ʳ ʳ ʳ ʳ ݺഏֆऄร 27 යร 1 ႈࡳΔਙࢌࢨऄԳैࣟΔא۞ահټᆠΔᅝᙇ ֆᇀࠃࢨኘԳΔࠀਐࡳ۞ྥԳז।۩ࠌ೭Ιࠉٵයร 2 ႈհࡳΔਙࢌࢨ ऄԳैࣟழΔٍطࠡז।ԳᅝᙇᇀࠃࢨኘԳΖڼழΔૉਢऄԳैࣟၞ۩
ᒵٌ࣐Δ۶Գᒵٌ࣐ូԵᦞհᔞش᧯Λʳ
ʳ ʳ ʳ ʳ ૉֆऄร 27 යร 1 ႈऄԳאࠡټᆠᅝᙇᇀृΔᔞشូԵᦞհ᧯
ऄԳءߪΔڼࠀྤጊᆠژڇΖૉਢ۞ྥԳז।Գᒵٌ࣐Δᚨڕ۶Λଣط ݮڤՂᨠኘΔ۞ྥԳז।Գࠀྤᇀߪ։Δۿྤᒵٌ࣐ូԵᦞհᔞشΖྥഏփ ڶᖂृᎁΔൕᒵٌ࣐ូԵᦞհمऄრڱۖᓵΔط࣍۞ྥԳז।ԳኔᎾച۩ᇀ
೭Δڶ൷ᤛֆփຝஒհᖲᄎΔૉലհඈೈ࣍ᒵٌ࣐ូԵᦞհᔞشΔڶ ሔمऄؾऱΔਚᎁ۞ྥԳז।ԳΔսᚨګᒵٌ࣐ូԵᦞ۩ࠌհኙွˇˊΖʳ
!!!!ૉࠉֆऄร 27 යร 2 ႈא۞ྥԳז।ԳհټᆠᅝᙇᇀΔڼழᇠז।Գ
ࠠڶᇀߪ։ΔኔᎾച۩ᇀ೭Δ۞᥆ᒵٌ࣐ូԵᦞհ۩ࠌኙွΖྥڼழ ᇠऄԳਢܡᒵٌ࣐ូԵᦞᔞش᧯ΛᖂृڶᎁᇠऄԳ᥆ኔᎾैृΔࠠ
ڶངז।Գհ൳ࠫᦞΔਚᎁऄԳ၇ᔄैปΔսڶᒵٌ࣐ូԵᦞհᔞشˇˋΖʳ ʳ ʳ ʳ ʳ ኔ೭ߠᇞֱ૿Δ(77)ತᢞʻԲʼڗร 08954 ᇆࠤᤩᎁΔࠉֆऄร 27 යร ԫႈࡳΔਙࢌࢨऄԳैࣟΔאਙࢌࢨऄԳߪ։ᅝᙇᇀࠃΕኘԳΔࠀਐ
ז।۩ࠌ೭հ۞ྥԳழΔᇠ۞ྥԳ֗ࠡೝΕآګڣՖΕܓشהԳټᆠࢬ
46 ޕཕո(2005)Δτݺഏᒵٌ࣐ូԵᦞࠫ৫հ࿇୶ٻЁᓵ૿ፖኔᢞ૿հ൶࣫(Ղ)υΔπႃঅִ
עρΔร 134 ཚΔ 13Ζ
47 ᘸᅃ(2006)ΔπैؑሏᚭঞЁ່ᄅᢞٌ࣐ࠦऄᇞ࣫ρΔ 398ΔקΚ۞עΖ
48 ٵՂုΔ 399Ιᘸᄭࣾ(1994)Δτᢞٌ࣐ࠦऄհֆؓᖲࠫυΔπִ؟ऄᖂᠧρΔรԫཚΔ 90Ι Ꮵຑᅄ(1997)Δτ۩փຝԳᒵٌ࣐ᒤհᛀಘፖᒤႨհઔߒυΔگּ࣍ထπֆऄᓵፖ ܒެઔߒ(Բ)ρΔ 225ΔקΚցᅃΖ
18
ڶհैปΔڶᢞٌ࣐ࠦऄร 157 යڶᣂᇀࠃΕኘԳैࡳհᔞشΙۖࠉֆ
ऄร 27 යรԲႈࡳΔਙࢌࢨऄԳैࣟΔطࠡז।ԳᅝᙇᇀࠃΕኘԳழΕ
ೈᅝᙇᇀࠃΕኘԳհז।Գै؆ΔࠡೝΕآګڣՖ֗ܓشהԳټᆠ
ڶհैปΔ֗ᇠਙࢌࢨऄԳհैΔٍڶছၲᢞٌ࣐ࠦऄڶᣂᇀࠃΕኘԳै
ࡳհᔞشΖʳ
ʳ ʳ ʳ ʳ ભഏऄՂڶԫᣊூٙΔፖݺഏֆऄ 27 යհࡳڶઌۿհΔܛז।ᇀࠃ հூٙ(deputization of director)Ζᇠᓵএطூࠏऄᅝխ࿇୶հᄗ࢚Δᄭ࣍ Rattner v. LehmanˇˌԫூΖᇠூٙհࠃኔΔᆖᛜދᇷᎬ۩א֗ᆖધᄐ೭հٽኃิ៣(an investment banking and brokerage partnership)հሼכݬ(Lehman Brothers)Δࠡխ ԫۯٽኃԳ John Hertz ᖜٚ Consolidated Vultee Aircraft Corporation հᇀࠃழ(Հ ጠ Consolidated)Δ៶طᒵٌ࣐ 5000 ് Consolidated հཏຏैΔᛧԱᒵܓ 墿 15,159.75 ભցΖܛࠌ Hertz ڶല۞աٽኃ։ࢬհܓ墿ٌڃ ConsolidateΔ ᇠֆհ՛ैࣟս៱ࠉᖕ 1934 ڣᢞٌऄร 16 යʻb)ႈΔᓮޣូԵ Hertz א֗ࠡה ሼכݬհٽኃԳࢬᛧհᒵܓ墿Ζʳ
ڍᑇრߠൕ 16(b)ႈऱ֮ᆠנ࿇ΔࠀլᎁٽኃءߪᏁᇠ۞ྥԳᇀࠃհ
۩ຂΖਊሼכݬឈএٽኃิ៣Δ܀ءூ௫֗۞ྥԳא۞աټᆠנٚהֆ
ᇀࠃழΔહ৵հٽኃิ៣ਢܡᒵٌ࣐ូԵᦞհຂٚΔڼፖݺഏऄՀ۞ྥԳ ࠉֆऄ 27 යรԲႈא۞ྥԳז।Գߪ։ᅝᙇᇀࠃΔڼழऄԳਢܡᒵٌ
࣐ូԵᦞհംᠲڶฆڴٵՠհݎΔਚભഏऄՂז।ᇀࠃംᠲհ࿇୶ᖵ࿓Δսױ܂
ݺഏऄՀಘᓵऄԳᇀհᒵٌ࣐ូԵᦞംᠲհଗᢴፖەΖʳ
ז।ᇀࠃᓵިഭՆ৵Δڇ 1962 ڣऱ Blau v. Lehman50ூᅝխ٦ڻګྡྷ
រΖሼכݬԫٽኃԳ Joseph Thomas ᖜٚ Tide Water Associated Oil Company ऱᇀࠃ(Հጠ Tide Water)Δ൫ሼכݬڇࠡٚཚխᒵٌ࣐ Tide Water ֆհཏ ຏैΔࠀᛧܓ 98,686 ભցΖᐉܒխऱᢞဲ᧩ق Thomas ࠀڶٻሼכݬհٚ۶
49 193 F.2d 564, 566 (1952).
50 368 U.S. 403 (1962).
19
ګ༿ Tide Water ֆऱٚ۶ᖲയಛஒΔሼכݬႛএנ࣍ؑՂऱஒۖ
၇ैปΔ Thomas ኙᇠٌ࣐ԫྤࢬवΖ່ऄೃڇຍଡூٙխΔรԫڻەᐞᔞ شז।ᇀࠃհᓵΔૉ Thomas এז।ሼכݬᖜٚᇀࠃΔࠀॺא۞աऱߪ։۩
ࠌ೭ழΔሼכݬڶױ౨ګ Tide Water ֆհᇀࠃΔྥۖءூࠃኔࠀྤᇠ
ᓵհᔞشΖਊ່ऄೃࢬ༼נհࠏΔኔፖݺഏֆऄ 27 යรԫႈࢬࡳհ۞
ྥԳז।۩ࠌऄԳ೭հൣࠃઌٵΖ
ז।ᇀࠃ່ૹூࠏঞএ 1969 ڣհ Feder v. Martin MariettaCorporation ூ
51ΖMartin Marietta Corporation(Հጠ Marietta)᜔ဪଫ CEO հ BunkerΔᚨ Marietta
᠏ދᇷհ Sperry Rand ֆ(Հጠ Sperry)ڍڻᝮᓮΔ࣍ 1963 ڣנٚ Sperry ֆᇀ ࠃΖ࣍ Bunker ༉ٚ৵ΔMarietta ၇Ա 101,300 ै Sperry հैٝΔࠀ࣍ Bunker װ Sperry ᇀࠃհ৵נഇᇠैΔᛧܓױᨠΖSperry ैࣟ Feder ٻ Marietta ֆ
္ᓮ۩ࠌᒵٌ࣐ូԵᦞΔ܀چֱऄೃࢬᏍڃΖՂ္ऄೃঞᎁ Marietta ֆ
Sperry հᇀࠃΔਚڶᒵٌ࣐ូԵᦞհᔞشΖ
Ղ္ऄೃנՀ٨ܒឰ່ૹऱطڇ࣍ Bunker ऱࠎဲփ୲᧩قΔּኙ࣍
Mariettaֆሎ܂ڶ່ึऱຂٚΔኙ࣍ֆԫ֊ދᇷٍڶױऱᦞຂΔץਔٌ
࣐ Sperry ऱैปڇփΔڼፖ Blau ூᅝխ Thomas ऱᦞԺኲྥڶܑΖچೃՈᎁ
Bunkerऱچۯחࠡא࠷ Sperry ऱփຝᇷಛΔࠀױڇլਜ਼ዥᇠᇷಛࠡה MariettaֆګऱൣउՀΔאڼᇷಛ Marietta ֆۋܓΖچೃឈᎁ Bunker ࠀآലփຝᇷಛຘዥ Marietta ֆհԳΔྥՂ္ऄೃٽࠡהᢞᖕፖՂၲࠃ ኔΔ࿇ Bunker ࠡኔڶፖԿۯ Marietta ֆհಘᓵ Sperry հࠃ೭Ζڼ؆Δ Mariettaֆ࣍ Bunker ॣڻ࠹ᝮנٚ Sperry ᇀࠃհ৵Բଡתִ৵Δܛၲࡨีᗨ SperryֆհैٝΔ࣍ Bunker รԲڻࢴપழΔMarietta ֆঞբีᗨԱ 40 ᆄैհ Sperry ैٝΖጵٽՂၲऱࠃኔΔՂ္ऄೃᎁ Bunker נٚ Sperry ֆૹ
ऱطڇ࣍א Marietta ֆհז।Գߪ։Δঅᥨ Marietta ֆऱܓ墿Δၞۖᎁ
Marietta ֆբᆖኔᔆՂא Bunker ז।ԳΔ۩ࠌԱ Sperry ֆհᇀࠃ೭Δ
51 406 F.2d 260 (2nd Cir. 1969).
20
ۖᎁࡳ Marietta ֆᒵٌ࣐ូԵᦞᔞش᧯Δڶ 1934 ڣᢞٌऄร 16 ය(b)
ႈհᔞشΔۖႳ৵ܫհՂ္Ꮝڃ52ਚ٤ூࡳ㟻Ζ
ڶᣂז।ᇀࠃհᓵΔڇભഏ֧ದᖂᑷ௺հᣂࣹΔߠᇞլԫ53Ζྥۖא FederூۖߢΔՂ္ऄೃࠀآ৬مዌګז।ᇀࠃߪ։հࣔᒔᑑᄷΔᏁٛᘸଡூܒ ឰΔឈࠠ೭ኔᆠ壄壀Δ܀Ոໜ؈Աᒵٌ࣐ូԵᦞᖲඳ֏១࣐֏ᔞشհᚌរΖ ൫ᜤ߶ᢞࠦऄࠢ౻ூբᐒַז।ᇀࠃհࡳ54Ζ
ભഏऄࠫ៶طܒެհ࿇୶Δዬၞچ৸ਢܡԵז।ᇀࠃᄗ࢚հᔞشΔ່ึ
ڇ Marietta ԫூխ܌ຶ٤פΔྥۖڇᜤ߶ᢞࠦऄࠢ౻ூխথԾᐒַࠡᔞشΔڼԫ ᖵ࿓֘ਠԱݔᅝࢤፖᖲඳ֏ᔞشࠟଡᏝଖऱࢮވߡԺΖݺഏط࣍ֆऄร 27 ය բڶ֮ࣔΔਚኙ࣍ឩ്ऄԳᇀࠃᒤհྫᘵඅ֬Δլۿભഏൎ௺Ζڇݺഏհᇷಛ ֆၲᒤՀΔބנऄԳᇀࠃז।ࢨऄԳז।ԳᅝᙇհᇀࠃΔٍॺᣄࠃΔլી࣍
ݙ٤ໜ؈ᒵٌ࣐ូԵᦞᖲඳ֏ᔞشհۥΔਚᝩ܍ᒤዥΔء֮ᢥٵኙ࣍
ऄԳᇀհᒵٌ࣐ូԵᦞᔞشംᠲΔආ࠷ለᣤհᒤֱڤΔ࣐ߢհΔऄԳᅝ ᇀࠃۖ۞ྥԳ۩ᒵٌ࣐Δࢨ۞ྥԳᅝᇀࠃۖऄԳ۩ᒵٌ࣐Δ݁ᚨലྤᇀࠃߪ
։հ۞ྥԳࢨऄԳԵᒵٌ࣐ូԵᦞᒤΖ
รԿཱི ᐙᇀࠃፖࠃኔՂᇀࠃ
ʳ ʳ ʳ ʳ ڶᣂᐙᇀࠃʻshadow directorʼ֗ࠃኔՂᇀࠃʻde facto directorʼհᒤΔڇݺ ഏ۩ऄࠫՀֶΖਊݺഏհᇀࠃಳߒຂٚհᖲᄎᄕ܅Δܛঁಳߒຂٚ
52 396U.S. 1036 (1970)Ζڶᣂ Feder v. Marietta א֗ Blau v. Lehman ࠟଡூٙհխ֮ᎅࣔױߠΚ ᘸᅃ(2006)ΔπैؑሏᚭঞЁ່ᄅᢞٌ࣐ࠦऄᇞ࣫ρΔ 397-398ΔקΚ۞עΖ
53 مೣٻ्ࡳृױߠΚHazen, THE LAW OF SECURITIES REGULATION, third edition, WEST PUBLISHING CO. ,732-734 (1996)ΙمೣٻܡࡳृױߠΚCarroll L. Wagner Jr.Δ Deputiztion Under Section 16(b)ΚThe Implication of Feder v. Martin Marietta Corporation, 78 Yale L.J. 1163-1173 (1969)ΙLouis Loss & Joel Seligman, FUNDAMENTALS OF SEURITIES
REGULATION, third edition, Aspen Law & Business, 576-577 (1995)ΙPhilip M. Gerson, Section 16(b)ΚRe-Evaluation is Needed, 25U. Miami L. Rev. 171-172 (1970).
