第五章 結論
第二節 未來研究方向展望
囿於研究時間以及研究者本身能力所及，本研究僅進行一段時間內的香港內 線交易法制與執行之實證研究與觀察。關於未來可能的相關研究，建議可以區分 為中程與遠程，中程目標為繼續對香港內線交易法制與其執法狀況進行觀察與資 料的累積；遠程目標為進一步將研究目標擴大至東亞文化圈各主要證券市場的執
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法情形，以建立有別於以英美為中心的研究架構。
由於香港內線交易法制的實施至今僅二十餘年，新法的多軌制也才上路十年，
對於未來香港證券市場監理的持續觀察實有其必要，俾能建立更豐富的案件資料，
進一步觀察政府的執法態度。特別是規範手段的多軌制度發展方向如何，未來運 作是否順利，相關制度是否能夠發揮原始的立法目的等。
此外，由於案件量過少，本研究對於內線交易法對香港證券市場效率是否有 所影響此一議題仍然無法有所結論。透過進一步的累積研究，期待未來能夠對此 一爭論已久的問題提供實證的證據。
除了香港為中心的實證研究以外，遠程目標是將研究目標擴大至亞洲各主要 證券市場的執法狀況，透過內線交易法制與執法之比較，並歸納出文化或法系別 的執法特色，以了解亞洲與傳統研究標的歐美市場是否因為不同的商業文化背景，
分別有其適合的特別法律制度與執法模式。
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附錄一：《證券及期貨條例》相關條文
Section 213, Injunctions and other orders (1) Where-
(a) a person has- (i) contravened-
(A) any of the relevant provisions;
(B) any notice or requirement given or made under or pursuant to any of the relevant provisions;
(C) any of the terms and conditions of any licence or registration under this Ordinance; or (D) any other condition imposed under or pursuant to any provision of this Ordinance;
(ii) aided, abetted, or otherwise assisted, counselled or procured a person to commit any such contravention;
(iii) induced, whether by threats, promises or otherwise, a person to commit any such contravention;
(iv) directly or indirectly been in any way knowingly involved in, or a party to, any such contravention; or (v) attempted, or conspired with others, to commit any such contravention; or
(b) it appears, whether or not during the course or as a result of the exercise of any power under Part VIII, to the Commission that any of the matters referred to in paragraph (a)(i) to (v) has occurred, is occurring or may occur,
the Court of First Instance, on the application of the Commission, may, subject to subsection (4), make one or more of the orders specified in subsection (2).
(2) The orders specified for the purposes of subsection (1) are-
(a) an order restraining or prohibiting the occurrence or the continued occurrence of any of the matters referred to in subsection (1)(a)(i) to (v);
(b) where a person has been, or it appears that a person has been, is or may become, involved in any of the matters referred to in subsection (1)(a)(i) to (v), whether knowingly or otherwise, an order requiring the person to take such steps as the Court of First Instance may direct, including steps to restore the parties to any transaction to the position in which they were before the transaction was entered into;
(c) an order restraining or prohibiting a person from acquiring, disposing of, or otherwise dealing in, any property specified in the order;
(d) an order appointing a person to administer the property of another person;
(e) an order declaring a contract relating to any securities, structured product, futures contract, leveraged foreign exchange contract, or an interest in any securities, structured product, futures contract, leveraged foreign exchange contract or collective investment scheme to be void or voidable to the extent specified in the order; (Amended 8 of 2011 s. 10)
(f) for the purpose of securing compliance with any other order made under this section, an order directing a person to do or refrain from doing any act specified in the order;
(g) any ancillary order which the Court of First Instance considers necessary in consequence of the making of any of the orders referred to in paragraphs (a) to (f).
(3) The Commission shall-
(a) before making an application pursuant to subsection (1) for an order affecting any person that is an exchange participant or a clearing participant, use its best endeavours to inform the recognized exchange company or the recognized clearing house (as the case may be) of the proposed application by notice in writing; and
(b) where before the making of the application it has not informed the recognized exchange company or the recognized clearing house (as the case may be) of the proposed application by notice in writing, forthwith after the making of the application inform the recognized exchange company or the recognized clearing house (as the case may be) thereof by notice in writing.
(4) The Court of First Instance shall, before making an order under subsection (1), satisfy itself, so far as it can reasonably do so, that it is desirable that the order be made, and that the order will not unfairly prejudice any person.
