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研究生:粘心馨
研究生(外文):NIEN, SHIN-SHIN
論文名稱:建立有效的內線交易防制方法---以美國法遵計畫經驗為中心
論文名稱(外文):Implement a Strong Insider Trading Policy for Public Companies in Taiwan---Focusing on Compliance Program
指導教授:張心悌張心悌引用關係
指導教授(外文):CHANG, HSIN-TI
口試委員:林國彬郭大維張心悌
口試委員(外文):LIN, KUO-BINKUO, TA-WEICHANG, HSIN-TI
口試日期:2017-07-17
學位類別:碩士
校院名稱:國立臺北大學
系所名稱:法律學系一般生組
學門:法律學門
學類:一般法律學類
論文種類:學術論文
論文出版年:2017
畢業學年度:105
語文別:英文
論文頁數:141
中文關鍵詞:內線交易公司治理內部控制法遵計畫
外文關鍵詞:Insider TradingCorporate GovernanceInternal ControlCompliance Program
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多年來,金管會持續地在企業間推廣公司治理的概念,並且接受來自OECD與COSO的建議與方針,致力於重塑我國公司治理的架構,加強企業經營者對公司治理的重視,然而,在近日爆發的浩鼎內線交易案,以及樂陞科技的諸多違法爭議中,一再地顯示政府的努力並未獲得成效,再者,多數內線交易案的交易人,若非出自公司經營管理階層,即為公司內部人之親友,不論這些交易人係因欠缺對內線交易法規的認識而犯法,或者係有意地忽略法律規定、規避公司內規,本文認為,上揭情形皆為公司的內部控制存在缺漏而致。

本文於第一部份介紹我國目前防制內線交易的措施與其效果,道出改善公司內部控制的必要性與重要性,第二部分及第三部分透過介紹美國法遵計畫(Compliance Program)在內線交易防制的運作,分析如何透過該法遵計畫改善公司的內部控制,並且達到有效防制公司內部人為內線交易的成果,最後,考量我國在法遵計畫的運作上可能面臨的障礙,輔以美國法遵計畫的前景與困境,本文提出我國引進法遵計畫的立法建議,以及如何建立防制內線交易之法遵計畫的具體方針,盼法遵計畫的實施能夠改善我國內線交易弊案氾濫的現況。

The Financial Supervisory Commission in Taiwan has promoted the concept of corporate governance for almost twenty years, and continuingly adopts guidelines from the Organization for Economic Cooperation and Development (“OECD”) and the Committee of Sponsoring Organizations (“COSO”) to reshape the framework of corporate governance and further improve the issuers’ awareness of the importance of it. Unfortunately, the recent incidents of corporate fraud and misconduct, such as the insider trading cases of OBI Pharma Inc. and XPEC Entertainment Inc., show that the government agency’s efforts have not worked out. The internal control within these companies is flawed, so that the companies’ employees can easily circumvent the internal supervision. Especially in recent insider trading cases, securities traders are usually company’s directors, senior managers, employees in high positions or their family members. This phenomenon reveals either these people have the lack of knowledge of the concept of insider trading, or these people deliberately ignore the relevant laws and regulations of insider trading. No matter which situation it is, they both indicate the deficiency of organization’s internal control toward insiders’ securities trading activities.

This thesis is going to analyze how to improve the organization’s internal control, and the discussion will focus on the adoption and the enforcement of the compliance program in the field of deterring insider trading, which collectively is named as “The Insider Trading Compliance Program.” Through the introduction of compliance programs and how they are practiced in the United States, this thesis aims to give a better view of the development and the practice of compliance programs, and hopes that companies in Taiwan can learn from U.S. experiences to have a better understanding on how to deter insider trading. After looking into the possible obstacles the insider trading compliance program will face in Taiwan, this thesis provides several suggestions for the regulator and companies in Taiwan to adopt the compliance program, so that the compliance program can improve the existing insider trading policies. In the end, this thesis takes Acer Inc. as an example to analyze the effectiveness of its insider trading policy through analyzing its relevant insider trading case and the content of its insider trading rules.

