| Summary: | 碩士 === 國立臺灣大學 === 財務金融組 === 105 === This essay focuses on the issues regarding conflicts of interests between “a market intermediary and its investors”, among which issues a new type of criminal activity called “front-running” is to be discussed herein. Research papers on this issue in the academic field in Taiwan are scarce. Although the competent authorities have enacted and implemented related regulations regarding conflicts of interest and/or duty of royalty applicable to intermediaries, the relevant regulations are scattered and insufficient. Legal framework for criminal sanctions is also incomplete. Thus, this essay is of the view that it is necessary to first establish a complete description of the regulatory regime for “front-running” and propose the corresponding preventive regulatory framework.
To facilitate the discussion and analysis herein, this essay will focus on the “front-running” activities taking place in “securities exchanges”. Chapter 2 provides an introduction of the “definition and types of front-running behaviors” and “regulatory purpose” as the basis for the research carried out herein, and summarizes “related regulatory framework and case development in the United States, European Union, Mainland Area”. Chapter 3 describes the current regulations regarding prevention of front-running from the perspective of “intermediaries in the Taiwan market” and provides a summary of two criminal cases related to front-running in Taiwan to date. This chapter also summarizes the legal view held by the judicial system in related cases and poses questions regarding the adequacy of Taiwan’s regulations and actual operations in the market. Chapter 4 then seeks to explore views from various angles by interviewing “employees of securities market intermediaries”, “judicial and legal professionals” and “relevant experts and academics”.
Chapter 5 provides a conclusion of the above summary and provides a commentary and proposal for “front-running regulations” in Taiwan.
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