法秩序统一性原理下内幕交易推定制度的反思

Reexamining the Insider Trading Presumption System Under the Principle of Unity of the Legal Order

中文关键词:  内幕交易推定制度  法秩序统一性原理  法律保留  无罪推定  举证责任

英文关键词:insider trading presumption system  principle of unity of the legal order  legal reservation  presumption of innocence  burden of proof

中文摘要:

      法秩序统一性原理提供了反思内幕交易推定制度的重要框架。法秩序统一性原理的纵向层面要求聚焦内幕交易推定规范与上位规范的层级关系,横向层面要求行政处罚领域和刑事制裁领域的内幕交易推定分别与相对应领域推定的一般逻辑相融贯。目前,在立法维度,内幕交易推定制度不满足法秩序统一性原理纵向层面的要求,制度现有规范载体存在与法律保留相冲突的缺憾。同时,刑事制裁领域的内幕交易推定与作为宪法精神的无罪推定相抵触。在司法维度,内幕交易推定制度违背法秩序统一性原理横向层面的要求,行政处罚领域和刑事制裁领域的内幕交易推定分别与行政处罚和刑事制裁推定的一般逻辑不一致。对于立法维度中内幕交易推定制度与法秩序统一性原理纵向层面相悖的困境,可通过以备案审查为中介的渐进法律化路径予以消解。对于司法维度中内幕交易推定制度与法秩序统一性原理横向层面相抵牾的现状,可通过“内幕信息知情人”推定的规范再造予以回应。

英文摘要:

      The principle of unity of the legal order provides an important framework for reexamining the insider trading presumption system. Vertically, this principle requires an examination of the hierarchical relationship between insider trading presumption norms and higher-ranking norms. Horizontally, it requires that insider trading presumptions in the fields of administrative penalties and criminal sanctions be consistent with the general logic of presumptions in their respective fields. In the legislative dimension, the current insider trading presumption system fails to meet the vertical requirements of the principle of unity of the legal order, as the existing normative instruments of the system conflict with the principle of legal reservation. At the same time, insider trading presumptions in the field of criminal sanctions contradict the presumption of innocence as a constitutional principle. In the judicial dimension, the insider trading presumption system violates the horizontal requirements of the principle of unity of the legal order, as insider trading presumptions in the fields of administrative penalties and criminal sanctions are inconsistent with the general logic of presumptions in administrative penalties and criminal sanctions, respectively. Regarding the legislative dilemma in which the insider trading presumption system contradicts the vertical requirements of the principle of unity of the legal order, it may be resolved through a gradual legalization path mediated by the system of the recording and review. Regarding the judicial inconsistency between the insider trading presumption system and the horizontal requirements of the principle of unity of the legal order, it may be addressed through normative reconstruction of the presumption concerning “persons with access to inside information.”