Chapter 1. Introduction: The Practice for Deterring Insider Trading in Taiwan 1
1.1 Insider Trading 1
1.2 Regulator, Taiwan Stock Exchange Market and Corporate Self-policing Policy 1
1.2.1 Regulator: Financial Supervisory Commission 1
1.2.2 Taiwan Stock Exchange 3
1.2.3 Corporate self-policing policy 5
1.3 Insider Trading Activities Indicate The Deficiency of Internal Control 9
1.4 Conclusion of this chapter 11
Chapter 2. The Compliance Program 12
2.1 Introduction 12
2.2 The Factors of an Effective Compliance Program 14
2.2.1 The positive features of a compliance program 14
2.2.2 The negative features of a compliance program 23
2.3 The Position of The Compliance Program 25
2.3.1 The difference between the compliance officer and the legal officer and the corporate secretary 26
2.3.2 The position arrangement of the chief compliance officer and the general counsel in the organization 37
2.3.3 The analysis of the position arrangement 40
2.3.4 Suggestion 43
2.5 Conclusion of this chapter 43
Chapter 3. Insider Trading Compliance Program Experiences From the United States 45
3.1 The Emergence of Compliance Program under U.S. Law 45
3.1.1 The overview 45
3.1.2 The Organizational Sentencing Guidelines 46
3.1.3 Insider Trading and Securities Fraud Enforcement Act of 1988 50
3.2 In re Caremark Intern. Inc. Derivative Litigation 55
3.2.1 Background 55
3.2.2 The court’s opinion 56
3.2.3 The influence of Caremark 57
3.3 Regulators and The Main U.S. Stock Exchange Market 58
3.3.1 Regulators 58
3.3.2 The Main U.S. Stock Exchange Market 62
3.3.3 Administrative Orders & Disciplinary Decisions 69
3.4 The Challenges of Insider Trading Compliance Program in the United States 82
3.4.1 The general compliance program 82
3.4.2 The insider trading compliance program 94
3.5 Conclusion of this chapter 100
Chapter 4. Developing an Ideal Insider Trading Compliance Program in Taiwan 101
4.1 The Possible Obstacles of Developing an Ideal Insider Trading Compliance Program in Taiwan 101
4.2 What can we learn from U.S. experience? 103
4.2.1 The adoption of the compliance program 104
4.2.2 The improvement of the insider trading policy 110
4.3 Ideal Insider Trading Compliance Program 111
4.3.1 Steps in the design process 111
4.3.2 A program responsible for deterring insider trading 113
4.3.3 The key elements an insider trading policy needs 115
4.3.4 Example: Insider Trading Rules of Acer Inc. 125
4.4 Conclusion of this chapter 133
Chapter 5. Conclusion 134
References. 137

References:

1.1Textbooks

Browm, Louis M., & Gruner, Richard S., The Legal Audit: Corporation Internal Investigation Chapter 1:20 Characterizing the seriousness of audit findings and planning follow up corrections (August 2016)

Lewin, Joel & Schaub, Charles E., JR., The importance of implementing a compliance program, 57 Mass. Prac., Construction Law Chapter 3:159 (December 2014)

Trevino, Linda Klebe, Nieuwenboer, Niki A. den, Kreiner, Glen E. & Bishop, Derron G., Legitimating the legitimate: A grounded theory study of legitimacy work among ethics and compliance officers, Organizational Behavior and Human Decision Process Vol.123 (2014)

1.2Periodicals

Anderson, John P., Solving the paradox of insider trading compliance program, 88 Temp.L.Rev.273, at 287-288 (2016)

Brown, H. Lowell, The Corporate Director’s Compliance Oversight Responsibility in the Post Caremark Era, 26 Del. J. Corp. L. 1, at 16-17(2001)

Baer, Miriam Hechler, Governing Corporate Compliance, 50 B.C. L. Rev. 949, 951-952 (2009)

Cooke, Tony & Ng, Serena, Moving the Market—Tracking the Numbers/Street Sleuth: Insiders Prosper Despite SEC Rule; Even with Planned Trades, Executives Still Can Beat Overall Market Performance, WALL ST. J., at C3 (Aug2005)

Denson, John, Requirements for effective compliance program, 71 Tex. B.J. 638, at 638 (September 2008)

Donnelly, William E., The importance of implementing an effective insider trading policy, PRACTICAL COMPLIANCE & RISK MANAGEMENT FOR THE SECURITIES INDUSTRY, MAY–JUNE (2008)

Dubow, John A. & Shasanmi, John, The importance of having and following a strong public company insider trading policy, 2011-OCT Bus. L. Today 1, at 1 (October 2011)

Ford, Cristie & Hess, David, Can Corporate Monitorships improve Corporate Compliance?, 34 J. Corp. l. 679, at 691 (2009)

Goldblatt, Michael L., Implement Effective Compliance Program (with checklist), 38 No.3 Prac. Law. 75, at 81 (1992)

Gruner, Richard S., Towards An Organizational Jurisprudence: Transforming Corporate Criminal Law Through Federal Sentencing Reform, 26 ARIZ L.REV.407, at 436 (1994)

Hess, David, Ethical infrastructures and evidence-based corporate compliance and ethics programs: policy implications from the empirical evidence, 12 N.Y.U. J.L. & Bus. 317, at 325 (Spring 2016)