54 ڶᣂ౻ூය֮א֗ઌᣂऱಘᓵױߠΚRobert C. Pozen, An Overview of the Proposed Code's Treatment of Private Causes of Action and Damage, Pace L. Rev. 369-371(1981), available at:
http://digitalcommons.pace.edu/cgi/viewcontent.cgi?article=1062&context=lawrevʻ່৵ោᥦֲΚ 10/09/2010ʼΖ
21
ഏऄࠏΔᇠഏհ 2006 ڣֆऄʻCompany Act 2006, CA 2006ʼร 251 යΔലᐙ
ᇀࠃࡳᆠψחֆᇀࠃᆖൄᙅᅃ֧ࠡᖄࢨਐق۩հԳωˈˋΔٵයԲႈਐנΔ
ႛഗ࣍റᄐ౨ԺղᇀࠃრߠΔრߠᇀࠃࢬආृΔլᄎᎁਢᐙᇀࠃΖʳ ʳ ʳ ʳ ʳ ڶᣂഏூࠏऄհߠᇞֱ૿ΔڇRe Hydrodan (Corby) Ltd.ԫூˈˌխΔMilletऄ
ࡴ٨נՀ٨༓ଡᎁࡳᐙᇀࠃհٙΚਐقृֆհऄ৳ՂࢨࠃኔՂᇀࠃΕ ᇠהԳਐقֆᇀࠃڕ۶ച۩೭ࢨࠡءߪܛച۩ᄐ೭ृΕֆᇀࠃএڂܫ հ۩ۖച۩ֆᄐ೭Εᇀࠃএᆖൄ࠹Գਐقۖ۩೯Ζհ৵ऱRe Unisoft Group Ltd (No 3)60ԫூխΔHarmanऄࡴᎁᐙᇀࠃᏁڇԫழၴᐙֆᇀࠃΔ ࠀګ۩հൄኪʻAs a Regular Course of Conductʼֱ᥆հˉ˄Ζ२ڣࠐհSecretary of
55 མࡷڕ(2010)ΔτݺഏֆऄৱᇞެհംᠲЁאֆऄࠫഗ៕ᓵு֨υΔπִ؟ऄᖂᠧρΔ ร 181 ཚΔ 52-53Ζ
56 խሽΔhttp://news.chinatimes.com/politics/0,5244,11050201x132010092600439,00.html (່৵ោᥦֲΚ10/09/2010)Ζڶᣂᖂृኙ࣍ᇠ౻ூհಘᓵፖᎅࣔױߠΚᏥຑᅄ(2010)ΔτࠃኔՂ
58 ֮ΚA person in accordance with whose directions or instructions the directors of the company are accustomed to act. ڶᣂ CA 2006 հ֮ױߠΚlegislation.gov.uk,
http://www.legislation.gov.uk/ukpga/2006/46/pdfs/ukpga_20060046_en_001.pdf (່৵ោᥦֲΚ 10/09/2010)Ζ
59 [1994] B.C.C. 161.
60 [1994] BCLC 609, 620.
61 Ղၲூٙഏփ֮հಘᓵױߠΚ႓൮㵸(2009)Δπᓵݺഏֆऄ൳ࠫैࣟ࠹ಜᆠ೭հऄᒤ
22
State v. Deverellԫூ62խΔঞԫޏመװאឆ៲ኟ৵ࠀኙ࣍ᇀࠃᄎࠠ൳ࠫԺፖࠠڶ
֭ԺհᎁࡳᑑᄷΔڇᇠூխএאኔᔆՂ౨ຘመᖙ൳ᇀࠃᐙֆհᆖᛜᑑ ᄷΔ᜕ࠌᇀࠃᄎս౨ᗑم۩ࠌܒឰΔٍױ౨ګمᐙᇀࠃˉˆΖʳ
ʳ ʳ ʳ ʳ ۖࠃኔՂᇀࠃΔএਐࠠڶᇀࠃհ؆ᨠথآᆖٽऄᙇٚհԳΖࠡګڂױ౨ط࣍
ᙇٚ࿓ݧլٽऄࢨءآᆖٽऄᙇٚˉˇΖᣂ࣍ࠃኔՂᇀࠃհᎁࡳᑑᄷΔڇ Secretary of State for Trade and Industř v. Tjoll˸ˉˈԫூխΔऄೃ༼נאᇠ۩Գڶ
ྤژڶᇀࠃհ।ߠ؆ᨠ(whet˻er o̅ not t˻e̅e was a holding out by the company of the individual as a director)Ε۩Գਢܡࠌشᇀࠃጠΰwhether the individual used the titleαΔא֗౨ܡၞ۩ૹՕެΰwhether the individual had to make major decisions and so onαൣݮףאጵٽܒឰհΔ൫ࠃኔՂᇀࠃፖᐙᇀࠃၴڶழս
៱լܑ࣐ˉˉΖʳ
ʳ ʳ ʳ ʳ طऄۖߢΔലᐙᇀࠃፖࠃኔՂᇀࠃඈೈ࣍ᒵٌ࣐ូԵᦞհ؆Δല྇ჾ
ᒵٌ࣐ូԵᦞհᖲ౨࿇ཀΔۿᚨەᐞലᐙᇀࠃፖࠃኔՂᇀࠃઃԵᒵٌ࣐
ូԵᦞհᒤᒤᡱΔ൫ᚨᇠڕ۶ࡳᆠڼԲጟᇀࠃΔᚨ಼آࠐֆऄհࡳΔᝩ
܍Բຝऄ৳࿇سᒤࣴฆհംᠲΖʳ
รԲؾʳ ʳ ᆖԳ
ʳ ʳ ʳ ʳ ᖕᢞٌऄร157යհࡳΔᆖԳএᒵٌ࣐ូԵᦞհᔞش᧯Δ൫ᆖ
Գᚨڕ۶ᎁࡳΔڇಘᓵՂ૯ڶञᤜΖʳ
ʳ ʳ ʳ ʳ ڇ90ڣհֆऄଥऄհছΔֆऄร29යร1ႈམࡳψֆࠉີ࿓ࡳ
৬ዌρΔᄅՕᖂऄ৳ᖂߓጚՓᓵ֮Δ ˋ8-92Ι๗(2009)Δπᓵ൳ࠫैࣟհॾٚᆠ೭ρΔᄅ Օᖂऄ৳ᖂߓጚՓᓵ֮Δ 47-51ΙࣥՕၫ(2007)Δπᓵ८ᘜ൳ैֆհᆖᛜ൳ࠫፖܓ墦ᓢડհ
܍ˀᇢאψၲ࿇८ࠓ८ቓᢞூω֗ψխॾ८ࠓ٢᠆८ூω൶ಘհρΔࣟܦՕᖂऄ৳ᖂߓጚՓᓵ
֮Δ 112-113Ζʳ
62 [2001] Ch. 304.
63 ഏփಘᓵ֮ױߠΚམࡷڕ(2010)ΔτᓵᇀࠃፖኘԳኙֆ႘ᦞԳհຂٚΚאֆ૿ᜯತ ೭ܺᣄு֨υΔگּ࣍ထπֆհᆖᛜृΕैࣟፖ႘ᦞԳρΔ 202-203ΔקΚցᅃΖ
64 ๗Δٵছ༿ု 61Δ 89Ζ
65 [1998] 1 BCLC 333.
66 མࡷڕΔٵছ༿ု 63Δ 204Ζ
23 ڣᢞٌऄءߪথآऴ൷ࡳᆠᇠټဲΖࠉᖕRule 3b-2հࡳˊ˅Δofficerץਔ᜔ᆖ
ʻpresidentʼΕ೫᜔ᆖʻviceʳpresidentʼΕತ೭ࢨ८ᘜຝ॰ጥʻtreasury or principal financial officerʼΕఽʻsecretaryʼΕᄎૠຝ॰ጥʻprincipal accounting officerʼΔא
֗ࠡהڇمࢨآمհิ៣խΔച۩ઌۿ೭հԳʻany person routinely
67 ڶᣂֆऄհऎא֗ଥऄطױߠΚمऄೃऄ৳ߓอΔ
http://lis.ly.gov.tw/lgcgi/lglaw?@35:1804289383:f:NO%3DE04517*%20OR%20NO%3DB04517$$10
$$$NO-PD (່৵ោᥦֲΚ10/10/2010)Ζ
68ʳ ྥۖኔ೭ߠᇞࠀآݙ٤࣋ඵڼጟᎁࡳֱڤΖࠏڕጥᖲᣂ࣍(92)ತᢞԿڗร 0920001301 ᇆ
70 ֆၲᇷಛᨠྒྷీጻీױߠΚhttp://mops.twse.com.tw/mops/web/index (່৵ោᥦֲΚ 10/10/2010)Ζ
71 ഏփڶല oficer ψ్ωΔױߠΚᘸᅃ(1988)ΔτփຝԳٌ࣐ऱូԵᦞЁભഏऄऱ
ࡳ(Ղ)υΔπᢞࠦጥρΔร 6 ࠴ร 1 ཚΔ 9Ζ
72 Electronic code of federal regulation,
http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=ecfr&sid=d84a00fb5dfc08a69d87c982c298d720&rgn=di v8&view=text&node=17:3.0.1.1.1.1.54.40&idno=17 (່৵ោᥦֲΚ10/10/2010)Ζ
24
performing corresponding functions with respect to any organization whether
incorporated or unincor̃orȧedʼΖྥۖΔऄೃኔ೭ՂೣٻאለᨠऱֱڤᎁࡳΔ լႛࣅࣽ࣍ᅝࠃԳጠΔآڶإڤհofficerᙰᎲΔսױ౨ڶร16යʻb)ႈհᔞشˊˆΖʳ ʳ ʳ ʳ
รԿؾʳ ैۍ։հԼհैࣟ
ʳʳ ʳ ʳ ʳ ᢞٌऄร157යലڶֆैٝ၌መۍ։հԼհैٍࣟԵᒵٌ࣐ូԵᦞ հᔞشᒤΔ።ڼጟՕैࣟܛঁլᖜٚֆհᇀΕΕᆖԳኙֆսࠠᐙԺΔ
ۖױ౨ᛧֆհփຝஒ74ΔਚٍԵᔞش᧯հᒤΖ
ڶᣂैᑑᄷΔመװհࡳএאैۍ։հն॰ាΔྥ77ڣᢞٌऄଥऄ ழΔٽร22යհ2հᏺૡΔਚലءψڶֆۍ։հնאՂैᦞհैࣟωଥ إψڶֆैٝ၌መۍ։հԼհैࣟωΖྥۖڶᖂृᎁΔՂؑՂ឵ֆፖ ֆၲ࿇۩ழၴለ९հֆΔैᦞ։ཋ֏ለࣔ᧩Δլႛैۍ։հԼאՂհैࣟ
լڍߠΔैࣟۿՈլᏁሒैۍ։հԼֱኙֆࠠڶᐙԺΔਚ്ᓳ૾ءයհ
ैֺࠏࡳΔྥᚨ૾܅۟۶ጟᑇଖΔᏁᆖመኔᢞઔߒֱᓵឰ75Ζ
ڇैհૠጩՂΔڶᖂृᎁՕैࣟհࢬא٨ᒵٌ࣐ូԵᦞհᒤ
᧯Δএנ࣍ࠡኙ࣍ֆհᐙԺΔᇠᐙԺኔএط࣍।ެᦞۖࠐΔਚψڶֆ
ैٝ၌መۍ։հԼհैࣟωΔᚨএਐψڶֆբ࿇۩ڶ।ެᦞैٝ၌መբ࿇۩
ڶ।ެᦞै᜔ٝᑇۍ։հԼհैࣟω76Ζ
ڼ؆ΔભഏऄհՀΔՈڶઌۿհٙΔܛ࠹墿ࢬڶԳ(beneficial owner)հᄗ
࢚Δڼԫࡳଈߠ࣍1934ڣᢞٌऄร16ය(a)ႈΔࡳٚ۶Գऴ൷ࢨၴ൷ۍ։
հԼհڶᏝᢞࠦհ࠹墿ࢬڶԳழΔٻભഏᢞጥᄎܧΖۖ࠹墿ࢬڶԳհشဲΔ
73 Louis Loss & Joel Seligman, FUNDAMENTALS OF SEURITIES REGULATION, third edition, Aspen Law & Business, 573 (1995)ΙHazen, THE LAW OF SECURITIES REGULATION, third edition, WEST PUBLISHING CO. ,730 (1996).
74 ᘸᅃ(2006)ΔπैؑሏᚭঞЁ່ᄅᢞٌ࣐ࠦऄᇞ࣫ρΔ 402ΔקΚ۞עΖ
75 ޕཕո(2005)Δτݺഏᒵٌ࣐ូԵᦞࠫ৫հ࿇୶ٻЁᓵ૿ፖኔᢞ૿հ൶࣫(Հ)υΔπႃঅִ
עρΔร 135 ཚΔ 12Ζڶ৬ᤜലै॰ាଥإ 5%հრߠΔױߠΚತਙຝᒳ(1998)Δπ८ᘜ
ᄅ՛ิᄎᤜኔᙕρΔ 370-371ΙᏥຑᅄ(2007)Δπᄅᢞٌ࣐ࠦऄኔࠏઔρΔᏺૡԶठԫࠧΔ
377ΔקΚցᅃΖ
76 ࣥഏ٤(1999)Δτᢞٌ࣐ࠦऄรԫնԮයᒵٌ࣐ូԵᦞհઔߒυΔπխᘋऄᖂρΔร 45 ཚΔ
280Ζ
25
ٍנ࣍ٵයbႈᒵٌ࣐ូԵᦞհխΔਚ࠹墿ࢬڶԳٵᑌᒵٌ࣐ូԵᦞհ ᔞش᧯77Ζࠡխऴ൷հ࠹墿ࢬڶԳΔᄗ࢚ٵ࣍ै၌መۍ։հԼհैࣟΔۖၴ
൷հ࠹墿ࢬڶԳհംᠲΔط࣍ፖรؾಘᓵհᤜᠲڶᣂΔޣԫԯലઌᣂംᠲ ฝ۟รؾխԫࠓտฯಘᓵΖ
รؾʳ ೝΕآګڣՖ֗ܓشהԳټᆠڶैٝ
ʳ ʳ ʳ ʳ ᢞٌऄร 157 යร 5 ႈࡳٵऄร 22 යհ 2 ร 3 ႈᄷش࣍ᒵٌ࣐ូԵᦞ հࡳΔਚᇀࠃΕኘԳΕᆖԳࢨڶֆैٝ၌መै᜔ٝᠰۍ։հԼհैࣟΔ
ࠡೝΕآګڣՖ֗ܓشהԳټᆠڶհैปΔٍ᥆࣍ছၲհԳհैΖۖࢬ ᘯܓشהԳټᆠڶհैปΔࠉᅃᢞٌऄਜ۩าঞร 2 යΔᏁࠠໂՀ٨ٙृֱ
᥆հΚऴ൷ࢨၴ൷༼ࠎैปፖהԳࢨ༼ࠎᇷ८ፖהԳ၇ैปΕኙᇠהԳࢬڶ հैปΔࠠڶጥΕࠌشࢨ։հᦞ墿ΕᇠהԳࢬڶैปհܓ墿ࢨჾ؈٤ຝࢨ ԫຝូ᥆࣍ءԳृΖ!
