公平揭露與終結內線交易」,透過比較法之方式,解析美國證券管理委員會於二000年十月開始實施之「公平揭露規則」,探究資訊揭露與防制內線交易間之關連,同時檢討我國證券管理機關對於資訊揭露之現況,俾供未來制度調整之參考。
本論文之架構分為六章。
第一章說明本論文研究之動機、方法、限制與範圍。
第二章自經濟之觀點,探究內線交易之成因,包括資訊不對稱、效率市場臆說等,並就現行內線交易規範之基礎理論作一整理及介紹。
第三章自法律之觀點,說明美國法上企業所負之揭露義務與美國法院對於內線交易案件歷來之見解及其修正。經由此一觀察得知,美國證管會似乎有意藉由公平揭露規則之實施,將美國法院對於內線交易之界定標準重新導回「資訊平等原則」。
第四章以美國證券交易法「公平揭露規則」新制為中心,就其立法背景、規範內容、配套措施及影響與因應予以分析。由於公平揭露規則影響深遠,自草案研擬以來,便持續受到各界的關注。對於「重大性」之判斷缺乏明確標準,更使得企業人人自危,引發「寒蟬效應」。對此,美國證券管理機關如何化解企業疑慮、企業應如何自處,均於本章加以說明。
第五章則反觀我國現行之資訊揭露相關規定,包括繼續公開之定期揭露、重大事項之即時揭露與財務預測之品質與更新作一檢討,並比較其與公平揭露規則之異同。
第六章結論,整合前述五章之內容,提出三點結論,期能對我國未來法制建構有所裨益。
This research primarily focuses on issues regarding fair disclosure of information and curbing the rampant insider trading in Taiwan, by adopting the comparative legal study method to introduce the US’ SEC newly promulgated Regulation FD. As issues with respect to information disclosure and insider trading reveal problems of securities supervisory authorities everywhere, this research examines the regulation itself, the correlation amongst fair disclosure, prevention of insider trading, and the present disclosure system in Taiwan, so as to furnish a tentative proposition for further improvement.
The scheme of the research comprises six parts as follows:
Part I illustrates the motives, methods, limitations and realm of this paper.
Part II bases its interpretation on Economics methodology, by which to explore the causes of insider trading, such as information asymmetry and efficient capital market hypothesis. This part also reviews and comments on the rationale behinds the regulation of insider trading.
Part III focuses on the court opinion and development of insider trading regulation in the United States. This research indicates that US’ SEC dedicated itself to reviving the “parity of information” theory, which was previously overruled by the US Supreme Court.
Part IV analyzes the Regulation FD, including the background of legislation, content, impact and corporate compliances. Lacking of clear criteria for “materiality”, the market responded the new regulation with so called the “chilling effect”, and the SEC tried to balance between the turmoil and efficacy of the regulation.
Part V depicts current disclosure rules, including the routine filing with the SEC, prompt disclosure of material information, and the stipulation of “earning projections” in Taiwan.
Furthermore, compares the differences between Regulation FD and the similar rules in Taiwan.
Part VI itemizes issues as well as propositions pertaining to shaping a conclusion of this research. Meanwhile, this part tentatively contours prospects of establishing the regulatory scheme of information disclosure in Taiwan.
