| Summary: | 碩士 === 國立臺灣海洋大學 === 海洋法律研究所 === 106 === Securities and Exchange Act Article 1 of Taiwan, R.O.C. “This Act is enacted for the purpose of promoting the national economic development and the protection of investors.”
The core of safeguarding investments lies in maintaining securities market fairness, ensuring trading mechanism fairness, and standardizing illegal actions, such as manipulation, insider trading, and so on, thereby enabling investors to invest in the securities market through a fair, open and just trading mechanism.
Manipulated market behaviors refers to false trading or dissemination of false information to create the illusion of securities supply and demand and price fluctuations, luring investors to engage in trading and subjecting them to harm, which in turn damage the trading order of the securities market and affect national economic development. The purpose of prohibiting market manipulation is to ensure the generation of securities prices under the normal supply and demand of the free market to avoid manipulation by specific individuals, maintain the liberalization of securities prices, and safeguard the interests of the investing public.
The penalties for market manipulation behavior are known as anti-manipulation clauses, which are in reference to the legislative provisions of the United States and Japan. This article will discuss the concept of market manipulation, the evolution of legislation, and manipulation behavior. It will analyze and compare doctrines and verdicts in practice in order to explore the constituents of Taiwan’s anti-manipulation clauses and related issues. Recommendations will also be put forward to serve as a referenced for future law amendments.
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