ਊءයቫᇢലԳᙰ֪ԵᒤհمრឈړΔ܀থآ౨࿇ཀቃཚய࣠89Δኔ೭ ሎ܂ՂΔڍႛലփຝԳءԳΕೝ֗آګڣՖհ၇ၞᔄנኙૠጩΖᢞ
ٌ࣐ࠦࢬམቫᇢא༼ᛀᜰᑻ८հֱڤΔ྇֟Գᙰ֪հๅऄ۩ΔྥᛀᜰԳսႊ
ฤٽψܓشהԳټᆠڶωհࡳᆠֱױ࠷ᑻ८8:ΖྥۖছၲԿଡؘٙႊ٤ຝ ฤٽΔֱᇠᅝᢞٌऄร 22 යհ 2 ร 3 ႈࢬᘯܓشהԳټᆠڶैปΔլႛᢞࣔ
լ࣐ΔጥᖲᣂՈᏁᖜለհᢞګءΙڼ؆ΔছၲٙࡳᏅᣤΔԿଡ
ٙઃᏁฤٽΔחփຝԳޓ౨ജא߮ಱֱڤᝩԳᙰ֪հࡳΙٙԲࡳփຝ ԳᏁኙᇠהԳࢬڶհैปΔࠠڶጥΕࠌشࢨ։հᦞ墿ྥۖΔଣૉփຝԳኙ
ˊˊʳ֮ΚEvery person who is directly or indirectly the beneficial owner of more than 10 percent of any class of any equity security (other than an exempted security) which is registered pursuant to section 12, or who is a director or an officer of the issuer of such security, shall file the statements required by this subsection with the Commission. ڶᣂ֮ױߠΚU.S. Securities and Exchange CommissionΔhttp://www.sec.gov/about/laws/sea34.pdf ʻ່৵ោᥦֲΚ10/09/2010ʼʳ Ζ
78 ࣥഏ٤Δٵছ༿ု 76Δ 280Ζ
79 ܦ܌࣑(1997)ΔτփຝԳᒵٌ࣐հऄ৳ᒤዄኔ೭ሎ܂հઔಘυΔπᢞٌᇷறρΔร 423 ཚΔ
27Ζ
26
הԳհैปឈྤऴ൷ጥΕࠌشࢨ։հᦞ墿Δ܀থኙ࣍הԳैปհጥΕࠌش ࢨ։ڶԫࡳᐙԺழΔא֮ᆠۖߢΔۿ༉լڇය֮ᒤᒤᅝխΔڼጟᇞᤩ
எఎփຝԳๅऄ۩հ़ၴΙ່৵ΔലփຝԳհೝፖآګڣՖհैΔ ԫ৳ᅝګփຝԳհैΔܡࡳೝፖآګڣՖ֭۞ߪैปऱױ౨ࢤΔਢܡڶ ச࣍זषᄎհ࿇୶ΔॺྤױᤜΖ!
!!!!!ભഏ 1934 ڣᢞٌऄร 16 ය)b)ႈࢬࡳհᔞش᧯ΔץਔԱ࠹墿ࢬڶԳ (beneficial owner)Δྥۖࠀآ࣍ٵऄᅝխࡳᆠڼԫټဲΖભഏᢞጥᄎڇ 1981 ڣམ ᆖ࿇ؒ۩ਙঞΔࣔࡳڇਬࠄൣउՀΔឈլא۞աټᆠڶैปΔսױ౨ګ࠹
墿ࢬڶԳ91Ζڇऄኔ೭ՂΔམᆖ࿇୶נࠟႈᎁࡳঞΔڂᘣ᥆ڂۖࠠڶ
ᣂএհԳհٌ࣐۩ΔਢܡࠓԵփຝԳհٌ࣐խૠጩᒵܓ墿հംᠲΖࠡԫ
֭൳ࠫঞΔএਐփຝԳૉ౨ജᢞࣔᘣ᥆ڼհತ೭ઌሶΕെ֪ઌ։ၲΔ
ڼլ༉ٌ࣐ᇬംኙֱრߠழΔٌ࣐ܛլٽࠓૠጩΙ৵ृঞᆖᛎՂ࠹墿ঞ ܛփຝԳૉױط୮᥆հٌ࣐۩Δऴ൷։ࠆܓ墿Δᇠٌ࣐ঞᏁٽࠓૠጩΖ92!
!!!!൫ 1991 ڣழઌᣂࡳڶࢬଥإΔRule 16a-1(a)ኙ࣍࠹墿ࢬڶԳԫဲڶԱᄅऱ
ࡳᆠֱڤΖૉᏁࠠ᧯ެࡳࡳԳਢܡैۍ։հԼհैࣟհ࠹墿ࢬڶԳழΔ Rule16a-1(a)ร 1 ཱིᄷش Rule 13d-3 հࡳΔല࠹墿ࢬڶԳࡳᆠऴ൷ࢨၴ൷Δ
៶طৈપΕપࡳ(arrangement)Εᎁव(understanding)Εᣂএ(relationship)ࢨࠡהֱ
ऄΔᖑڶࢨ։ࠆڶᏝᢞࠦհދปᦞ(voting power)ࢨދᇷᦞ(investment power)հ ԳΖۖࢬᘯދปᦞΔೈԱދปऱᦞԺհ؆ΔՈץਔ֧ᖄދปऱᦞԺΙދᇷᦞೈץ
ܶᆜ(dispose)ڶᏝᢞࠦհᦞԺΔٍො።֧ᖄᆜڶᏝᢞࠦհᦞԺ82ΖྥۖΔ
80 խ֮ᇷறױߠΚᘸᅃ(1988)ΔτփຝԳٌ࣐ऱូԵᦞЁભഏऄऱࡳ(խ)υΔπᢞࠦጥρΔ ร 6 ࠴ร 2 ཚΔ 5Ζ
81 ܦ܌࣑Δٵছ༿ု 79Δ 27-28Ζ
82 ֮ΚFor the purposes of sections 13(d) and 13(g) of the Act a beneficial owner of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares:
(1) Voting power which includes the power to vote, or to direct the voting of, such security; and/or, (2) Investment power which includes the power to dispose, or to direct the disposition of, such security.
27 ८ᙒՂܓ墿(pecuniary interest)հڶᏝᢞࠦΔᏁᔞش 1934 ڣᢞٌऄร 16 යڶᣂփ ຝԳैعΔא֗ᒵٌ࣐ូԵᦞհࡳ85ΖࢬᘯڶᏝᢞࠦհ८ᙒՂܓ墿Δࠉ ᖕ Rule 16a-1(a)2 ཱིհᇞᤩΔএਐऴ൷ࢨၴ൷ױᛧܓࢨ։ࠆᇠڶᏝᢞࠦհٌ࣐ࢬ ขسհܓ墿ऱᖲᄎ86Ζᣂ࣍ၴ൷հ८ᙒՂܓ墿(indirect pecuniary interest)հܶრ
۶Δ࣍ٵයࡳխڶࠟጟࠏقࡳΚᘣ᥆ᣂএא֗ٽኃᣂএΖאᘣ᥆ᣂএࠏΔ ፖփຝԳ٥ٵࡺ۰հᘣ᥆(immediate family)87ࢬڶհڶᏝᢞࠦΔڇભഏऄՀឈ
ංࡳփຝԳհψၴ൷ᛧܓᖲᄎωΔ܀ս༼ࠎᅝࠃԳᜰ֘ᢞංհᖲᄎΔڼፖ ݺഏᢞٌऄร 22 යհ 2 ร 3 ႈհࡳֱڤڶฆΖ
ױߠΚElectronic code of federal regulation,
http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=ecfr;sid=bd07bb11f101511477371b12a9d9723d;rgn=div 5;view=text;node=17%3A3.0.1.1.1;idno=17;cc=ecfr#17:3.0.1.1.1.2.77.175 (່৵ោᥦֲΚ
10/20/2010)Ζ
83 ࠏڕ Whiting v. Dow Chemical Co.(523 F.2d 680 2d Cir. 1975)ԫூΔDow Chemical ֆհᇀࠃ ၇ၞᇠֆैปΔࠡೝڇ၇ၞছքଡִփܛנഇᇠैΔऄೃ࣍ܒެխഗ࣍ᇠैปհ၇ᔄ࿇
سڇآየքଡִհཚၴփΔᇀࠃ၇ैปऱᇷ८ࠐ۞ೝנഇैհ۩Δൕۖല၇ᔄैปհ۩
ီᇠ֛ഡհ٥ٵދᇷૠ(common investment plan)Δۖᎁᇠ၇ᔄڶᒵٌ࣐ូԵᦞհᔞ شΖऄೃၞۖਐנΔᇀࠃኙ࣍ೝհैឈྤᗑ൳ࠫհᦞΔ܀սྤჾࠡ࠹墿ࢬڶԳچۯհݮګΙ ڼ؆Δ࣍ Whittaker v. Whittaker Corporation(639 F. 2d. 516 9th Cir. 1981 )ԫூխΔ࠹墿ࢬڶԳհᄗ
࢚ঞᚨش࣍ئᣂএΖᇀࠃ९ଫ᜔ᆖڂױ٤ᦞئᘣհैΔᎁਢᇠैปհ࠹墿ࢬڶ ԳΔऄೃ।قΔैปټᆠڶԳឈئᘣΔྥᇀࠃ९ࢬࠆڶհܓ墿থፖټᆠڶԳઌٵΖՂၲூ
ٙհᎅለထૹ८ᙒܓ墿հ։ࠆΔፖվࡳထૹދปᦞፖᆜᦞհ৸ەլጐઌٵΔڶᣂছၲ
ூࠏ࣍ഏփ֮հᎅࣔױߠΚᘸᅃ(1988)ΔτփຝԳٌ࣐ऱូԵᦞЁભഏऄऱࡳ(խ)υΔπᢞ
ࠦጥρΔร 6 ࠴ร 2 ཚΔ 5Ζ
84 Alan R. Palmiter, SECURITIES REGULATION, third edition, Aspen, 387(2005).
85 Hazen, THE LAW OF SECURITIES REGULATION, third edition, WEST PUBLISHING CO. ,712 (1996).
86 ֮ΚTheʳterm pecuniary interest in any class of equity securities shall mean the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the subject securities.
87 Immediate familyءএऴߓۨᘣհრΔྥࠉᅃ Rule 16a-1(e)հࡳΔimmediate family ऱᒤ֗
࣍گ塄ࢬݮګհᘣ᥆ᣂএΕᑇጟৗᘣհኪᑌΔא֗லߓۨᘣհכݬࡦࡢΔਚψᘣ᥆ωΖ
28
ᨠኘছၲࡳױ࿇ΔભഏऄՀհ࠹墿ࢬڶԳᄗ࢚Δ៶طለࢼွհ༴૪ א֗܍հࡳΔፂထԫࡳհᐘࢤΔਬ࿓৫ՂࠠڶଡூܒឰհۥΔፖݺഏऄ ٨ᜰࢤᔆհمऄֱڤՕฆࠡᔊΔࠡمऄֱڤᚌរڇ࣍౨ജڂᚨٺጟߪ։հԳᙰ
֪Δլી࣍ขسᒤዥࢨ࿇سො።መᐖհംᠲΔྥۖথՈᥔ੪Աਬࠄࣔᒔࢤ88Ζ
รնؾʳ ழរᎁࡳʳ
ʳ ʳ ʳ ʳ փຝԳߪ։հழរᎁࡳএԫૹംᠲΔᔆߢհΔփຝԳᏁ࣍၇ᔄࠟጤ݁ࠠ
ໂփຝԳߪ։ΔލࢨਢႛᏁ࣍၇ᔄհٚԫழរࠠໂփຝԳߪ։ܛױΛছृএࢬᘯ ψࠟጤᎅωΔ৵ृঞጠψԫጤᎅωΔڼԫംᠲݺഏऄՀࠀྤኔࡳऄױࠎەΖʳ ʳ ʳ ʳ ʳ ጥᖲᣂڇʻ82ʼತᢞԿڗร 68058 ᇆࠤխ।قΚψΞΞՂؑֆհᇀࠃΕ
ኘԳࢨᆖԳࢨڇٚཚխ᠏ᨃैማᙇٚᅝழڶैٝԲ։հԫۖᅝྥ
ᇞٚΔࠡ࣍၇ࢨᔄழڕࠠڶᇀࠃΕኘԳࢨᆖԳߪ։ृΔܛڶءය֮հᔞشΙ
ै၌መֆै᜔ٝᠰۍ։հԼհैࣟ࣍քଡִփ၇Εᔄࢬ᥆ֆैปΔࠡ࣍၇
ၞࢨᔄנழհैᑇΔڇছ༿ֺࠏאՂृٍٵΖΞΞՂؑֆऄԳᇀࠃࢨኘԳ հ၇ၞࢨᔄנᇠֆैปΕፖࠡז।հ۞ྥԳհᔄנࢨ၇ၞհ۩Δࠟृࢬڶᦞ ٺ۞ᗑمΔঞྤٽࠓૠጩքଡִཚၴհᎁࡳംᠲωΔطՂၲߠᇞᨠհΔᇀᆖ
ԳۿᏁڇ၇ၞࢨᔄנழࠠڶփຝԳߪ։ܛױΖʳ
ʳ ʳ ʳ ʳ ྥۖʻ84ʼತᢞʻԿʼڗร 00461 ᇆࠤհߠᇞথڶࢬޏ᧢Κψ࿇۩ैปֆᇀ ࠃΕኘԳΕᆖԳࢨڶֆैٝ၌መۍ։հԼհैࣟሔ֘ءය֮հࡳृΔ
࣍ૠጩᏝܓ墿ழΔࠡ࣍آࠠছ૪ߪ։ছ֗ໜ؈ߪ։৵၇ၞࢨᔄנհैปΔլ٨ ԵૠጩᒤΞΞωΔբࣔᒔ।ق၇ᔄࠟழរຟᏁࠠໂڶփຝԳߪ։թᔞشᒵٌ
࣐ូԵᦞΔএආ࠷ψࠟጤᎅωऱߠᇞΖڼߠᇞڇຝ։ூࠏխբᛧ່ऄೃऱ֭
ˋˌΖڼ؆Δᢞٌ࣐ࠦࢬैؑီ՛ิૠጩփຝԳհᒵٌ࣐ழΔٵᑌආ࠷
88 ڇ SEC ऱጻీխΔױ࿇࠹墿ࢬڶणኪհع।Δڇعച۩Ղאऴ൷ࢨၴ൷࠹ԫೋ
Բ։ऄΔਚભഏऄՀհ࠹墿ࢬڶԳᄗ࢚Δբլႛַ࣍ऄ૿հኔᔌΔۖ֗࣍۩ਙᦞ܂ᄐհᒤ ᡱᅝխΖ
89 ױߠΚ78 ڣՂڗร 1452 ᇆܒެΕ79 ڣՂڗ 1021 ᇆܒެ
29
ࠠڶ࠹墿ࢬڶԳհߪ։ʳ (This subsection shall not be construed to cover any
transaction where such beneficial owner was not such both at the time of the purchase and sale, or the sale and purchase, of the security or security-based swap agreement or a security-based swap involved )Ζ܀ܛࠌऄයբڶࣔࡳΔભഏኔ೭ս៱ኙ࣍࠹墿ࢬ
90 ܦ܌࣑(1997)ΔτփຝԳᒵٌ࣐հऄ৳ᒤዄኔ೭ሎ܂հઔಘυΔπᢞٌᇷறρΔร 423 ཚΔ
26Ζ
91 མࡷڕ(2006)Δπᢞٌ࣐ࠦऄρΔଥإठΔ 255-256ΔקΚցᅃΙࣥഏ٤(1999)Δτᢞ
ٌ࣐ࠦऄรԫնԮයᒵٌ࣐ូԵᦞհઔߒυΔπխᘋऄᖂρΔร 45 ཚΔ 277-278Ιᘸᅃ(2006)Δ
30
ڶԳհߪ։ᎁࡳழរขسመߠᇞՂհ։ࣴΖ1952ڣऱStella v. Graham-Paige Motors CorpˌˊூᅝխΔࠟທኙ࣍ร16යʻb)ႈࡳᅝխ”at the time of”ԫဲհܶრএ ਐψհছω(prior to)Δލࢨψٵழω(simultaneously)ΔขسञചΔࠟጟᇞᤩֱڤ հฆΔڇ࣍ᒵٌ࣐ԳᏁ࣍၇ၞհছܛࠠڶ࠹墿ࢬڶԳߪ։Δލࢨਢ၇ၞ৵ ඝܛګ࠹墿ࢬڶԳܛױˌˋΔຂٚګمհᣄ࣐ڶܑΖऄೃ࣍ءூᅝխೈᒔمࠟጤ ᎅհߠᇞ؆ΔՈطمऄؾऱנ࿇Δᎁat the time ofএਐψٵழωհრΖڼԫߠ ᇞհ৵ભഏኔ೭ࢬऎشڍڣΔឈམ૿ᜯլٵრߠհਗᖏˌˌΔ܀ࠟጤᎅא֗
simultaneouslyհᇞᤩֱڤսڇReliance Electric Co. v. Emerson Electric Co˄˃˃ˁԫூ
խ່ऄೃࢬᒔم˄˃˄Ζʳ
99 ࠏڕΚProvident Securities Co. v. Foremost McKesson Inc (423 U.S. 232 1976) .ڼܒެխऄೃආ࠷
prior toऱᇞᤩΔᎁمऄृૉආ࠷ simultaneously հߠᇞΔՕױࠌشለࣔᒔհऄය֮ڗΔൕ່ۖ
ऄೃᎁمऄृএەၦ࠹墿ࢬڶԳࠀڶຍᏖ୲࣐࠷փᒵஒΔਚආشለᐈᠾհߪ։ழរᎁ
ߠΚEdwin W. Hecker, Section 16(b) of the Securities Exchange Act: An Analysis of the Time When Insider Status is Required, 24 U. Kan. L. Rev. 258-278 (1975).