目 錄
第一章 緒 論
第一節 研究動機、方法與限制
第一項 研究動機
第二項 研究方法
第三項 研究限制
第二節 本文範圍與架構
第二章 內線交易規範之經濟分析與基礎理論
第一節 經濟分析
第一項 證券市場運作之機制
第一款 市場參與者
第二款 價格形成之過程
第二項 市場效率與流動性
第一款 促進市場效率之條件
第二款 證券分析師之角色與責任
第二節 內線交易規範之基礎理論
第一項 基礎理論
第一款 「資訊不對稱」(Information Asymmetry)與「資訊揭露」(Disclosure)
第二款 效率市場臆說(Efficient Capital Market Hypothesis)
第三款 選擇性揭露與內線交易
第二項 內線交易責任範圍之界定
第一款 占有理論(Possession Theory)
第二款 忠實義務理論(Fiduciary Duty to Shareholder)
第三款 私取理論(Misappropriation Theory)
第四款 資訊財產權理論(The Property Right in Information Theory)
第三節 小結
第三章 美國企業之揭露義務與內線交易實務見解之演進
第一節 企業之揭露義務
第二節 內線交易實務見解之演進
第一項 34 Exchange Act §10(b)與SEC Rule 10b-5
第二項 United States v. Chiarella案
第三項 Dirks v. SEC案
第四項 Dirks案後之發展
第一款 SEC Rule 14e-3
第二款 SEC v. Stevens案
第三款 新規範的制定背景
第三節 小結
第四章 公平揭露規則新制
第一節 立法沿革與過程
第一項 沿革
第二項 過程
第二節 公平揭露規則及相關法規之配合
第一項 公平揭露規則
第一款 目的
第二款 要件
第一目 條文內容
第二目 主體
第三目 對象
第四目 內容
第五目 「重大未公開資訊」(Material, Nonpublic Information)
第六目 故意與非故意之揭露
第七目 揭露方式
第三款 潛在責任與除外規定
第二項 其他配套法規之探討
第一款 Rule 10b-5-1
第二款 Rule 10b-5-2
第三節 公平揭露規則之實踐
第一項 企業之教育訓練(Corporate Training)
第二項 證券發行公司之揭露政策與程序
第一款 公司對外揭露資訊之代表
第二款 企業主管與證券分析師間不當交流之限制
第三款 獲利報告(Earnings Guidance)
第四款 企業主管與分析師個別交換意見之程序規定
第一目 預擬對答(Scripted Communication)
第二目 公關室(Investment Relations Office)之設置
第三目 電話會議(Recording Conference Calls)
第四目 內部揭露程序(Internal Disclosure Procedures)
第五款 保密合約(Confidential Agreement)
第四節 公平揭露規則之影響與回應
第一項 寒蟬效應(Chilling Effect)與市場活絡
第二項 對於證券分析師之影響
第三項 對於固定收益證券(Fixed-Income Securities)市場之特殊影響
第一款 債券分析師的特殊資訊需求
第二款 揭露方式對揭露品質之影響
第三款 受害者與受益者
第四項 公平揭露規則之相關統計數據
第五項 美國證管會對公平揭露規則之檢討
第一款 重大性之標準
第二款 科技發展與揭露方式
第三款 企業揭露之內容
第五節 小結
第五章 我國現行揭露制度與公平揭露規則之比較
第一節 我國現行資訊揭露制度
第一項 相關法規概述
第二項 定期揭露
第三項 重大事項之即時揭露
第二節 財務預測之相關法規
第一項 財務預測之意義與規定
第二項 財務預測之更新
第三項 財務預測之品質
第三節 我國資訊揭露制度之分析與檢討
第一項 企業揭露資訊之成本與效益
第二項 資訊揭露之品質
第一款 資訊揭露評鑑制度
第二款 會計師之簽證與查核
第四節 與公平揭露規則之比較
第五節 小結
第六章 結論與建議
附錄一、SEC Regulation Fair Disclosure中譯暨原文對照
附錄二、SEC Rule 10b5-1、Rule 10b5-2中譯暨原文對照
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參考文獻壹、中文部分一、 著作巫和懋、霍德明、熊秉元、胡春田合著,「經濟學2000―跨世紀新趨勢(上冊)」,二版二刷,雙葉書廊,民國八十八年八月。余雪明著,「證券交易法」,財團法人中華民國證券暨期貨市場發展基金會,八十九年十一月。賴英照著,「證券交易法逐條釋義-總則」,實用稅務出版,民國七十三年。賴英照著,「證券交易法逐條釋義-第二冊」,實用稅務出版,民國七十四年。二、 期刊、論文(一) 期刊論文吳克昌著,「我國與美日兩國關於規範內線交易立法之探討」,四一八期,證交資料,民國八十六年二月。李怡宗著,「管制公司內部人交易之政策與股市資訊效率」,二十七期,會計評論,民八十二年四月。李怡宗著,「資訊不對稱對公司內部人交易管制效果之影響」,十卷二期,管理科學報,民國八十二年十二月。林國全著,「證交法第一五七條之一內部人禁止交易規定之探討」,四十五期,政大法學評論,民國八十一年六月。林麗香著,「禁止內部人交易之修法方向」,三十九期,月旦法學,民國八十七年八月。武永生著,「內線交易規範之理論基礎-法律與經濟之分析」,四期,銘傳學刊,民 國八十二年七月。武永生著,「大眾公司、證券市場與內線交易」,七卷三期,證券市場發展,民八十四年七月。耿一馨著,「論違反企業資訊公開規定之民事責任(上)」,十二卷八期,證券管理,民國八十三年八月。耿一馨著,「論違反企業資訊公開規定之民事責任(下)」,十二卷九期,證券管理,民國八十三年九月。莊永丞著,「A Critique of U.S. Insider Trading Regulation Theory」,中原財經法學第七期,民國九十年十二月。陳春山著,「資本市場與企業法制改造的策略」,五卷一期,經濟情勢暨評論,民國八十八年六月。曾宛如著,「英國公司法上投資人資訊取權之分析」,二十八卷二期,台灣大學法學論叢,民國八十八年一月。賴源河著,「證券交易法之公平機制」,一期,月旦法學,民國八十四年五月。賴源河著,「證券法上企業內容公開制度」,七卷一期,台大法學論叢,民國六十六年十二月。蘇迺惠,「財務報表資訊揭露的有效性」,第十二期,國立中興大學台中夜間部學報,民國八十五年。(二) 學位論文王治宇,「台灣證券市場國際化之政策與法律分析」,國立台灣大學法律研究所碩士論文,民國八十七年。王律傑,「台灣股市交易資訊透明度對市場績效之影響」,國立中正大學財務金融研究所碩士論文,民國八十五年。李怡宗,「我國股市公司內部人交易資訊內容之研究」,國立中山大學企業管理研究所博士論文,民國八十一年。