Heminway, Joan MacLeod, The role of business counsel as compliance gatekeepers: toward understanding and combatting reckless disregard for legal and ethical compliance in business entities, 62 Wayne L. Rev. 7, at 21-22 (2016)

Jeng, Daniel H., Expert networks and insider trading: an introduction and recommendation, 32 Rev. Banking & Fin. L. 245, at 259-260 (Spring 2013)

Krawiec, Kimberly D., Cosmetic Compliance and the Failure of Negotiated Governance, Washington University Law Review, Vol 81, Issue 2, at491-492 (2003)

Laufer, William S., Corporate Liability, Risk Shifting, and the Paradox of Compliance, 52 Vand. L. Rev. 1343, at 1371-1372, 1418 (October 1999)

Laufer, William S. & Strudler, Alan, Corporate Crime and Making Amends, 44 Am. Crim. L. Rev. 1307, 1316 (2007)

Nunes, Jeffrey W., Organizational Sentencing Guidelines: The conundrum of compliance programs and self-reporting, 27 Ariz. St. L.J. 1039, at 1053 (1995)

Publisher's Editorial Staff, Insider Trading Compliance Programs, 28 No. 3 Corp Couns Quarterly ART 5, at 8 (July 2012)

1.3Judicial Decisions

In re Caremark Int’l, Inc., Derivative Litig., 698 A. 2d 959 (Del. Ch. 1996)

SEC v. CR Intrinsic Investors, LLC et al. (Civil Action No. 8466)

Guttman v. Huang, 823 A.2d 492, 506 (Del. Ch. 2003)

Stone ex rel. AmSouth Bancorporation v. Ritter, 911 A.2d 362, 370 (Del. 2006)

1.4Others

Alexander, Clifford J. & Delibert, Arthur C., The misuse of material nonpublic information and the requirement for compliance procedure, MNYMGUIDE ¶260, Volume 1, Tab 200: Investment Advisor, at 7 (March 2015)

Carr, Jeffrey W. & Lauer, Steven A., Compliance programs reduce litigation exposure--- only the rare company faces prosecution, but all must limit liability risks., The National Law Journal (April 2005), http://www.nationallawjournal.com/id=900005427688/Compliance-programs-reduce-litigation-exposure

Condon, Nancy & Perone, Herb, NASD and NYSE Member Regulation Combine to Form the Financial Industry Regulatory Authority – FINRA, FINRA News Release (July 30, 2007), http://www.finra.org/newsroom/2007/nasd-and-nyse-member-regulation-combine-form-financial-industry-regulatory-authority

Deloitte Compliance week, In focus: 2015 Compliance Trends survey (2015)

ETHICS RESOURCES CENTER, NATIONAL BUSINESS ETHICS SURVEY OF THE U.S. WORKFORCE 14 (2014), https://www.ibe.org.uk/userassets/surveys/nbes2013.pdf

Fox, Thomas, Who Does Your Chief Compliance Officer Report To, The FCPA Blog (2010/06/14), http://www.fcpablog.com/blog/2010/6/14/who-does-your-chief-compliance-officer-report-to.html

Green, Bonnie & Wilson, David, The roles of general counsel and chief compliance officers, Corporate Compliance Insights (2011/01/18), http://www.corporatecomplianceinsights.com/the-roles-of-general-counsel-and-chief-compliance-officers/

Gallagher, Stephanie, Who’s the Boss? The Importance of the Chief Compliance Officer’s Independence, The Compliance and Ethics Blog (2015), http://complianceandethics.org/whos-boss-importance-chief-compliance-officers-independence/

Ide, R. William Bill & Clark, Crystal J., The chief Legal Officer’s Critical Role in the Compliance Function, Bloomberg Law (2014/07/01), https://www.bna.com/chief-legal-officers-n17179891712/

Lanin, Ari B. & Stolman, Daniela L., Building a better insider trading compliance program, Insights, Vol.25, No.3 (March 2011)

National business ethics survey, Inside the mind of a whistleblower-A supplement report of the 2011 (2011), http://www.corporatecomplianceinsights.com/wp-content/uploads/2012/05/inside-the-mind-of-a-whistleblower-NBES.pdf

Nili, Yaron, Compliance or Legal? The Board’s Duty to assure Clarity, Harvard Law School Forum Corporate Governance and Financial Regulations (2014), https://corpgov.law.harvard.edu/2014/08/12/compliance-or-legal-the-boards-duty-to-assure-clarity/

Securities and Exchange Commission, SEC Announces Enforcement Results for FY 2016, https://www.sec.gov/news/pressrelease/2016-212.html

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