101 ྥۖᜤ߶ᢞࠦऄࠢ౻ூঞޏ᧢ߠᇞΔᎁ࠹墿ࢬڶԳᚨፖᇀࠃΕᆖԳԫආشԫጤᎅհֱ
ڤᎁࡳߪٝழរΔױߠΚᘸᅃ(2006)ΔπैؑሏᚭঞЁ່ᄅᢞٌ࣐ࠦऄᇞ࣫ρΔ 403Δ
קΚ۞עΖ
102 ᘸᅃΔٵՂုΔ 405Ζ
31
ᒵٌ࣐ូԵᦞհᔞشড়᧯ΙԾᖕ(94)८ጥᢞԿڗร 0940130983 ᇆࠤΔֆ
ᇀࠃΕኘԳΕᆖԳࢨڶֆैٝ၌መै᜔ٝᠰۍ։հԼհैࣟΔᚨႥ࠷ ᓵ֮Δ 93-100Ζආ्ࡳᎅױߠΚຫ൫ᚊ(1991)Δτኔ೭ՂូԵᦞூٙհઌᣂംᠲυΔπᢞࠦጥ
ρΔร 9 ࠴ร 10 ཚΔ 7-8ΙᏥຑᅄ(2007)Δπᄅᢞٌ࣐ࠦऄኔࠏઔρΔᏺૡնठԫࠧΔ 305Δ
קΚցᅃΙܡࡳᎅृΚࣥഏ٤(1999)Δτᢞٌ࣐ࠦऄรԫնԮයᒵٌ࣐ូԵᦞհઔߒυΔπխ ᘋऄᖂρΔร 45 ཚΔ 289-290Ζ
105 مऄೃऄ৳ߓอΔ
http://lis.ly.gov.tw/lgcgi/lglaw?@111:1804289383:f:NO%3DE01542*%20OR%20NO%3DB01542$$1 0$$$NO-PD (່৵ោᥦֲΚ03/20/2011)Ζ
106 ࠏڕΚམࡷڕ(2006)Δπᢞٌ࣐ࠦऄρΔଥإठΔ 252ΔקΚցᅃΙᏥຑᅄ(2007)Δ πᄅᢞٌ࣐ࠦऄኔࠏઔρΔᏺૡնठԫࠧΔ 304ΔקΚցᅃΖ
32
ٌ࣐ូԵᦞհᔞشΔᒤড়᧯ො።ለాΔፖભഏऄհࡳڶܑΔਚڶᖂृᎁᚨ
ەભഏऄհࡳղאଥإݺഏऄհࡳ˄˃ˊΖ
!!!!ਊᢞٌऄਜ۩าঞร 11 යร 1 ႈࡳΚψءऄรԫۍնԼԮයรքႈ֗ร ԫۍնԼԮයհԫรԫႈࢬጠࠠڶैᦞࢤᔆհࠡהڶᏝᢞࠦΔਐױ᠏ངֆ႘Ε ॵᎁैᦞֆ႘ΕᎁैᦞᖇᢞΕᎁΰഇαᦞᢞΕैཱིᢆᖇᢞΕᄅैᎁᦞܓ ᢞΕᄅैᦞܓᢞΕ႘ࠦངैᦞܓᢞΕፕژಜᖇᢞ֗ࠡהࠠڶैᦞࢤᔆհ ڶᏝᢞࠦωΖਊՂၲਜ۩าঞհࡳΔא٨ᜰֱڤΔჸᄗਔයཱིΔݦඨ౨ലٺ ጟैᦞࢤᔆڶᏝᢞࠦ݁ԵᒤΔլી࣍ڶዥขسΔ൫૿ኙץᢅᆄွऱᄅ८ᘜ
Δڕ۶ᇞᤩ۶ᘯࠠڶैᦞࢤᔆհڶᏝᢞࠦΔսএᄕཟ֫հംᠲΖਊءႈଥ إΔএଗᢴ࣍ભഏऄհࡳΔਚՀԫؾᚵኙભഏऄհࡳտฯΔאᇷᅃֺለΖ!
รԲؾʳ ભഏऄհࡳʳ
!!!!1934 ڣᢞٌऄร 16 යʻb)ႈࢬࡳհᒵٌ࣐ᦞᔞشড়᧯ψᇠ࿇۩Գհै
ᦞᢞࠦωʻequity securities of such issuerʼΔڼԫټဲऱࡳᆠΔࠉᖕ Rule 16a-1(d)ႈ
հࡳΔץਔ࿇۩ԳࢨࠡהรԿԳࢬ࿇۩հٚ۶ፖ࿇۩Գڶᣂհैᦞᢞࠦࢨس ࢤᢞࠦʻany equity security or derivative security relating to an issuer, whether or not issued by that issuerʼΖ൫ڼԫࡳᆠսآᎅࣔ۶ψैᦞᢞࠦω֗ψسࢤᢞࠦωΖʳ ʳ ʳ ʳ ʳ ैᦞᢞࠦհࡳᆠΔࠉᅃ1934ڣᢞٌऄร3යʻa)ႈร11ཱིΔএਐٚ۶ैปࢨै
ปࢤᔆհᢞࠦΙࢨڼᣊڶᏝᢞࠦآࠐᄎขسृʻor any security future on any such securityʼΙࢨٚ۶ᏁࢨլᏁ֭בኙᏝΔۖױא᠏ངڼᣊڶᏝᢞࠦृΙࢨࠠ
ڶ၇ڼڶᏝᢞࠦհᚌ٣ᦞࢨᎁैᦞृΙࢨᢞጥᄎഗ࣍ፂᥨՕฒܓ墿א֗অᎽ ދᇷԳᦞ墿հؾऱΔᎁڶא۩ਙࡎחီैᦞᢞࠦհؘࢤ֗ᔞᅝࢤհᚌ٣ ᦞΕᎁैᦞΕࢨࠡהᢞࠦ˄˃ˋΖڼ؆ΔᢞጥᄎՈאRule 3a 11-1ႈΔࠏقൄߠऱै
107 ᤕߐੳΕ១ිख़(2003)Δτᢞٌ࣐ࠦऄรԫնԮයଥإհᛀಘፖ৬ᤜυΔπִ؟ऄᖂᠧρΔร 92ཚΔ 184ΖڶᣂભഏऄհࡳΔᓮᅃءႈร 2 ؾփ୲հᎅࣔΖ؆ᣂ࣍ֆ۞۩࿇۩
ՈسԱᄅऱംᠲΔڼംᠲലڇรԿີፖรնີઌᣂಘᓵΖ
˄˃ˋʳ֮ΚThe term ‘‘equity security’’ means any stock or similar security; or any security future on any such security; or any security convertible, with or without consideration, into such a security, or
33
ᦞᢞࠦհᣊী˄˃ˌΔଖࣹრऱਢΔഗ࣍ֆ墿א֗অᥨދᇷԳհەၦΔਬࠄॺैᦞ ࢤᔆհᢞࠦΔս៱ီैᦞᢞࠦףאᒤΖʳ
سࢤᢞࠦΔࠉᖕRule 16a-1(c)ႈհࡳΔএਐٚ۶ᙇᖗᦞ(option)Εᎁैᦞ ᢞʻwarrantʼΕױ᠏ངᢞࠦΕैปᏺଖᦞʻstock appreciation right)Εאਬԫैᦞᢞࠦ
Ꮭૠጩഗ៕հ۩ࠌࢨ᠏ངᦞ(similar right with an exe̅cise or conversion privilege at a price related to an equity security)ΔࢨࠡהאהैᦞᢞࠦᏝഗ៕
հઌۿᢞࠦΖ܀լץਔאՀᑑऱ110Κ
(1) ᢞࠦᔆᦞԳנഇᔆࢽᢞࠦ(pledged securities)հᦞܓʳ
(2) ࿇۩Գࢬ࿇۩հڶᏝᢞࠦհڶԳΔڂܮگٽࠓ(merger)Εٌངપ(exchange offer)Εᄅٽࠓ(consolidation)ڂۖࠉڶֺࠏ࠷ڶᏝᢞࠦհᦞܓΔࢨᏁ ࠉڶֺࠏ։(dispose)ڶᏝᢞࠦհᆠ೭
(3) ڂسࢤᢞࠦհگ࠹ࢨᐌપΕࢨڂैᦞᢞࠦհگ࠹ࢨᓿղ(vesting)Δየߩ ᐌપᏝΔࢨڂ࿔೭ەၦۖ᠏ᨃΕঅఎʻwithholdʼᢞࠦհᦞܓࢨᆠ೭ʳ (4) ᆖᜤ߶ਙࢌுאՕᒤૠጩഗ៕հʻbroad-basedʼਐᑇᙇᖗᦞΕਐᑇ
ཚຄΕֆၲٌ࣐ؑհԫᤃᦞᢞʻbroad-based publicly trade market baskets of stocksʼࢬᛧհܓ墿ʳ
(5) ፖ࿇۩Գհՠ࠹墿ૠʻemployee benefit plansʼࢬհܓ墿ࢨᦞܓʳ
carrying any warrant or right to subscribe to or purchase such a security; or any such warrant or right;
or any other security which the Commission shall deem to be of similar nature and consider necessary or appropriate, by such rules and regulations as it may prescribe in the public interest or for the protection of investors, to treat as an equity security.
֮ױߠΚ
http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=ecfr;sid=bd07bb11f101511477371b12a9d9723d;rgn=div 5;view=text;node=17%3A3.0.1.1.1;idno=17;cc=ecfr#17:3.0.1.1.1.2.77.175 (່৵ោᥦֲΚ
10/22/2010)Ζ
109 ڶᣂ Rule 3a 11-1 ऱխ֮ᎅࣔΔױߠΚࣥࡗݳ(1995)Δπᒵٌ࣐ড়᧯հઔߒρΔࣟ௧Օᖂऄ
৳ᖂઔߒࢬጚՓᓵ֮Δ 49-52Ζ
110 ױߠΚᤕߐੳΕ១ිख़(2003)Δτᢞٌ࣐ࠦऄรԫնԮයଥإհᛀಘፖ৬ᤜυΔπִ؟ऄ ᖂᠧρΔร 92 ཚΔ 171Ζ
34 (6) ॺഗ࣍ࡐࡳᏝۖᐌપࢨ᠏ངհᦞܓʳ
(7) Աየߩբုםֆၲ࿇۩(registered public offering)հ၌ᠰᎁ
(over-allotments)Δۖղࢭᔭ(underwriter)հᙇᖗᦞ
طছ༿ࡳᆠխᨠհΔڶᖂृ༼נسࢤᢞࠦࠠڶՀ٨រΚࢬ࿇۩հՠ
ࠠʻinstrumentʼءߪԫጟᢞࠦΕᇠᢞࠦ।ኦᄭ۞ਬԫैᦞᢞࠦԫࡳ८ᙒܓ墿հ ᦞܓΕᇠᢞࠦڶࡐࡳച۩Ꮭࢨ᠏ངֺΖط࣍سࢤᢞࠦࠠڶรԲΕԿႈ
ᐛΔױ౨ࠠڶԫࡳᆖᛎᏝଖΔଣૉփຝԳܓشࢬवհփຝᇷಛس ࢤᢞࠦհٌ࣐Δױ౨ࠩ᠆দܓᑮΔਚലسࢤᢞࠦԵᒵٌ࣐ូԵᦞհ
ᒤএԫٽհૠ˄˄˄Ζʳ
รԿႈʳᔞش۩ʳ
ʳ ʳ ʳ ʳ ᢞٌऄร 157 යࢬᒤհᒵٌ࣐۩Κψ࠷৵քଡִփ٦۩ᔄנΔࢨ
࣍ᔄנ৵քଡִփ٦۩၇ၞωΔאՀᚵ։ψքଡִփωא֗ψ࠷Ε၇ၞΕᔄ נωࠟଡຝ։ಘᓵΖʳ
รԫؾʳ քଡִփʳ
ʳ ʳ ʳ ʳ ᢞٌऄร 157 යኙ࣍քଡִփհૠጩࠀڶܑհࡳΔࠉᅃٵऄรԲයհ
ࡳΔᚨڃូᔞشاऄհࡳΖਊاऄร ˄˅˄ යࡳΔאֲΕਣཚΕִࢨڣࡳཚ
ၴृΔאཚၴأֲհึַΔཚၴհึַΖཚၴլאਣཚΕִࢨڣհࡨֲದጩृΔ א່৵հਣཚΕִࢨڣፖದጩֲઌᅝֲհছԫֲΔཚၴհأֲΖ܀אִࢨڣࡳ
ཚၴΔ່࣍৵հִΔྤઌᅝֲृΔאִࠡհأֲΔཚၴհأֲΖਢਚ 3 ִ 1
ֲ၇ၞΔ9 ִ 30 ֲհছ၇ၞࢨᔄנΔܛڇ 6 ଡִփ၇ᔄΔۖᆵԵᒵٌ࣐ូ
ԵᦞհᒤᒤᡱᅝխΖڼ؆ΔքଡִհࡳΔೈٻ৵ංጩհ؆ΔՈױאٻছڃᄩΔ ਚޢԫٌ࣐ૉ݁ٻছٻ৵քଡִૠጩΔኔᎾՂݮٵԫڣ223Ζ!