阮品嘉,「公開收購前內線交易問題之研究」,私立東吳大學法律學系研究所碩士論文,民國八十五年。李穗青,「我國上市公司重大事項揭露之研究」,國立中興大學會計研究所碩士論文,民國八十五年。林士勤,「台灣股市資訊揭露問題及其對股價影響之實證分析」,私立淡江大學財務金融研究所碩士論文,民國八十九年。林培杰,「我國公司監控制度之研究」,私立銘傳大學法律研究所碩士論文,民國九十年。武永生,「證券市場內線交易之研究-以美國法為中心之法律與經濟的分析」,國立政治大學法律研究所碩士論文,民國七十九年。吳麗皙,「公司資訊揭露與投資者信念關係之研究」,私立中國文化大學國際企業管理研究所博士論文,民國九十年。陳志健,「強制性增加揭露對股票市場的影響-以第十六號公報「財務預測編製要點」為例之實證研究」,國立中山大學企業管理研究所碩士論文,民國八十年。陳英儒,「我國證券發行人財務資訊揭露相關法規之研究:資訊提供者與使用者看法之比較」,國立臺灣大學會計學研究所碩士論文,民國九十年。陳建中,「財務報表強制揭露與內部關係交易之研究」,國立中山大學企業管理研究所碩士論文,民國七十四年。陳靜玲,「以經濟分析的觀點論內線交易之規範」,私立東吳大學法律學系研究所碩士論文,民國八十九年。郭賢傳,「內線交易之研究」,國立中興大學法律研究所碩士論文,民國七十八年。黃金鈴,「關係企業合併報表資訊揭露之探討」,國立中山大學企業管理研究所碩士論文,民國八十七年。劉志豪,「網際網路證券交易詐欺之研究」,私立中原大學財經法律研究所碩士論文,民國八十九年。劉佳怡,「我國企業及時財務揭露決定因素及資訊內涵之探討」,私立東海大學管理研究所碩士論文,民國八十九年。葉家君,「證券交易法上內線交易之研究」,國立台灣大學法律學系研究所碩士論文,民國八十七年。魏乃昌,「從財務人員的觀點探討現行財務預測資訊公開體系」,國立交通大學經營管理研究所碩士論文,民國八十九年。三、 報紙工商時報,「安隆版現代啟示錄」,民國九十一年二月四日。中時晚報,「CNBC當家分析師 美國女股神 威力更勝葛老」,民國九十年五月二十日。中時晚報,「萬有紙掏空 會計師送辦」,民國八十九年九月二十一日經濟日報,「分析師神通廣大 打探企業虛實出奇招」,民國九十年六月二十五日。經濟日報,「企業揭露資訊 也要評等」,民國九十一年五月十日。經濟日報,「更新財測牽動股價 將查內線交易」,民國九十年八月十三日。經濟日報,「美券商訂自律規章」,民國九十年八月十四日。經濟日報,「財報粉飾太平 投資人被坑殺」,民國九十一年四月八日。經濟日報,「資訊揭露法 傷了華爾街」,民國九十年六月二十四日。經濟日報,「華爾街分析師挨告 今年特別多」,民國九十年八月十四日。聯合報,「恩龍破產前 有鉅額內線交易」,民國九十一年一月十四日。聯合報,「調降財測頻傳 證期會查是否炒股」,民國九十年六月十二日。聯合晚報第二十一版,「廢弛職務 四會計師遭停辦財簽」,民國八十九年十二月一日。四、 其他中華民國證券商業同業公會委託專題研究,「我國證券市場重大訊息及定期性財務業務應揭露內容與公開管道之研究與建議」,財團法人中華民國證券暨期貨市場發展基金會,民國八十九年十二月。史綱主持,「上市上櫃公司資訊透明化與投資人保護」,財團法人中華民國證券暨期貨市場發展基金會專題報告,民國八十八年一月。林嬋娟、劉嘉雯,「我國先進國家會計師懲戒制度之比較」,中華民國會計師工會聯合會委託研究,民國八十八年五月。康寶榮主持,「我國上市公司財務預測之合理性及相關衍生問題」,財團法人中華民國證券暨期貨市場發展基金會專題研究,民國八十七年十二月。貳、 外文部分一、 專書著作Brandeis, Louis Other People’s Money and How Bankers Use It (1914).Choper, Jesse H. 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Securities Regulation in Cyberspace, (1997).二、 期刊論文Ayres, Ian “Back to Basics: Regulating How Corporations Speak to the Market”, 77 Va. L. Rev. 945 (1991).Barnes, Jr., Dale E. & Bagley, Constance E. “Great Expectations: Risk Management Through Risk Disclosure”, 1 Stan. J. L. Bus. & Fin. 155 (1994).Barry III, John F. “The Economics of Outside Information and Rule 10b-5”, 129 U. Pa. L. Rev. 1307, (1981).Black, Bernard “The Legal and Institutional Preconditions for Strong Securities Markets”, 48 UCLA L. Rev. 781 (2001). Block, Dennis J. & Hoff, Jonathan M. “Regulation FD: New Rules for Selective Disclosure”, N.Y.L.J., Nov. 16, 2000.Bradley, Caroline “Disorderly Conduct: Day Traders and the Ideology of “Fair and Orderly Markets””, 26 Iowa J. Corp. L. 63 (2000).Brountas Jr., Paul B. “Rule 10b-5 and Voluntary Corporate Disclosures To Securities Analysts”, 92 Colum. L. Rev. 1517 (1992).Brown, Jr., J. Robert “Corporate Communications and the Federal Securities Laws”, 53 Geo. Wash. L. Rev. 741 (1985).Brudney, Victor “Insiders, Outsiders, and Informational Advantages under the Federal Securities Laws”, 93 Harv. L. Rev. 322 (1979).Carlton, Dennis W. & Fischel, Daniel R. “The Regulation of Insider Trading”, 35 Stan. L. Rev. 857 (1983).Choi, Stephen J. & Talley, Eric L. “Playing Favorites with Shareholders”, 75 