| Summary: | 碩士 === 國立臺北大學 === 法律學系法律專業組 === 102 === One of the main functions of stock market is to achieve fair prices of securities. The investors can be based on adequate and accurate information, and subjective understanding of the prices of securities, and stock market’s supply and demand, and the free operation via a free market economy, in order to forming transaction price by bid. However, the prices of securities should have formed naturally by laws of supply and demand. If anyone manipulated through false transaction, or spread false information, attempted to produce the illusion of supply and demand and changes in securities prices, will occur misleading investors and distorting the price and quantity of securities transactions, and the destruction of the free market function, and impairment of the market to raise stock and effective allocation of resources function and other hazards. Thus, for many countries expressly prohibit market manipulation. Securities and Exchange Act of Taiwan was inherited legislation of the United States and Japan. Article 155, Securities and Exchange Act was also expressly prohibited for market manipulation.
"Matched orders" is set by Article 155, Paragraph 1, Sub-paragraph 3 of Securities and Exchange Act, which is kind of the market manipulation, and it is economic criminal law. However, Article 155, Paragraph 1, Sub-paragraph 3 of Securities and Exchange Act of subjective elements and objective elements are not clear, many issues to be clarified. Therefore, this article attempts to start understanding the concept of market manipulation, the legislative history and the types, then to explore issues related to this sub-paragraph and the component element involved from the theoretical and practical, supplemented by legislation of the United States and Japan were compared. It can be conformed to this sub-paragraph purpose of regulation of economic criminal law, and expected to serve justice practitioners can how to apply the laws, and as a reference for future legislation or amending the law on.
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