111 Ꮵຑᅄ(1998)Δτسࢤᢞࠦسࢤ८ᘜፖᒵٌ࣐հᒤυΔπႃঅִעρΔร 57 ཚΔ
25-26Ζ
112 ᘸᅃ(2006)ΔπैؑሏᚭঞЁ່ᄅᢞٌ࣐ࠦऄᇞ࣫ρΔ 406ΔקΚ۞עΖ
35
!!!!ኔ೭ՂڶૉեംᠲΔ௫֗ࠩքଡִದጩழរ۶ΖࠏڕֆփຝԳ۩ࠌՠ ᎁैᦞհ۩ڶྤᒵٌ࣐ូԵᦞհᔞشΔૉڶΔփຝԳ࠷ैปհழរԾᚨڕ ۶ૠጩΖኙ࣍ڼԲംᠲΔ(95)८ጥᢞԿڗร 0940147822 ᇆࠤ्ᎁֆփຝԳ۩
ࠌՠᎁैᦞհ۩ڶᒵٌ࣐ូԵᦞհᔞشΔࠀၞԫޡ।قփຝԳ۩ࠌՠᎁ
ैᦞ࠷ैปհழរψैปٌבֲωΔ၇ၞګءঞᅝֲࢬ᥆ֆཏຏैհگ ᒌᏝ˄˄ˆ
Ζૉՠࢬ۩ࠌհᎁैᦞΔএ࿇۩Գࢨࠡזᖲዌࠉψ࿇۩ԳႥႃፖ࿇۩
ڶᏝᢞࠦᄷঞωรքԼԫයࡳא࿇۩ᎁैᦞैཱིᢆᖇᢞ࿇ՠᎁैᦞ ԳृΔᖕٵԫࠤᤩհࡳΔঞאψٌבᎁैᦞैཱིᢆᖇᢞֲω࠷ழរΔ ࠀאᅝֲࢬ᥆ֆཏຏैհگᒌᏝ၇ၞګءΖʳ
ʳ ʳ ʳ ʳ ૉփຝԳאᢞٌऄร 22 යร 3 ႈհֆၲࢵႥֱڤנഇैழΔᚨڕ۶ެࡳ
ᒵٌ࣐ូԵᦞհᔄנழរΔএԫኔ೭ՂհംᠲΖᖕ(93)ತᢞԿڗร 0920157930ᇆࠤհߠᇞΔֆၲ࿇۩ֆհᇀࠃΕኘԳΕᆖԳࢨڶֆै
ٝ၌መۍ։հԼհैࣟאֆၲࢵႥֱڤנഇࢬ᥆ֆैปΔ࣍ᔞشᢞٌ࣐ࠦऄร 157යࡳழΔࠡᔄנழរאψैཱིႪԵ࿇۩Գറ֪հֲωᄷΙছ༿ֆփຝ
Գ༼ࠎࢬ᥆ֆैปፖژಜᖲዌ࿇۩௧؆ژಜᖇᢞृٍٵΖʳ ʳ ʳ ʳ ʳ ʳ ʳ ʳ ʳ ʳ ʳ ʳ ʳ ʳ ʳ ʳ ʳ ʳ ʳ ʳ ʳ ʳ ʳ ʳ ʳ ʳ ʳ ʳ ʳ ʳ ʳ ʳ ʳ ʳ ʳ ભഏ1934ڣᢞٌऄ16යʻb)ႈհࡳΔএࠌشψآየքଡִհཚၴωʻwithin any
period of less than six monthsʳʼΔፖݺഏऄհ֮ڗڶฆΖଣૉփຝԳ࣍ԫִԫֲ၇
ၞΔ࣍քִԿԼֲᔄנழΔڇભഏऄՂᇠٌ࣐բྤᒵٌ࣐ូԵᦞհᔞشΖང ߢհΔࢬᘯآየքଡִհཚၴΔএਐքଡִ྇װݙᖞऱԫ֚˄˄ˇΔࠡࡳፖݺഏڶ ࠄฆΖʳ
ʳ ʳ ʳ ʳ ैปհ၇ၞᔄנழរΔএאኔᎾֲٌ࣐ૠጩഗᄷរΔ൫ٌ࣐ᙇᖗᦞ˄˄ˈʻoptionʼ ழΔᇠഗᄷរᚨڕ۶ᎁࡳΔᚨאैปհ٣၇ᦞࢨ٣ᔄᦞհٌ࣐ழរᄷΔލࢨא
113 ՠᎁैᦞհ۩ڶྤᒵٌ࣐ូԵᦞհᔞشΔ௫֗ᒵٌ࣐ូԵᦞᔞش۩۶հംᠲΔ ᇡาಘᓵױߠՀԫؾΖ
114 Louis Loss & Joel Seligman, FUNDAMENTALS OF SEURITIES REGULATION 570(3rd, 1995) .
115 ຍᇙऱᙇᖗᦞ(option)எחԳᜤუխ֮հཚຄΔྥۖࠡܶრኔ൷२ warrant հᄗ࢚Ζڇݺഏ ᢞٌऄՀΔwarrant հᄗ࢚ױ౨ਐᎁ(ഇ)ᦞᢞΔࢨਢᎁैᦞᖇᢞΔڼԲृհ࿇۩Գא֗ګᢞٌ
ऄՂڶᏝᢞࠦհऄ৳ഗ៕݁ڶઌฆհΖ
36
ኔᎾ۩ࠌᙇᖗᦞ၇ၞࢨᔄנैปհழរᄷΔլྤጊᆠΖ(92)ತᢞԿڗร 0920000717ᇆࠤխᎁΔփຝԳ၇ᔄאࢬ᥆ֆैปഗ៕ᢞࠦհᎁഇᦞᢞΔ
ۖڶᢞٌ࣐ࠦऄรԫۍնԼԮයհᔞشृΔࠡ၇ၞᎁഇᦞᢞհٌ࣐Δএ᥆ψፖᔄ נઌᅝհچۯωΔᚨፖ၇ၞࢬ᥆ֆैปࢨࠡהאᇠैปഗ៕ᢞࠦհࠠڶैᦞ ࢤᔆڶᏝᢞࠦհٌ࣐ઌΙࠡᔄנᎁഇᦞᢞհٌ࣐Δএ᥆ψፖ၇ၞઌᅝհچۯωΔ ᚨፖᔄנࢬ᥆ֆैปࢨࠡהאᇠैปഗ៕ᢞࠦհࠠڶैᦞࢤᔆڶᏝᢞࠦհ
ٌ࣐ઌΖʳ
ʳ ʳ ʳ ʳ ભഏऄڇRule16b-6(a)֮ࣔಾኙᣊۿ၇ᦞຝۯʻcall equivalent positionʼא֗ᣊ ۿᔄᦞຝۯʻput equivalent positionʼհٌ࣐ழរղאᒤΖࢬᘯᣊۿ၇ᦞຝۯΔࠉ ᅃRule16a-1(b)ႈհࡳᆠΔএਐسࢤᢞࠦᅝխΔૉഗ៕ैปʻunderlying equityʼ հᏝଖՂ֒ΔᏝଖՈᄎᙟհՂ֒հຝۯ(positîn)Δץਔ܀լওૻ࣍९ཚհױ᠏ང ᢞࠦ(long convertible security)Ε९ཚհᙇᖗᦞΔא֗ཚᔄᦞຝۯΙᣊۿᔄᦞຝ ۯΔࠉᅃRule16a-1(h)ΔঞਐسࢤᢞࠦᅝխΔഗ៕ैปհᏝଖՀ૾ΔᏝଖᄎᙟ հՂ֒հຝۯΔץਔ܀լওૻ࣍९ཚհᔄᦞᙇᖗᦞΔא֗ཚ၇ᦞຝۯΖʳ ʳ ʳ ʳ ʳ ʳ
ʳ ʳ ʳ Rule16b-6(a)ঞএאᣊۿ၇ᦞຝۯ৬م(establishment of)ࢨᏝଖᏺף(increase) հழរΔፖᣊۿᔄᦞچۯհ堚ጩࢨ྇֟(liquidation of or decrease in a put
equivalent position)ழរΔ܂16ය(b)ႈࢬᘯհ၇ၞ(purchase)ழរΙאᣊۿᔄᦞ ຝۯ৬م(establishment of)ࢨᏝଖᏺף(increase)հழរΔא֗ᣊۿ၇ᦞچۯհ堚 ጩࢨ྇֟(liquidation of or decrease in a put equivalent position)ழរΔ܂16ය(b)
ႈࢬᘯհᔄנ(sale)ழរΖ
່৵ΔݺഏऄՀհࢬאאքଡִհཚၴ܂ᒵٌ࣐ូԵᦞհᒤཚၴΔ
এᤉ࠹ભഏऄհࡳփ୲Ζྥڶᖂृኙ࣍ࠡᒤطΔ༼נլٵհ৸ە౧Δ ᎁ۩հࡳཚ༿ࠫ৫ՀΔֆհತ೭ᄐ೭փ୲Ꮑ࣍ڣ֗תڣᅝխݙᖞֆ
ၲΔਚދᇷԳޢሶքଡִܛױ࠷ለݙᖞհᇷಛΔൕۖփຝԳၴሶքଡִ৵ࢬ
37
հ֘ٻٌ࣐Δࠀآ࣍ለᚌ။հᇷಛچۯΔਚլࠠໂലᇠٌ࣐ࢬܓ墿ូԵֆ
հٽࢤΖૉڣፖתڣڶဠೕឆೳൣࠃழΔփຝԳឈױ౨࣍ፖԫދᇷ Գլኙհᇷಛ࠷چۯΔ൫ڼழᚨ္壆ࠡהය֮ಳߒփຝԳհຂٚΔۖॺᕧඨ אᒵٌ࣐ូԵᦞᒤڼጟൣࠃ116Ζ
รԲؾʳ ࠷Ε၇ၞΕᔄנʳ
ᢞٌऄร 157 යࢬࡳհ۩ኪᑌΔএψ࠷ω৵քଡִփ٦۩ψᔄנωΔ ࢨ࣍ψᔄנω৵քଡִփ٦۩ψ၇ၞωΔᢞٌऄՂࠀآ֮ࣔᎅࣔψ࠷ωΕψ၇
ၞωΕψᔄנωհࡳᆠ۶Δਚڼᚵ٣אભഏऄհࡳଗᢴΔ൶ಘࠡᒵٌ࣐
ូԵᦞհᔞش۩Δհ৵٦ಾኙݺഏऄՀհಘᓵտฯΖʳ
รԫཱིʳ ભഏऄհࡳʳ
ʳ ʳ ʳ ʳ 1934ڣᢞٌऄร3යร(a)ႈร13ཱི֗ร14ཱིΔբ֮ࣔࡳᆠ۶ᘯ၇ၞ(buy and purchase)ፖᔄנ(sale and sell)Ζࢬᘯ၇ၞΔץਔٚ۶אৈપ၇ၞࢨ࠷հ۩Ι
ૉᑑऱᢞࠦཚຄข(security futures products)Δঞ၇ၞԫဲץਔཚຄٌ࣐հৈ
પΕ࠰ࡳ(agreement)אٌ࣐֗۩Ιૉᑑऱᢞࠦഗ៕ٌངৈપ(security-based swaps)ழΔ၇ၞ۩ঞץਔച۩(execution)Εڇૡࠩཚֲছհึַ(termination prior to its scheduled maturity date)Ε᠏ᨃ(assignment)ΕٌངΕઌۿऱฝ᠏ࢨ᠏ฝ (similar transfer or conveyance of)Δࢨਢᢞࠦഗ៕ٌངৈપ౧ᏁհՀΔᄰᦞ ܓࢨຂٚ(or extinguishing of rights or obligations under, a security-based swap, as the context may require)Ι۟࣍ᔄנΔএਐٚ۶אৈપᔄנࢨᆜ(dispose)հ۩Ι
ૉᑑऱᢞࠦཚຄขࢨᢞࠦഗ៕ٌངৈપழΔࡳᆠঞٵ࣍၇ၞΖ
ਊᒵٌ࣐ូԵᦞএַփຝԳܓشփᒵஒΔ៶طڶᏝᢞࠦհᒵٌ࣐
116 ࣥഏ٤(1999)Δτᢞٌ࣐ࠦऄรԫնԮයᒵٌ࣐ូԵᦞհઔߒυΔπխᘋऄᖂρΔร 45 ཚΔ
293ΖছၲߠᇞឈڶࢬءΔ൫ભഏऄՂڶࢬᘯཚխತ೭।հࡳ(interim financial statements)հ
ࡳΔRule10-01 ᅃΖਊཚխತ೭।հփ୲ץਔԱࡱፖתڣΔྥۖભഏऄՀլႛս៱অ ఎᒵٌ࣐ូԵᦞհࡳΔՈٵᑌലքଡִ܂ዌګٙհԫΔࠀآආ࠷ছၲᖂृհߠᇞᓳ ᖞΔભഏऄڼጟᒤᙇᖗΔٵᑌଖݺഏەઊ৸Ζڼ؆Δભഏᖂृڶᎁքଡִཚၴհࡳࠡ
ኔࠀڶ֜ڍऄࠉᖕΔױߠΚS.S. Samuelson, The Prevention of Insider Trading: A Proposal for Revising Section 16 of the Securities Exchange Act of 1934, 25 Harv. J. on Legis. 525(1988).