S. Cal. L. Rev. 271 (2002).Cholakis, Peter L. “Company Disclosure of Earnings Projections: Should Individual Investors be Allowed Into the ‘Ball Park’?”, 39 Santa Clara L. Rev. 819 (1999).Coase, Ronald H. “The Nature of the Firm”, 4 J. L. Econ. 1, 10 (1960).Coffee, Jr. John C. “Market Failure and the Economic Case for a Mandatory Disclosure System”, 70 Va. L. Rev. 717 (1984).Coffee, Jr., John C. “Selective Disclosure”, Nat’l L.J., Mar. 13, 2000.Coffee, Jr., John C. “Tackling New Reg. FD”, Nat’l L.J., Sept. 18, 2000.Coffee, Jr., John C. “The S.E.C. and the Securities Analysts”, N.Y. L.J., May 30, 1991.Colesanti, J. Scott “Bouncing the Tightrope: the S.E.C. Attacks Selective Disclosure, but Provides Little Stability for Analysts”, 25 S. Ill. U. L. J. 1 (2000).Corr, Christopher F.“A Survey of United States Controls on Foreign Investments and Operations: How Much Is Enough?” , 9 Am. U.J. Int’l L. & Pol’y 417 (2001).Craft, Jason Michael “What’s All the Commotion?: An Examination of the Securities and Exchange Commission’s Regulation FD”, 14 DePaul Bus. L. J. 119 (2001).Easterbrook, Frank H. & Fischel, Daniel R. “Mandatory Disclosure and the Protection of Investors”, 70 Va. L. Rev. 669 (1984).Fama, Eugene F. “Efficient Capital Markets: A Review of Theory and Empirical Work”, 25 J. Fin. 3 83 (1970).Ferber, David “The Case Against Insider Trading: A Response to Professor Manne”, 23 Vand. L. 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Rev. 1229 (2001).Harrison, Michael A. “Regulation FD’s Effect on Fixed-Income Investors: Is the Public Protected or Harmed?”, 77 Ind. L. J. 189 (2002). Heller, Harry “Chiarella, S.E.C. Rule 14e-3 and Dirks: Fairness versus Economic Theory”, 37 Bus. Law. 517 (1982).Hiler, Bruce A.,“Dirks v. S.E.C. - A Study in Cause and Effect”, 43 Md. L. Rev. 292 (1984).Hiler, Bruce A.,“The SEC and the Courts’ Approach to Disclosure of Earnings Projections, Asset Appraisals, and Other Soft Information: Old Problems, Changing Views”, 46 Md. L. Rev. 1114 (1987).Horgan, Anthony T. “Regulation FD Provides Firm Footing on Selective Disclosure High Wire”, 46 Vill. L. Rev. 645, available at LEXIS-NEXIS Academic Universe —Document, visited on September 30, 2001.Jennings, John P. “Recent Development: Regulation FD: S.E.C. Reestablishes Enforcement Capabilities over Selective Disclosure”, 32 St. Mary’s L. J. 543 (2001).Kabir, Rezaul & Vermaelen, Theo “Insider Trading Restrictions and the Stock Market: Evidence from the Amsterdam Stock Exchange”, 40 Eur. Econ. Rev. 1591 (1996).Karmel, Roberta S. “The Relationship between Mandatory Disclosure and Prohibitions against Insider Trading: Why a Property Rights Theory of Inside Information Is Untenable?” 