The Research Concerning the Judge Standards and Established Time of the Undisclosed Materials on Illegal Insider Trading

• Main Authors: SUN,HSIU-HUA, 孫秀華
• Other Authors: LEE,KAI-UAN
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/8s96q6

碩士 === 銘傳大學 === 法律學系碩士在職專班 === 104 === This essay primarily discuss the scopes and the established time of the non-public materials on illegal insider trading in business mergers and acquisitions cases. This study’s infrastructure primary in accordance with the U.S. theory of insider trading, legislative, cases and Article 157-1 of the Securities and Exchange Act of ROC . But many industrial leaders argue that material non-public information before takeover announcement indicates the pervasive nature of insider trading. They want to know how often does edge cross the red line into insider trading. In fact M&A deals are supposed to be secrets, so we should not to be able to distinguish options trading activity before an announcement on any randomly chosen date. In this paper, the first chapter described the purpose and the scope of the research topic . The second chapter overview the theoretical basis of illegal insider trading. The third chapter involving the judge standards concerning material non-public information in U.S. legislation and insider trading cases. The fourth chapter introduce the crime liability and the component elements of illegal insider trading offence in Taiwan. The fifth chapter introduce the judge standards concerning material non-public information in this country’s insider trading cases. The sixth chapter introduce the theory and judicial cases concerning the established time of material non-public information . The seventh chapter introduce some of the insider trading issues and practical problems that are encountered on the propriety of dealings prior to the public announcement of a takeover, the issues relating to the communication of insider information to the prospective offeror by the target company or the vendor and the use of insider information in the course of the takeover offer. The ninth chapter analysis and review the case concerning the insider trading actions by the Supreme court against the Chairman Ko Wen-Chang of Jabil Circuit Inc. have influenced the public’s perception of mergers and acquisitions activity in this country. This is well-publicized cases generally involve illegal insider trading based on nonpublic information about impending Letter of Intent(LOI) for takeover targets. The ninth chapter are conclusion and suggestion concerning the judge standards and the established time of the undisclosed materials on illegal insider trading.