38
ۋܓΔܓش១ኔᎾհֱऄΔլംଡூխڶྤᛒشփᒵஒΔฤٽዌګٙ
հᒵٌ࣐Δࠡᛧܓԫ৳ូ࣍ֆࢬڶΖ൫၇ၞፖᔄנ௫֗հ۩ኪᑌᐖΔ
ޣ᧩ྤܓشփᒵஒױ౨ࢤհփຝԳΔԫ৳ٷᝫᒵٌ࣐հᛧܓΔࠀॺශྤञ ᤜΔਚભഏऄೃኔ೭վֲբല၇ᔄ։८၇ᔄैป(garden variety
cash-for-stock transactions)א֗ॺႚอীኪ၇ᔄ(unorthodox transactions)Δۖڶլ ٵᔞشᑑᄷΖ
ԫΕ८၇ᔄैป
࣍ڼጟൣݮՀΔऄೃএආ࠷ড়ᨠ(objective)ᎁࡳᑑᄷ˄˄ˊΖڼጟᑑᄷএԫᖲඳࢤ ᎁࡳᑑᄷΔٚ۶࠹墿ࢬڶچۯհฝ᠏˄˄ˋʳ (any transfer of beneficial ownership)Δڇ ڼᑑᄷհᔞشՀ݁ီ၇ᔄΔլւऄೃኙଡூᅝխփຝԳհ೯ᖲא֗ڶྤ࠷
փᒵஒհຜஉᓳΔ።ࠡቃփຝԳط࣍۞ߪᖑڶփຝԳհچۯΔਚᅝྥ
ڶ࠷փᒵஒհጥሐ119Δൕۖٺጟᣊীհ८၇ᔄैปΔլംٌ࣐ਢܡ࣍ႃխ
ؑխ࿇سΔٍլംٌ࣐ਢܡנ࣍۞ᣋΔ݁࠹ᒵٌ࣐ូԵᦞᒤΔਚ८၇ᔄ
ैปΕ႘ࠦΕᙇᖗᦞΔ݁ڶᒵٌ࣐ូԵᦞᔞشΖᔆߢհΔড়ᨠᎁࡳᑑᄷΔፂ
ᒵٌ࣐ូԵᦞհمऄ壄壀Δլംڶྤܓشփᒵஒհױ౨ࢤΔထૹ࣍ܒឰփ ຝԳڶྤքଡִփ၇ၞᔄנհࠃኔΔૉᇠࠃኔژڇழԫ৳ڶᒵٌ࣐ូԵᦞհ ᔞش˄˅˃Δڼԫֱऄএભഏኔ೭່ڰၲ࿇נհܒឰֱڤΔࠀڇ२ԿԼڣၴګભഏ
ऄኔ೭հܒឰഗᄷΖʳ
ڼጟܒឰֱڤհထټூࠏΔଈංSmolowe v. Delendo Corp.121Δڇຍଡூࠏᅝ
117 Ոڶጠ”per-se approach”ΔױߠΚJohn M. Husband & Albert Theodore Powers, Section 16(b) of the Securities Exchange Act of 1934 and Insider Trading Involving Issuer-Granted Employee Stock Options, 57 Denv. L.J. 88(1980).
118 Ոڶψᛧܓࢤ࠹墿ᣂএհฝ᠏ωΔױߠΚࣥࡗݳ(1995)Δπᒵٌ࣐ড়᧯հઔߒρΔࣟ
௧Օᖂऄ৳ᖂઔߒࢬጚՓᓵ֮Δ 104Ζ
119 Timothy Tomlinson, Section 16(b): A Single Analysis of Purchases and Sales Ё Merging the Objective and Pragmatic Analyses, 1981 Duke L.J. 944 (1981).
120 Lewis D. Lowenfelst, Section 16(b): A New Trend in Regulating Insider Trading, 54 Cornell L. Rev.
46(1969)Ιஊᙔ壁(1995)ΔπփຝԳٌ࣐ូԵᦞ۩ࠌհઔߒЁᢞٌ࣐ࠦऄรԫۍնԼԮයհژᐒ
ംᠲρΔഏمխᘋՕᖂऄ৳ᖂઔߒࢬጚՓᓵ֮Δ 107Ζ
121 136 F.2d 231 2nd Cir.(1943); denied:320 U.S.751(1943).
39
խΔऄೃೈԱ्ࡳ16ය(b)ႈհٽᖆࢤ؆ΔՈࢴኙ࣍ءයࢬᒤհ۩Δᔞش
ٚ۶ᨠᢞࣔᑑᄷΔ࣐ߢհΔऄೃᎁร16යʻbʼႈၲᙰࢬ٨հ֮ڗΔࠀॺمऄ
ृڶრᏺףհ۩ٙΔۖႛਢمऄؾऱհقΔհ৵ऱூࠏՈڍ࡚Smolowe v.
Delendo Corp.ூհߠᇞڈ౭122Ζ
ڇড়ᨠᎁࡳᑑᄷհՀΔભഏऄೃኔ೭ၲ࿇נլٵֱऄᎁࡳ၇ၞࢨᔄנ۩հ ழរΖ1950ڣזભഏՂ္ऄೃΔ༼נլ౨ڃհࢭᘭ(irrevocable commitment)հ ᨠរΖࠡ৸ە᧤ᙀᎁΔֹႊࠩټᆠՂհैปڶԳ᧢೯Δ࣍࠹墿ࢬڶհچۯ
᧢೯հழΔ۩ԳܛᛧެࡳࢤհኙᏝ(decisive consideration)Δۖݙګ၇ᔄ۩Ζ א၇ၞࠏΔط࣍ऄೃᎁΔร16ය(b)ႈএ៶طחփຝԳٷנᛧܓհֱڤΔ
ַࠡᛒشփᒵஒΖط࣍փຝԳ౨ᒔঅ۞աאࡳᏝ࠷ࡳᑇၦհैป ழܛڶᛧܓױ౨ΔਚऄೃᎁփຝԳڶᐌ۩ैป၇ᔄৈપຂٚհழΔۖྤ
ऄ٦ࢭᘭհᔭழΔܛ၇ၞ۩ګمհழរΔᕣጥڼழټᆠՂհैปࢬڶԳ ټᆠࡸآ᧢೯Δսྤᡶ࣍փຝԳڼழڶᛧܓױ౨հࠃኔΖۖᔄנՈਢٵᑌऱ৸ە
᧤ᙀፖᖙ܂ֱڤ123Ζ
ط࣍լ౨ڃհࢭᘭᨠរΔ࣍ਬࠄᣊীհٌ࣐լᔞٽࠌشΔਚኔ೭ՂԾၲ࿇
נԱᆖᛎࠃኔ(Economic realities)հᨠរΔ܀ڼᨠរፖছၲլ౨ڃհࢭᘭહ৵ հ᧤ᙀڶઌۿհΔױီլױڃհࢭᘭᨠរհԫጟΖᅝދᇷԳլ࠷ैปല ᖄીױᨠհჾ؈ழΔطᆖᛎհᨠរۖߢΔؘലᄎආ࠷࠷ैปΖאᙇᖗᦞ (option)ٌ࣐ࠏΔ၇ၞᙇᖗᦞհދᇷԳࠀྤൎࠫᐌપհᆠ೭ΔދᇷԳױᙇᖗլ
ᐌ۩ᙇᖗᦞ၇ၞैปΖྥۖլ၇ၞैปᅝࠃԳ֘ۖᄎ፞࠹࠷ᙇᖗᦞழࢬ֭ב հᏝ८ჾ؈ழΔܛᎁڶᆖᛎࠃኔ࿇سΔڼழঞᄎီএ၇ᔄ࿇سழរ124Ζ
ԲΕʳ ॺႚอীኪ၇ᔄ(unorthodox transactions)
122 ڶᣂড়ᨠᎁࡳᑑᄷհऄኔ೭࿇୶ױߠΚHal M. Bateman, The Pragmatic Interpretation of Section 16(b) and the Need for Clarification, 45 St. John’s L. Rev. 775-779(1971).
123 ઌᣂऱಘᓵፖኔ೭ߠᇞᖞױߠΚTimothy Tomlinson, Section 16(b): A Single Analysis of Purchases and Sales Ё Merging the Objective and Pragmatic Analyses, 1981 Duke L.J. 945(1981).
124 Id, at 946-947 (1981).
40
ড়ᨠᎁࡳᑑᄷհᔞشՀΔທګਬࠄࠀྤܓشփᒵஒױ౨հᒵٌ࣐ΔՈԫ ࠓԵᒵٌ࣐ូԵᦞհᔞشᒤᅝխΔאPark & Tilford v. Schulteூ125ࠏΔ ڇᇠூٙխհߓञড়᧯ޢैሒ55ցழΔܛױ᠏ངཏຏैհᚌ٣ैΖႳ৵ཏຏ
ैᏝ㘑ይΔਚܫലܑै᠏ངཏຏैࠀנᔄᇠཏຏैۋܓΖط࣍ءூᔞش ড়ᨠᎁࡳᑑᄷΔਚᎁՂၲ᠏ང۩এ16ය(b)ႈհ၇ၞ۩Δۖᔞشᒵٌ࣐
ូԵᦞΖ൫ޣփຝԳലڼᣊٌ࣐հᛧܓԫ৳ٷנΔڶழٵழՈחփຝԳ९ཚދ ᇷհᛧܓΔࢨਬࠄנ࣍ॺ۞ᣋྤܓشփᒵஒհٌ࣐ʻinvoluntary transaction in which inside information could not have been used.ʼࢬՈԫࠓٷנΔࠡݔᅝࢤլྤ
ጊᐞ˄˅ˉΖʳ
ʳ ʳ ʳ ʳ ط࣍ড়ᨠᎁࡳᑑᄷࠀॺශྤ؈Δਚભഏኔ೭ຘመூࠏऄΔດዬ࿇୶Աԫ
ᄅऱᎁࡳᑑᄷΔጠᨠᎁࡳᑑᄷΔࢨጠኔشʻpragmaticʼᎁࡳᑑᄷΔאՀᚵش
ᨠᎁࡳᑑᄷ۩֮Ζڼጟᎁࡳᑑᄷএش࣍ॺႚอীኪհ၇ᔄՂ˄˅ˊΔڼԫټဲ່ڰ ش࣍༴૪ٽࠓʻmerge̅ʼא֗ैปૹᄅ։ᣊʻstock reclassificationsʼ˄˅ˋ܀հ৵Ոො።Ա
ैป᠏ངΕ၇ᔄᙇᖗᦞΕ۩ࠌױ᠏ངֆ႘հ᠏ངᦞΖʳ
ʳ ʳ ʳ ʳ ຍጟᎁࡳֱڤ່ڰطรքՂ္ऄೃ࣍Ferraiolo v. Newmanூ˄˅ˌᅝխ༼נΔ
հPotter Stewartऄࡴᛀ᧭٣ছհܒެհ৵נՀ٨ᓵΚ౨ജᎁࡳਢ၇ၞ
ʻpurchaseʼհٌ࣐Δ٥ٵհᐛڇ࣍ຟڶٽร16ය(b)ႈࢬ༴૪հᛒشփᒵஒ հױ౨ࢤʻthe transaction is of a kind which can possibly lend itself to the speculation encompassed by section 16(b)ʼΖᔞشڼԫᑑᄷ৵Δऄࡴൕۖᎁࡳܫലױ᠏ངᚌ ٣ै᠏ངཏຏैհ۩Δլዌګ၇ၞΔਚڶร16ය(bʼႈհᔞشΔਚءூឈ آංመװܒެߠᇞΔ܀բኔᔆՂޏ᧢אড়ᨠᎁࡳᑑᄷհᖲඳࢤᔞشֱڤΖ
125 160 F.2d 984,(1947).
126 Timothy Tomlinson, Section 16(b): A Single Analysis of Purchases and Sales Ё Merging the Objective and Pragmatic Analyses, 1981 Duke L.J. 947(1981).
127 ᨠᎁࡳᑑᄷႛᔞش࣍ॺႚอীኪ၇ᔄএᒔم࣍ءཱི৵ᄎտฯհ Kern County Land Co. v.
Occidental Petroleum Corp(411 U.S. 582 1973)ԫூխΔࠀ࠹ࠩհ৵ Gold v. Sloan ூ(486 F.2d 340 1973)्֮ࣔࡳΔױߠΚHazen, THE LAW OF SECURITIES REGULATION,741(3rd,1996).
128 Herbert J. Deitz, A Practical Look at Section 16(b) of the Securities Exchange Act, 43 Fordham L.
Rev. 18(1975).
129 259 F.2d 342 (1958).
41
ʳ ʳ ʳ ʳ ᨠᎅ່ૹհኔ೭ߠᇞΔᜤ߶່ऄೃ1973ڣհထټூࠏKern County Land Co. v. Occidental Petroleum Corp˄ˆ˃ΖءூհூࠏࠃኔฃᘯΚءூܫ OccidentalֆʻՀጠOʼڇ1967ڣ5ִ8ֲኙKernֆʻՀጠKʼհैࣟ༼נֆၲگ
પΔࠀႉܓ࠷Kۍ։հԼհैٝΖKݼࢴOΔԯᙇᖗፖءூܫTennecoֆ
ʻՀጠTʼٽࠓΖOณߠࠓ؈ܓΔԯ࣍ٵڣ6ִ1ֲፖTૡمᙇᖗᦞৈપΔપࡳT ڶᦞאޢैભ८105ց၇ՀOࢬڶհKֆैปΖٵڣ7ִ17ֲΔKֆैࣟᄎ
ެᤜຏመٽࠓூΔTژᥛֆΔۖKঞᄰΔOࢬڶհKֆैปང࿇Tհ
ैปΖٵڣ12ִ11ֲΔTֆ۩ࠌᙇᖗᦞΔ၇ՀOڶհTֆैปΔOڂڼᛧܓ ሒભ८1900ᆄցΖTֆሑ൳ܫOֆሔ֘ร16ය(b)ႈհࡳΔ്ᙇᖗᦞ۩ࠌ ءߪࢨٽࠓءߪΔዌګᔄנհ۩Ζ࣐ߢհΔO࣍TፖKٽࠓழ࠷հैปΔਢܡ
၇ၞΛT۩ࠌᙇᖗᦞৈપΔࠀᆖOฝ᠏ैΔۖ࠷OհैΔਢܡחOዌګᔄ נΛʳ
ʳ ʳ ʳ ʳ ऄೃ່ึᏍڃԱܫհ္ΔطץਔΚԫΕطٺழរᨠհΔOឈ࿇೯ Աֆၲگۖ࠷Աۍ։հԼհैٝΔ܀ࠀྤ࠷փᒵஒհጥሐΔՈլࠠໂట إփຝԳհچۯΖԲΕܫOኙ࣍ٽࠓࠀآދปᢥګΔ۟མᗨᄕॴַհΔڼང
ै۩ࠀॺO۞ᣋʻinvoluntaryʼࢬΔլᚨᓰፖᒵٌ࣐ូԵᦞհຂٚΖԿΕԫ
ۖߢႛૡᙇᖗᦞৈપࠀլᄎዌګᔄנ۩ΔءூհᙇᖗᦞৈપհؾऱΔڇ࣍
ᝩ܍ᣊۿܫֆհ֟ᑇैࣟڇֆխ࣍ݜمΔءூխ၇ᙇᖗᦞપࡳ
ࢬ֭בհᏝ८ΔᆖऄೃᎁࡳΔᑇᠰՈॺ؎ՕࠩחᙇᖗᦞԳؘࡳᙇᖗ۩ࠌᙇᖗ ᦞΔۖࠌ၇ᦞʻcall optionʼᙇᖗᦞΔګ16යʻb)ႈհᔄנ۩Ζʳ
ʳ ʳ ʳ ʳ ྥۖڼԫߠᇞՈ࠹ࠩᔆጊΔءூԿۯऄࡴ༼נհլٵრߠΔᎁءூආش ଡூ։࣫ڶྤᛒشփᒵஒױ౨ࢤհߠᇞΔહᠦԱഏᄎ១ኔᎾֱऄհᒤ
ঞΖᖂृၴኙڼᤜᠲՈڍڶಘᓵ˄ˆ˄Ζʳ
130 411 U.S. 582 (1973).խ֮ױᔹΚᏥຑᅄ(2007)Δπᄅᢞٌ࣐ࠦऄኔࠏઔρΔᏺૡնठԫ
ࠧΔ 309-314ΔקΚցᅃΖ
131 ڶᣂ࣍ Kern County ԫூנছհಘᓵױߠΚLewis D. Lowenfelst, Section 16(b): A New Trend
42
ࠠ᧯ۖߢΔᨠᎅհᔞشᏁ٣ᒔᎁߓञٌ࣐ॺႚอীኪհ၇ᔄΔڼᣊٌ࣐
ຏൄլ௫֗ב८Δࠏڕᢞٌࠦང(an exchange of securities)ΖࠡڻΔڕٵড়ᨠ ᎅԫᛀီڶྤ࠹墿ࢬڶچۯհฝ᠏Δܛڶྤ၇ᔄ۩հژڇΔ່৵ಘᓵڶྤᛒ in Regulating Insider Trading, 54 Cornell L. Rev. 57-59(1969)ΙHal M. Bateman, The Pragmatic Interpretation of Section 16(b) and the Need for Clarification, 45 St. John’s L. Rev. 792-801(1971)Ι Kernூհ৵հಘᓵױߠΚTimothy Tomlinson, Section 16(b): A Single Analysis of Purchases and Sales Ё Merging the Objective and Pragmatic Analyses, 1981 Duke L.J. 949-962 (1981).ଖࣹრऱ ਢΔTimothy ּሂๅᢥګ֘ኙհᆍ۠Δᎁড়ᨠᎅፖᨠᎅຟץܶԿጟైΚ࠹墿ࢬڶچۯհฝ
᠏Ε࠷փຝஒհຜஉΕދᇷެࡳհګΔਚኔྤؘ։ګࠟଡᖂᎅΔ۟ၞۖױא៶طՂ
ၲᑑᄷݮګԫհܒឰᑑᄷΖഏփ֮ױߠΚࣥࡗݳ(1995)Δπᒵٌ࣐ড়᧯հઔߒρΔࣟ௧Օ ᖂऄ৳ᖂઔߒࢬጚՓᓵ֮Δ 108-114Ιڶᣂ Kern ூհ৵ኔ೭ߠᇞհ࿇୶ױߠΚThomas L. Hazen, The New Pragmatism Under Section 16(b) of the Securities Exchange Act, 54 N.C. L. Rev.