59 Brook. L. Rev. 149 (1993).Krawiec, Kimberly D. “Fairness, Efficiency and Insider Trading: Deconstructing the Coin of the Realm in the Information Age”, 95 Nw. U. L. Rev. 443 (2001).Langevoort , Donald C. “Investment Analysts and the Law of Insider Trading”, 76 Va. L. Rev. 1023 (1990).Langevoort, Donald C. “Cross-Border Insider Trading”, 19 Dick. J. Int’l L. 161 (2001).Macey, Jonathan R. & Miller, Geoffrey P. “Good Finance, Bad Economics: An Analysis of the Fraud-on-the-Market Theory”, 42 Stan. L. Rev. 1059 (1990).Macey, Jonathan R. & O''''Hara, Maureen “Regulating Exchanges and Alternative Trading Systems: A Law and Economics Perspective”, 28 J. Legal Stud. 17 (1999).McLaughlin, Joseph E. “The Changing Role of the Securities Analysts in Initial Public Offerings”, Insights, Aug. 1994.Myer, Desiree de“Show and Tell for Investors Smart Bus. from ZDWire”, Jan. 15, 2001, in 2001 WL 7487997.Nagy, Donna M. “Reframing the Misappropriation Theory of Insider Trading Liability: A Post-O’Hagan Suggestion”, 59 Ohio St. L. J. 1223 (1998).Nagy, Donna M. “The Possession vs. Use” Debate in Context of Securities Trading by Traditional Insiders: Why Silence Can Never Be Golden”, 67 U. Cin. L. Rev. 1129 (1999).Phillips, Richard M. & Nojeim, Gregory T. “Disclosures to Securities Analysts: The Drafty Exposure of the Open-Door Policy”, Prentice Hall L. & Bus. Insights, May 1990.Pitt, Harvey L. & Groskaufmanis, Karl A. “A Tale of Two Instruments: Insider Trading in Non-equity Securities”, 49 Bus. Law. 187 (Nov. 1993).Radin, Stephen A. “Selective Disclosure after the SEC’s Regulation”, N.Y.L.J., Aug. 31, 2000.Ramirez, Steven A. & Gilbert, Christopher M. “The Misappropriation Theory of Insider Trading Under United States v. O’Hagan: Why Its Bark Is Worse than Its Bite”, 26 S.E.C. Regulation L. J. 162 (1998).Richards, Clay“Selective Disclosure: ‘A Fencing Match Conducted on A Tightrope’ and Regulation FD─The SEC’s Latest Attempt to ‘Electrify the Tightrope’”, 70 Miss. L. J. 417 (2000).Schizer, David M. “Benign Restraint: The SEC''''s Regulation of Execution Systems”, 101 Yale L.J. 1551 (1992).Seligman, Joel “The Reformulation of Federal Securities Law Concerning Nonpublic Information”, 73 Geo. L.J. 1083 (1985). Shin, Jhinyoung “The Optimal Regulation of Insider Trading”, 5 J. Fin. Intermediation 49 (1996).Steinberg, Marc I. “Insider Trading, Selective Disclosure, and Prompt Disclosure: A Comparative Analysis”, 22 U. Pa. J. Int''''l Econ. L. 635 (2001).Stout, Lynn A. “The Unimportance of Being Efficient: An Economic Analysis of Stock Market Pricing and Securities Regulation” 87 Mich. L. Rev. 613 (1988).Thompson, Jr., Louis M. “Executive Alert, Guidance for Compliance with Regulation Fair Disclosure”,Nat’l Investor Rel. Inst., Oct. 11, 2000.Wang, William K.S.“Reuschlein Lecture: Stock Market Insider Trading: Victims, Violators Remedies- Including an Analogy To Fraud in the Sale of a Used Car with a Generic Defect”, 45 Vill. L. Rev. 27. (2000).Wang, William K.S. “Trading on Material Nonpublic Information on Impersonal Stock Markets: Who Is Harmed and Who Can Sue Whom Under S.E.C. Rule 10b-5?”, 54 S. Cal. L. Rev. 1217 (1981).Witmer, Rachel “Lawyer Suggests Effects Regulation FD Might Have on Media”, 32 Sec. Reg. & L. Rep. (BNA) 1485 (Oct. 30, 2000).Wukkuan H., Beaverm, Eger, Carol, Ryan, Stephen and Wolfson, Mark “Financial Reporting, Supplemental Disclosures and Bank Share Prices“, Journal of Accounting Research Vol. 27 No.2, Autumn 1989.