| Summary: | 碩士 === 輔仁大學 === 財經法律學系碩士班 === 104 === The legislative purpose of the Securities Exchange Act of Taiwan is“developing the national economy”and “the safeguard investment”. The important function of Securities Exchange Market, is the formation of fair prices. The free market, securities trading, the Department of the buyers and sellers of securities based on the value of consensus, to a certain supply and demand relationship and decided on transaction prices. Acts of market manipulation, would distort the market price, its own need to be prohibited in order to avoid the manipulation, and showed the hypocrisy of the transaction or the illusion of a price, and then lured the investable public trading compromised, disrupting financial order, thereby affecting the development of the national economy. In this regard, the Securities and Exchange Act, Article 155, so called "Anti-Manipulation Provisions." However, in the case of the actual operation of the stock market in recent years, there was several major stock market manipulation of the case, lead to social attention and the instability of investment environment, it is also the most part of financial crime.
Nevertheless, due to the types and practices of manipulation often used interchangeably and ever-changing, how to avoid that is necessary to research. The Securities Exchange Act of Taiwan, Article 155, modeled on the Ameriacn and Japanese legislation, the different methods of itemized, but types ruled in the article, they are often unable to cover all crimes. And in practice on how to identify facts of the case, whether or not the exclusion between the various types or are complementary to each other, prone to doubt, make it difficult to apply to the court, caused by the convicted person really is not much, but it is difficult to induce the punish effect. Accordingly, how to define the types of manipulation of the state, to avoid exhaustive, and Anti-manipulation provisions on the effective functioning of the practice, still need to discuss. The relevant provisions of this order the United States, European Union and Japan on different types of legislation about manipulation, in order to find the difference of among the Securities and Exchange Law of Taiwan, as a reference to amend acts of manipulation. Another new aspect to the manipulation is to organize the discussion. Organize and discuss Anti-manipulation provisions of the relevant issues involved and the applicable law, and try to make some suggestions, for the Securities Exchange Act of Taiwan on prevention of reference Anti-market manipulation.
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