14-29(1976).
132 Timothy Tomlinson, supra note 130. at 947-949.
133 Ꮵຑᅄ(1997)Δτ۩փຝԳᒵٌ࣐ᒤհᛀಘፖᒤႨհઔߒυΔگּ࣍ထπֆऄ
43
।ԫΚʳ
࠷ᒤʳ
(84)ತᢞʻԿʼڗร 00461 ᇆࠤʳ ʳ ࠹ᢤ࠷Ղؑֆैปʳ
(84)ತᢞʻԿʼڗร 00461 ᇆࠤʳ ʳ ֆᛜࠃᄐᆖԳ࣍ࡴैࠉֆᛜࠃᄐฝ
᠏اᛜයࠏᤩנழΔࠉฝ᠏اᛜൕᄐԳ
ᚌ༡ᚌ٣ᎁैٝᙄऄᎁհՂؑ
ैป
(91)ತᢞʻԿʼڗร 172479 ᇆࠤʳ ʳ փຝԳ۩ࠌՠᎁैᦞΔ࠷ֆैป ࢨैཱིᢆᖇᢞ
(84)ತᢞԿڗร 00461 ᇆࠤ ᤉࢭ136 ॺ᥆࠷ᒤʳ
(78)ತᢞʻԲʼڗร 24094 ᇆʳ ʳ ֆᙄ८ᏺᇷΕᇷءֆᗨ᠏ᏺᇷ֗
(82)ತᢞʻԿʼڗร 68058 ᇆࠤ આ塒᠏ᏺᇷۖհैป
(88)ತᢞ(Կ)ร 21873-1 ᇆ փຝԳڂॺ۞࿇ࢤհ۩ࢨॺױូຂ
࣍۞ահࠃطທګैګᑇլߩᇖߩ
ैګᑇழʳ
(91)ತᢞʻԿʼڗร 172479 ᇆࠤ ֆփຝԳ࠷ֆ࿇հՠᎁै
ᦞᖇᢞΙփຝԳፖֆၲࢭᔭᎁױ᠏
ངֆ႘ࢨॵᎁैᦞֆ႘Ι۩ࠌױ᠏
ངֆ႘ࢨॵᎁैᦞֆ႘հ᠏ངࢨ ᎁैᦞ࠷ैปΙ႘ࠦངैᦞܓᢞࢨ
ैཱིᢆᖇᢞΙא႘ࠦངैᦞܓᢞࢨ
ោᥦֲΚ11/03/2010)Ζ
136 ڼԫߠᇞբᔡ۩ਙೃ८ᘜᅮጥࡡᄎ 96 ڣ 10 ִ 26 ֲ८ጥᢞԿڗร 0960048145 ᇆחհ փ୲ංΔᇠחհփ୲ฃψڂᤉࢭۖ࠷ՂؑैปΔএ᥆ءයรԫႈࢬࡳψ࠷ωհᒤհߠ ᇞլ٦ག֧ᔞشωΖ
44
ैཱིᢆᖇᢞང࠷ैป (94)८ጥᢞԿڗร 0940130983 ᇆ փຝԳᚨႥ࠷հߏႥैป
(94)८ጥᢞԿڗร 0940000566 ᇆ փຝԳ᠏ᨃैٝࠎᢞࠦࢭᔭᙄመ ᠰഇΔ֗Ⴓ৵ᢞࠦࢭᔭലച۩ࡳ
Ꮭᖙ܂࠷հैٌٝבփຝԳΔࢨല آച۩ࡳᏝᖙ܂ຝ։ਊࢭᔭᏝ
ૠጩࢭᔭཱིႈٌבփຝԳࠃႈ137 (96)८ጥᢞԿڗร 0960041582 ᇆ ᄰֆैࣟڂ࠷ژᥛֆٽࠓ
ࢬ࿇۩հᄅै
၇ၞᒤ
(95)८ጥᢞԿڗร 0940147822 ᇆ (95)८ጥᢞԿڗร 0950000233 ᇆ
ֆփຝԳ۩ࠌՠᎁैᦞۖ࠷ै
ป
।ԲΚʳ
ᔄנᒤʳ
(93)ತᢞԿڗร 0920157930 ᇆʳ ʳ ֆၲࢵႥֱڤנഇࢬ᥆ֆैปʳ (96)८ጥᢞԿڗร 0960036672 ᇆʳ ʳ ٌངֆ႘ڶԳ۩ࠌٌངᦞۖᇠ࿇
۩ֆႊฝ᠏ՂၲՂؑֆैٝղছ ૪႘ࠦڶԳʳ
ʳ ʳ ʳ ʳ طՂၲᖞױवΔጥᖲᣂኙ࣍࠷Ε၇ၞΕᔄנࠀآڶอԫհᎁࡳᑑᄷΔ ڇٌ࣐۩լឰංຫנᄅհՀΔآࠐஎႛ౨ᥛٛᘸጥᖲᣂհଡூᎁࡳΖਊભ ഏऄՂኙ࣍ᒵٌ࣐ូԵᦞᒤ۩հಘᓵΔહ৵ኔ௫ԫءംᠲΔܛᒵٌ
࣐ូԵᦞਢܡᚨ಼ᨠڂైܒឰΔࠠ᧯ۖߢܛร 16 යʻb)ႈၲᙰհ֮ڗΔএم
137 ࠤᤩհ֮ΚΞΞॺ᥆ᢞٌ࣐ࠦऄรԫۍնԼԮයรԫႈࢬࡳᔄנΕ࠷ࢨ၇ၞհᒤ
ΞΞΔޣᒧ༏հ壄១Δլ٦ૹᓤ٨נΔڼᎅࣔ
45
ऄؾऱհ૪ΔލࢨᏁኔᎾᐉ಼հٙΖભഏऄڇܒެհ࿇୶ՀΔբݮګ։ٌ
࣐ᣊীᔞشլٵঞհ᧯ߓΔ֘ᨠݺഏऄڶᣂร 157 යᔞش۩հ۩ਙࠤᤩΔঞ ڍآኙ࣍ᨠైڍڶထᕠΖྥ಼ʻ89)ತᢞ(Կ)ร 63286 ᇆࠤᤩհߠᇞΚψᢞ
ٌ࣐ࠦऄรԫۍնԼԮයএەભഏԫԿڣᢞٌ࣐ࠦऄรԼքය b ႈࡳ
ۖૡࡳΔٍܛഏᎾ٣ၞഏ୮݁ڶઌٵࡳΖࠉᇠය֮ࡳΔփຝԳૉ࣍քଡִփ
࣍ႃխٌ࣐ؑࢨᢞࠦᛜᄐࢬ࠷ैปא৵၇נΔࢨᔄנैปא৵၇ၞհ۩
Δྤᓵ၇ᔄհैᑇ۶ΔܛڶᇠයհᔞشΙ۟࣍փຝԳൕࠃᒵٌ࣐۩Δ
ᨠՂਢܡڶਚრࢨመ؈ΔލࢨਢܡڶլऄհრቹΔ݁ڇࢬլംωΖૉኧڼԫᇞ
ᤩհრڱΔᒵٌ࣐ូԵᦞᚨထૹ࣍ᖲඳ֏ᔞشΔլ಼ᨠڂైΔֹٍەၦ փᒵஒࠌشױ౨ࢤΖڕڼঞݺഏ۩ऄࠫՀΔۿᣄڶᨠᎅژڇհ़ၴΖ ྥۖጥᖲᣂឈڍآࣔᒔٌזࡳ۩ᇠᅝ࠷Ε၇ၞΕᔄנፖܡհطΔ
ྥۖኙᅃՂၲ۩Δڍת᥆࣍ભഏऄՂॺႚอীኪհ၇ᔄᒤᡱΔਚڶྤܓشփᒵ
ஒױ౨ࢤא֗ᨠڂైΔਬ࿓৫Ղۿսጥᖲᣂࢬ಼Δ៶ڼᎁࡳࡳ۩
ਢܡᇠᅝᒵٌ࣐ូԵᦞհᔞش۩Ζଣૉऄೃආشઌۿ࣍ጥᖲᣂհ܂ऄΔڇ ܒެ܂ګመ࿓խΔٵᑌྤݮچ಼ᨠڂైΔঞݺഏऄࠫፖભഏऄհֱڤኔ ᔆՂএຜٵូΖઌᣂᤜᠲല٣࣍รԿີၞ۩ܒެڃհ৵Δ٦࣍รնີၞԫ ޡհಘᓵΖ
รႈʳܓ墿ૠጩ
ᒵٌ࣐ូԵᦞհូԵܓ墿ᚨڕ۶ૠጩΔএԫംᠲΔױ౨հૠጩֱऄڇભ ഏऄՂڶለڍհಘᓵΔਚڼᚵ٣ಾኙٺጟૠጩֱڤ១տฯ৵Δ٦ኙݺഏհ ૠጩֱڤಘᓵΖ
รԫؾ ូԵܓ墿հૠጩֱڤ
ܓ墿ૠጩֱڤڶՀ٨ጟߠᇞ138Κ
138 ᘸᅃ(2006)ΔπैؑሏᚭঞЁ່ᄅᢞٌ࣐ࠦऄᇞ࣫ρΔ 412-413ΔקΚ۞עΙޕཕո (2005)Δτݺഏᒵٌ࣐ូԵᦞࠫ৫հ࿇୶ٻЁᓵ૿ፖኔᢞ૿հ൶࣫(Հ)υΔπႃঅִעρΔร 135ཚΔ 5-10Ζ
46
ԫΕʳ ैปᒳᇆऄ(the identity of certificates rule)
এא၇ᔄழٌ໊հैปᒳᇆኙૠጩΔല၇ၞհैปղאᑑᇆΔנᔄழٵᑌ ಖሉᒳᇆ৵Δ٦ࠉᅃᇠᒳᇆΔૠጩ၇ၞᔄנհᏝፖઆΖྥۖطᄎૠߡ৫ᨠհΔ
ႛڶၦ֟ଖՕΕ࣐࣍ᙃᎁګءհֱױᔞشΔڼጟֱڤፖ۩հैปٌ໊ሎ
܂ֱڤڶࢬ੬ᤛΖ
ԲΕʳ ٣ၞ٣נऄ(the first-in, first-out rule)
ല٣၇ၞհैปፖ٣ᔄנհैปኙૠጩܓ墿Δྥۖڼጟֱऄለᣄψ٣ ᔄנ৵၇Եωհ۩ኪᑌΔփຝԳૉຘመڍڻ၇Եैปհܻै۩Δܛױ᎘࣐
ᝩᒵٌ࣐ូԵᦞհࠫဪΖ ԿΕʳ ؓ݁ګءऄ
אᔄנࢬ᜔८ᠰΔ྇װ၇ၞګء᜔८ᠰࠐૠጩܓ墿Ζڼֱऄឈለฤٽԫ
ᨠ࢚Հհܓ墿ΔྥۖڼጟૠጩֱऄݮٵւփຝԳઆյࣂΔڶச࣍ᒵٌ࣐ូ
ԵᦞհمऄؾऱΖ
Εʳ ່ᔄᏝ່྇܅၇Ꮭऄ
ലփຝԳڇ 6 ଡִཚၴփհٌ࣐۩խ່ᔄᏝृፖ່܅၇ᏝઌΔࠡڻല ڻ၇Ꮭፖڻ܅၇ᏝઌΔאڼᣊංΔ൫ჾृլղૠԵΖڶᣂڼԫֱڤհሎ܂
ࠏڕՀΚਬփຝԳ X ։ܑ࣍ 4 ִ 1 ֲΕ4 ִ 5 ֲΕ4 ִ 9 ֲٺ၇ၞैป 10 ᆄ
ैΔ၇Ꮭٺޢै 10 ցΕ15 ցΕ20 ցΖԾ։ܑ࣍ 5 ִ 1 ֲΕ5 ִ 9 ֲΕ6 ִ 8
ֲ։ܑٺᔄנ 10 ᆄैΔᔄᏝࠉݧޢै 10 ցΕ15 ցΕ20 ցΖࠉᅃ່ᔄᏝ྇
່܅၇ᏝऄհૠጩΔଈ٣࠷ᔄᏝ່հ 6 ִ 8 ֲፖ၇Ꮭ່܅հ 4 ִ 1 ֲઌኙΔ ޢैᏝ 10 ցΙڻ࠷ᔄᏝڻհ 5 ִ 9 ֲፖ၇Ꮭڻ܅հ 4 ִ 5 ֲઌኙΔྤܓ 墿ਚլղૠጩΙ່৵࠷ᔄᏝ່܅հ 5 ִ ˄ ֲፖ၇Ꮭ່հ 6 ִ 8 ֲઌኙΔ٥
ჾ 100 ᆄցΔٍլղૠጩΔਚ X ڶ 100 ᆄցܓ墿Ꮑᔞشᒵٌ࣐ូԵᦞΖڶᣂ ڼࠏױߠ।ԿհᖞΖ
47
।Կ139Κ
၇ၞ ᔄנ ܓ墿
4ִ 1 ֲ 10 ᆄै 10 ց 5ִ 1 ֲ 10 ᆄै 10 ց -100 ᆄ լૠጩ 4ִ 5 ֲ 10 ᆄै 15 ց 5ִ 9 ֲ 10 ᆄै 15 ց 0 լૠጩ 4ִ 9 ֲ 10 ᆄै 20 ց 6ִ 8 ֲ 10 ᆄै 20 ց +100 ᆄ ૠጩ
ਊભഏऄՂࠀྤ֮ࣔࡳᒵٌ࣐ូԵᦞհܓ墿ᚨආش۶ጟֱڤૠጩΔ່
ᔄᏝ່྇܅၇Ꮭऄএطભഏኔ೭Ղ࣍ Smolowe v. Delendo Corp140.ԫூᅝխࢬ༼
נΔհ৵ڍࠡהኔ೭ߠᇞࢬ֭ΖڇᇠூٙխΔऄࡴᎁร 16 ය(b)ႈឈآ
ࡳូԵܓ墿հૠጩֱڤΔՈآ堚ᄑࡳᆠ၇ၞፖᔄנհრᆠΔྥۖኧᒵٌ࣐
ូԵᦞհمऄრڱΔٽࠡᣤຂٚհࢤΔᚨᇠආش౨ജ່Օ֏ലױ౨հܓ墿
݁ូԵֆհૠጩֱڤΔਚᎁᚨᇠආ࠷່ᔄᏝٽ່܅၇ᏝհֱڤૠጩូԵ ܓ墿Ζڼԫֱऄឈڍᛧኔ೭ࢬ൷࠹ආشΔ܀ս៱ڶޅေհᜢנΔᎁڼጟֱ
ڤս៱ྤऄኧᒤؾऱ141ΖڶᣂփຝԳڂ၇ᔄैปᛧܓࢬհܓஒΔਢܡᚨ
ԵូԵհܓ墿ᒤΔኔ೭ՂߠᇞլԫΔྥڍᑇூࠏխսආ࠷्ࡳհߠᇞ142Ζ
รԲؾ ݺഏऄհᒤֱڤ
ݺഏᢞٌऄኙ࣍ڕ۶ૠጩូԵܓ墿ΔڰڣՈܧऄྤࡳհွΖጥᖲᣂ
ڼംᠲΔམנ(73)ತᢞ(Բ)ڗร 0947 ᇆࠤፖ(76)ತᢞ(Բ)ڗร 3875 ᇆࠤΔ֮ࣔආش່ᔄᏝ່྇܅၇ᏝऄΔ܀սֶऄᄭࠉᖕΔਚاഏ 77 ڣழΔ ᏺૡᢞٌऄร 182 යհ 1Δࡳψءऄਜ۩าঞΔطጥᖲᣂࡳհωΔࠀ៶طڼ යհᦞΔૡمԱᢞٌऄਜ۩าঞร 11 යΔ֮ࣔආ࠷່ᔄᏝ່྇܅၇Ꮭհૠ ጩֱڤΖհ৵Δጥᖲᣂս៱ԫ٦ૹعආشڼრڱΔࠏڕڇ(89)ತᢞ(Կ)ร 70596
139 ڼ।ױߠΚᘸᅃΔٵছ༿ု 138Δ 413Δ൫ृޓ೯Աֲཚຝ։Ζ
140 136 F.2d 231 (1943).