三、 報章雜誌Clifford, Lee “Less-Than-Golden Rule”, Fortune, Nov. 13, 2000.Kitslaar, Elizabeth “Regulation FD: Practical Implications and Recommendations”, Andrews S.E.C. Litig. & Reg. Rep., Nov. 8, 2000.Oberbeck, Steven “S.E.C. Ruling on Information Disclosure to Take Effect Soon”, Salt Lake Trib., Sept. 9 2000.Olson , John F. “Letter From the Editors: Still Fencing on a Tightrope”, 4 No.5 Wallstreetlawyer.com: Sec. Elec. Age 2, Oct. 2000.Rosen, Ellen L. “S.E.C. Rule a Boon for Lawyers”, Daily Rep. (Fulton County), Aug. 30, 2000.Young, David “Web Meetings: Bell & Howell Tries E-mail”, Chi. Tri., June 10, 1996.四、 判決資料Alfus v. Pyramid Technology Corp., 764 F. Supp. 598, 608 (N.D. Cal. 1991).Backman v. Polaroid Corp., 910 F.2d 10 (1st Cir, 1990).Basic Inc. v. Levinson, 485 U.S. 224 n.17 (1988).Central Bank of Denver N.A. v. First Bank of Denver N.A., 511 U.S. 164 (1994).Chiarella v. United States, 445 U.S. 222 (1980).Dirks v. S.E.C., 463 U.S. 646 (1983).Elkind v. Liggett & Myers, Inc., 635 F.2d 156 (2d Cir. 1980).Glazer v. Formica Corp., 964 F.2d 149 (2d Cir. 1992).Good v. Zenith Electronics Corp., 751 F. Supp. 1320 (N.D. Ill. 1990).Hollinger v. Titan Capital Corp., 914 F.2d 1564 (9th Cir. 1990).In re Abbott Laboratories S.E.C. Litig., 813 F. Supp. 1315 (N.D. Ill. 1992).In re Caere Corp. S.E.C. Litig., 837 F. Supp. 1054 n.4 (N D. Cal. 1993).In re Jenny Craig S.E.C. Litig., [1992-1993 Transfer Binder] Fed. S.E.C. L. Rep. (CCH) P 97,337 (Dec. 3, 1992).In re Wells Fargo S.E.C. Litig., 12 F.3d 922 n.6 (9th Cir. 1993).In re Worlds of Wonder, 814 F. Supp. 850 (1993).In re Raymond L. Dirks, 21 S.E.C. Docket 1401 (1981).In re Time Warner Inc. S.E.C. Litig., 9 F.3d 259 (2d Cir. 1993).Raab v. General Physics Corp., 4 F.3d 286 (4th Cir. 1993).Santa Fe Industry, Inc. v. Green, 430 U.S. 462 (1977).Schneider v. Apple Computer, Inc., 496 U.S. 943 (1990).S.E.C. v. Bausch & Lomb, Inc., 420 F. Supp. 1226 (S.D.N.Y 1976).S.E.C. v. Gaspar, No. 83 Civ. 3037, 1985 U.S. Dist. Lexis 20698 (S.D.N.Y. Apr. 16, 1985).SEC v. Herman & MacLean, 640 F.2d 534, 543 (5th Cir. 1981).S.E.C. v. Stevens, 48 S.E.C. Docket 739 (1991).S.E.C. v. Stevens, Release No. 12813, No. 91 Civ. 1869 S.E.C. Lexis 451 (S.D.N.Y. Mar. 19, 1991).S.E.C. v. Texas Gulf Sulphur Co., 401 F.2d 833 (2d Cir. 1968) (en banc).Santa Fe Industries, Inc. v. Green, 430 U.S. 462 (1977).TSC Indus., Inc. v. Northway, Inc., 426 U.S. 438, 449 (1976).United States v. Chestman, 947 F.2d 551 (2d Cir. 1991) (en banc).United States v. Chiarella, 588 F.2d 1358, 1365 (2d Cir. 1978), rev''''d, 445 U.S. 222 (1980).United States v. O’Hagan, 521 U.S. 642 (1997).五、 其他Levitt, ArthurConcept Release on Exchange Regulation and Foreign Market Access to the United States, Opening Statement at the Open Meeting of the SEC (May 23, 1997), available at: http://www.sec.gov/news/speeches/spch161.txt, visited on Nov. 25, 2000."Management''''s Discussion and Analysis of Financial Condition and Results of Operations: Certain Investment Company Disclosure", 1934 Act Release No. 33-6835, 7 Fed. S.E.C.. L. Rep. (CCH) P 73,193 at 62,842 (June 7, 1989).Press Release, NYSE, Media Statement: NYSE-SEC Settlement (June 29, 1999), available at: http://www.nyse.com/press/NT0000A74E.html, visited on Nov. 25, 2000.Private Securities Litigation Reform Act of 1995, Pub. L. No. 104-67, 109 Stat. 737 (1995).Proposing Release, 64 Fed. Reg. 72,590, 72,592 (proposed Dec. 28, 1999), the SEC referred to Richard Frankel et al., An Empirical Examination of Conference Calls as a Voluntary Disclosure Medium, 37 J. Acct. Res. 133 (1999).SEC, The Work of the SEC (1986).Unger, Laura S. “Technology and Regulation: the Road Ahead”, Speech at the San Diego Institute, 2000 WL 132740, (Jan 27, 2000).參、網路資料Association for Investment Management and Research “Analysts, Portfolio Managers Say Volume, Quality of Information Have Fallen Under Regulation FD”, March 26, 2001, available at: http://www.aimr.org/pressroom/01releases/regFDsurvey.html, visited on Feb 13, 2002.“Is Regulation FD Fair?”, available at http://cnnfn.cnn.com/2001/04/24/companies/regfd/index.htm, 2001.4.24.Latham & Watkins“The S.E.C.’s Regulation FD-Fair Disclosure” (2000), available at: http://www.lw.com/pubs/articles/pdf/fd.pdf, visited on Feb 13, 2002.Laura S. Unger “Remarks at the Glasser LegalWorks Conference on SEC Regulation FD”, Oct. 27, 2000, available at: http://www.sec.gov/news/speeches/spch421.htm, visited on Feb 12, 2001.Laura S. Unger “Special Study: Regulation Fair Disclosure Revisited”, Dec. 2001, avail at: http://www.S.E.C.gov/news/studies/regfdstudy.htm.Letter from Lee B. Spencer, Chairman, Ad Hoc Working Group on Proposed Regulation FD, & George A. Schieren, Vice President-Legal, SIA Compliance and Legal Division, Securities Industry Association, to Jonathon G. Katz, S.E.C.retary, Securities and Exchange Commission (Apr. 6, 2000), available at: http://www.S.E.C.gov/rules/proposed/s73199/spencer1.htm.Letter from Robert S. Merritt, Chairman, & Brian T. Borders, President, Association of Publicly Traded Companies, to Jonathon G. Katz, S.E.C.retary, Securities and Exchange Commission (Apr. 26, 2000), available at: http://www.S.E.C.gov/rules/proposed/s73199/merritt1.htm.Letter from Stanley Keller, Chair, Committee on Federal Regulation of Securities, Karl A. Groskaufmanis, Co-Chair, Ad Hoc Committee on Public Company Information Practices, & Richard E. Gutman, Co-Chair, Ad Hoc Committee on Public Company Information Practices, Committee on Federal Regulation of Securities of the Business Law Section of American Bar Association, to Jonathon G. Katz, S.E.C.retary, Securities and Exchange Commission (May 8, 2000), available at: http://www.S.E.C.gov/rules/proposed/s73199/keller2.htm.Letter