141 ࠏڕΚAndrew Chin, Accurate Calculation of Short-Swing Profits under Section 16(b) of the Securities Exchange Act of 1934, 22 Del. J. Corp. L. 591-593(1997).
142 ࠏڕΚGold v. Sloan ூ(486 F.2d 340 1973).
48
ᇆࠤխΔጥᖲᣂܛ।قᒵٌ࣐ូԵᦞհૠጩֱڤΔࠉᢞٌऄਜ۩าঞรԼԫ යࡳආψ່ᔄᏝ່྇܅၇ᏝऄωΔۖॺैปᒳᇆऄΔڂڼਢܡփຝԳᨠ
ኙٌ࣐հैป֗ڶྤኔᎾᛧڶܓ墿݁ॺࢬംΖ
۩հᢞٌऄਜ۩าঞร 11 යΔঞലូԵܓ墿հૠጩฝٵයԲႈΔኙ
࣍ैஒΕܓஒΕ֫ᥛ၄ՈڶࢬࡳΔᇠයࡳڕՀΚ
ҁݤಃԭϖΜΎచಃ܌ۓᕇளճǴځीᆉБԄӵΠǺ!
ǵڗளϷ፤рϐԖሽچǴځᅿᜪ֡࣬ӕޣǴаനଯ፤ሽᆶനեວሽ࣬!
!!!!ଛǴԛڗԛଯ፤ሽᆶԛեວሽ࣬ଛǴ٩ׇीᆉ܌ளϐৡሽǴᖝཞϩ!
!!!!όϒीΕǶ!
ΒǵڗளϷ፤рϐԖሽچǴځᅿᜪόӕޣǴନද೯ިаҬܰሽϷިኧ!
!!!!ਡीѦǴځᎩԖሽچǴаӚ၀چڗள܈፤рВද೯ިԏዬሽ!
!!!!ࣁວሽ܈፤ሽǴ٠аளՉ٬܈ᙯඤද೯ިϐިኧࣁीᆉྗǹځଛჹ!
!!!!ीᆉБԄǴྗҔීೕۓǶ!
ΟǵӈΕΒීीᆉৡሽճϐҬܰި౻܌ᕇଛϐި৲Ƕ!
ѤǵӈΕಃීǵಃΒීीᆉৡሽճϐനࡕҬܰВଆ܈ීᕇଛ!
!!!!ߎިճϐВଆǴԿҬбϦљਔǴᔈ٩҇ݤಃΒԭ႟Οచ܌ೕۓԃճ!
!!!!ԭϩϐϖǴीᆉݤۓճ৲Ƕ!
ӈΕಃීǵಃΒීीᆉৡሽճϐວ፤܌ЍбچϐЋុϷ!
چҬܰิǴளԾճύԌନǶ!
!!!!ਊូԵܓ墿ڕ۶ૠጩΔএᒵٌ࣐ូԵᦞૹհዌګٙհԫΖ۩ऄথႛ
א۩ਙࡎחۯၸհਜ۩าঞࡳհʻխ؇ऄᑑᄷऄร 3 යᅃʼΖئऄհᦞය
֮ႛࡳψءऄਜ۩าঞΔطጥᖲᣂࡳհωΔਚᖂڶᎁڼᜰڶྤሔ֘ᦞ
ࣔᒔࢤא֗ऄ৳অఎঞΔ୲ڶጊᐞ˄ˇˆΖʳ
143 ޕཕո(2005)Δτݺഏᒵٌ࣐ូԵᦞࠫ৫հ࿇୶ٻЁᓵ૿ፖኔᢞ૿հ൶࣫(Հ)υΔπႃঅ
ִעρΔร 135 ཚΔ 7-8Ζ
49
รնႈʳ ࠡהञᤜʳ
ʳ ʳ ʳ ʳ ᒵٌ࣐ូԵᦞڶࠟႈञᤜΔ։ܑऄ৳ࢤᔆא֗܍ࡳհಘᓵΔאՀ ԯ։ܑտฯհΖʳ
รԫؾʳ ऄ৳ࢤᔆʳ
ʳ ʳ ʳ ʳ ʳ ಘᓵᒵٌ࣐ូԵᦞհऄ৳ࢤᔆ᥆࣍ݮګᦞࢨᓮޣᦞ˄ˇˇΔࠡኔ墿ڇ࣍ܒឰ ᢞٌऄร 157 යร 4 ࡳհԲڣཚၴΔএᄰழயލࢨਢೈ؞ཚၴΖආ࠷ݮګᦞ ᎅհᚌរڇ࣍ڶܓऄ৳ᣂএጐݶᒔمΔഏփᖂृڶᘯڼᎅለฤٽᒵٌ࣐ូԵ ᦞհࢤᔆፖؾऱ˄ˇˈΖ൫ݮګᦞᆖ്৵Δٽࠡהᦞܓ܂شΔࠏڕᇞೈ৵
ۖڶڃ༚णᓮޣᦞ֗ჾ୭ᓽᚍᓮޣᦞʻاऄร 259 යΕ260 යʼΔ።ݮګᦞ܂ش
৵ΔڍᏁขس႘ᦞΔאኔᦞܓԳհܓ墿˄ˇˉΖਚᒵٌ࣐ូԵᦞૉᇞݮګᦞΔ ᚨڕ۶ֆ৵ᥛհܓ墿ኔംᠲΔଖ৸Ζʳ ʳ
!!!ʳ ᓮޣᦞᎅृհᓵរڇ࣍ය֮ءߪբࣔࡳψᓮޣᦞωԫဲΔۖലءයհូ
Եᆠ೭Գፖᒵܓ墿ូԵᦞԳၴΔᇞ۞ᒵٌ࣐ګمհழದΔ۞ࡨܛڶԫऄ
ࡳ႘ᦞ႘೭ᣂএΔ៶ڼሒګࠌऄ৳ᣂএڰֲᒔࡳհؾऱ˄ˇˊΖྥڶᎁփຝԳൕࠃ
ᒵٌ࣐ࢬհܓ墿Δࠀॺྤऄ৳Ղհڂ࠷ܓ墿Δආشڕٵլᅝܓհܓ墿 १ᝫᓮޣᦞΔۿڶױৱዎհ˄ˇˋΖʳ
รԲؾʳ ܍ࡳʳ
ભഏ 1934 ڣᢞٌऄᦞᢞጥᄎאঞΰRulesαಾኙֆࢬ࿇۩հਬࠄᢞࠦΔ ࢨڂڂైۖڶֆհڶᏝᢞࠦΔૡࡳ܍ᔞشᒵٌ࣐ូԵᦞհࡳΔࠡ
144 ڶආ࠷ݮګᦞፖᓮޣᦞଫࠠհጵٽᦞܓᎅृΔױߠΚާᐝႁ(1994)ΔπូԵᦞऄ৳ࢤᔆհ ઔߒρΔഏمխᘋՕᖂऄ৳ᖂઔߒࢬጚՓᓵ֮Δ 177-192Ιܦ٠ࣔ(1996)Δπᢞٌ࣐ࠦऄᓵρΔ
268-269ΔקΚԿاΖ
145 ᘸᅃ(1992)Δπᢞٌ࣐ࠦऄດයᤩᆠΔรԿםρΔ 464-465Ε467-468ΔקΚ۞עΖ
146 ާᐝႁΔٵছ༿ု 144Δ 128-129Ζ
147 ࣥഏ٤(1999)Δτᢞٌ࣐ࠦऄรԫնԮයᒵٌ࣐ូԵᦞհઔߒυΔπխᘋऄᖂρΔร 45 ཚΔ
309-310ΖٵᑌආڼᎅृڶΚޕཕոΔٵছ༿ု 143Δ 5Ζ
148 ާᐝႁ(1994)Δٵছ༿ု 144Δ 133-134Ζ
50 փ୲ڕՀ˄ˇˌΚ
1. ร 16a-1 යร(a)ႈ(5)ཱིࡳՀ٨Կጟᛧܓᚨղ܍Κ
ࠉ 1935 ڣֆشࠃᄐ൳ैֆऄ(Public Utility Holding Company Act of 1935)࿆
ಖհ൳ैֆࢬڶհᢞࠦދᇷิٽ(portfolio securities)հܓ墿Ιࠉ 1940 ڣ ދᇷֆऄΰInvestment Company Act of 1940α࿆ಖհދᇷֆࢬڶհᢞࠦ
ދᇷิٽܓ墿Ι طᜤ߶ਙࢌுٌ࣐հՕᒤΰbroad-basedαૠጩഗ៕հ ԫᤃΰbasketαࢨਐᑇ(index)ࢬิګհڶᏝᢞࠦհຝٝࢬᛧհܓ墿Ζ 2. ร 16a-11 යΚڂࡳཚࢤհ٦ދᇷૠࢬ࠷հܓࢨैܓΔދᇷ࣍ઌٵ࿇۩
Գࢬ࿇۩հڶᏝᢞࠦΔࢬ࠷հڶᏝᢞࠦΖ
3. ร 16a-12 යΚฤٽࢬ࿔(Internal Revenue Code)ࢨψՠಯٖ८ᎁैૠऄω ΰEmployee Retirement Income Securities Actαࡳᆠհैᦞ࠷ፖໜ؈(acquisition or disposition)Ζ
4. ร 16a-13 යΚॺא۩ࠌΕ᠏ངسࢤᢞࠦΔࢨܓشኙֆհދปᦞհֱڤΔ ڇڶᐙᢞࠦ(subject equity securities)հ८ᙒܓ墿Հ(pecuniary interest)Δ᠏
ངैᦞ࠹墿ࢬڶᦞݮڤृ(change in form of beneficial ownership)Ζ
5. ร 16b-1 යΚطࠡהऄ৳ࢬᒤ(ڕ 1940 ڣދᇷֆऄΕֆشࠃᄐ൳ैֆ
ऄ)ࠀᆖᢞጥᄎࢬுհٌ࣐Ζ
6. ร 16b-5 යࡳΚഗ࣍რ(bona fide)հᢤፖΕᙊ᧷ฝ᠏(transfers of securities by will)Δא֗ڂᤉࢭۖ࠷ृױ܍ᔞشΖ
7. ร 16b-7 යΚڂܮگٽࠓ(mergers)Εૹᄅ։ᣊ(reclassifications)֗ᄅٽࠓ (consolidations)ࢬհैᦞᢞٌ࣐ࠦΔ܍࣍ᒵٌ࣐ូԵᦞհᔞشΖ
149 ֮ױߠΚ
http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=ecfr;sid=bd07bb11f101511477371b12a9d9723d;rgn=div 5;view=text;node=17%3A3.0.1.1.1;idno=17;cc=ecfr#17:3.0.1.1.1.2.77.175 (່৵ោᥦֲΚ
11/6/2010)Ιຝ։ױᅃΚᤕߐੳΕ១ිख़(2003)Δτᢞٌ࣐ࠦऄรԫնԮයଥإհᛀಘፖ৬ ᤜυΔπִ؟ऄᖂᠧρΔร 92 ཚΔ 170Ζ
51
8. ร 16b-8 යΚ࠷ࢨ᠏ᨃፖᖜঅڶᣂհڶᏝᢞࠦࢨڶᏝᢞࠦհᢞࣔ(equity security or certificate representing equity securities involved in the deposit)Δࢨഗ࣍
।ެᦞॾಜৈપࢨঅᢞ८ৈપ(deposit agreement)։ैᦞᢞࠦΖ
ڼ؆Δط࣍ Rule16a-10 යհࡳΔਚೈ Rule16a-6 යհൣݮ؆Δٚ۶܍ᔞ شร 16 ය(a)ႈࡳհᔞشृΔ݁ױ܍ٵऄร 16 ය(b)ႈᒵٌ࣐ូԵᦞࡳ
հᔞشΖ