from Sullivan & Cromwell to Jonathon G. Katz, S.E.C.retary, Securities and Exchange Commission (Apr. 28, 2000), available at: http://www.S.E.C.gov/rules/proposed/s73199/sulcrom1.htm.Letter from the Legal and Compliance Division of the Securities Industry Association, to the Ad Hoc Working Group on Proposed Regulation FD, (April 6, 2000), available at: http://www.sec.gov, visited on Feb 12, 2001.Letter from The Association of the Bar of the City of New York, Committee on Securities Regulation, to Securities and Exchange Commission (April 28, 2000), available at: http://www.sec.gov/rules/proposed/s73199/schultel.html, visited on Feb 12, 2001Letter of the Committee on Federal Regulation of Securities of the Business Law Section of the American Bar Association, to Securities and Exchange Commission (May 8, 2000), available at: http://www.sec.gov/rules/proposed/s73199/keller2.htm, visited on Feb 12, 2001.Lipschutz, Neal “Disclosure Rule’s Early Mixed Report Card, Dow Jones News Services”, Jan. 19, 2001, available at: http://www.ccbn.com/regulationfd/20010119.html.National Investor Relation Institute “NIRI Survey Finds Adoption of Regulation Fair Disclosure Likely to Limit Amount of Information Disclosed to Market Participants”, Aug. 2000, available at: http://www.niri.org/publications/alerts/EA080800.cfm, visited on Nov. 11th, 2001.PriceWaterhouseCoopers “Leaders of Technology Businesses See Benefits from Regulation FD”, Apr. 23, 2001, available at: http://www.barometersurveys.com/pr/te010423.html, visited on Feb 13, 2002.S.E.C. Interpretation“Use of Electronic Media”, Release Nos. 33-7856, 34-42728 (Rel. Apr. 28, 2000), available at: http://www.S.E.C.gov/rules/concept/34-42788.htm, visited on Feb. 22, 2002Subcommittee On Capital Markets, Insurance and Government Sponsored Enterprises of the House Committee On Financial Services, 107th Cong. 107-18“Fair Disclosure or Flawed Disclosure: Is Reg. FD Helping or Hurting Investors?”, Hearing before the Subcomm. On Capital Markets, Insurance and Government Sponsored Enterprises of the House Comm. On Financial Services, 107th Cong. 107-18 (2001), available at: http://www.house.gov/financialservices/051701w1.htm, visited on Feb 13, 2002.Thompson, Jr., Louis M. “Executive Alert, Guidance for Compliance with Regulation Fair Disclosure”, Nat’l Investor Rel. Inst., Oct. 11, 2000, http://www.niri.org/publication/alerts/ea101100.cfm.Walker, Richard H. “Regulation FD-An Enforcement Perspective, Remarks to the Compliance and Legal Division of the Securities Industry Association”, Nov. 1, 2000, available at: http://www.S.E.C.gov/news/speech/spch415.htm, visited on Apr. 15, 2001.中華民國證券暨期貨市場發展基金會網站 http://210.65.15.119/sfi.台灣證券交易所網站http://www.tse.com.tw.吳家聲著,「我國證券管理政策回顧與展望」,載於台灣證券交易所網站http://www.tse.com.tw/plan/essay/439/Wu.htm, visited on May 19, 2002.財政部證券暨期貨管理委員會網站http://www.sfc.gov.tw.真像王證券專業資料庫會員檢索區內容量化表http://lib.sfi.org.tw/sfi/service.htm.
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