(5) The Court of First Instance may, before making an order under subsection (1), direct that a notice of the application made in respect thereof be given to the persons it considers appropriate, or be published in the manner it considers appropriate, or both.
(6) Where the Court of First Instance considers it desirable to do so, it may grant such interim order as it considers appropriate pending the determination of an application made pursuant to subsection (1).
(7) An order may be made under subsection (1) whether or not it appears to the Court of First Instance that- (a) the person against whom the order is made intends to engage again, or to continue to engage, in any of the matters referred to in subsection (1)(a)(i) to (v);
(b) the person against whom the order is made has previously engaged in any of such matters;
(c) there is an imminent danger of damage to any person in the event of the order not being made.
(8) Where the Court of First Instance has power to make an order against a person under subsection (1), it may, in addition to or in substitution for such order, make an order requiring the person to pay damages to any other person.
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(9) The Court of First Instance may reverse, vary or discharge an order made or granted by it under subsection (1) or
(6) or suspend the operation of the order.
(10) A notice published under subsection (5) is not subsidiary legislation.
Section 216, Securities and Futures Appeals Tribunal
(1) There is established a Tribunal to be known as the Securities and Futures Appeals Tribunal which shall have jurisdiction to review specified decisions, and to hear and determine any question or issue arising out of or in connection with any review, in accordance with this Part and Schedule 8.
(2) Except as otherwise provided in this Part or in Schedule 8, the Tribunal- (a) shall consist of a chairman and 2 other members; and
(b) shall be presided over by the chairman who shall sit with the 2 other members.
(3) The chairman of the Tribunal shall be a judge and the 2 other members of the Tribunal shall not be public officers.
(4) Part 1 of Schedule 8 shall have effect in relation to the appointment of members of the Tribunal, and to the proceedings and sittings of, and procedural and other matters concerning, the Tribunal.
(5) Where the Chief Executive considers appropriate, additional Tribunals may be established for the purposes of any reviews, whereupon the provisions of this or any other Ordinance shall apply, subject to necessary modifications, to each of such additional Tribunals (including appointment of the chairman and other members of, and
all matters concerning, each of such additional Tribunals) as they apply to the Tribunal.
(6) With the exception of the chairman of the Tribunal who is a judge within the meaning of paragraph (a) of the definition of "judge" in section 215, a member of the Tribunal may be paid, as a fee for his services, such amount
as the Financial Secretary considers appropriate, and that amount shall be a charge on the general revenue.
(7) Where a person who is a judge within the meaning of paragraph (a) of the definition of "judge" in section 215 is appointed as the chairman of the Tribunal, neither the appointment nor the service or removal of the person as
the chairman affects-
(a) the tenure of office of, and the exercise of powers by, the person as a judge within the meaning of that paragraph;
(b) the person's rank, title, status, precedence, salary or other rights or privileges as a holder of that office;
(c) the terms and conditions to which the person is subject as a holder of that office.
Section 245, Interpretation
Expanded Cross Reference:246, 247, 248, 249
(1) In this Part, unless the context otherwise requires associate (有聯繫者), in relation to a person, means-
(a) the person's spouse or reputed spouse, any person cohabiting with the person as a spouse, the person's brother, sister, parent, step-parent, child (natural or adopted) or step-child;
(b) any corporation of which the person is a director;
(c) any employee or partner of the person;
(d) where the person is a corporation, each of its directors and its related corporations and each director or employee of any of its related corporations;
(e) without limiting the circumstances in which paragraphs (a) to (d) apply, in circumstances concerning the securities of or other interest in a corporation, or rights arising out of the holding of such securities or such interest, any other person with whom the person has an agreement or arrangement-
(i) with respect to the acquisition, holding or disposal of such securities or such interest; or
(ii) under which they undertake to act together in exercising their voting power at general meetings of the corporation;
controller (控制人), in relation to a corporation, means any person-
(a) in accordance with whose directions or instructions the directors of the corporation or of another corporation of which it is a subsidiary are accustomed or obliged to act; or
(b) who, either alone or with any of his associates, is entitled to exercise or control the exercise of more than 33% of the voting power at general meetings of the corporation or of another corporation of which it is a subsidiary;
insider dealing (內幕交易) means insider dealing within the meaning of section 270;
judge (法官) means-
(a) a judge or a deputy judge of the Court of First Instance;
(b) a former Justice of Appeal of the Court of Appeal;
(c) a former judge or a former deputy judge of the Court of First Instance;
market misconduct (市場失當行為) means- (a) insider dealing;
(b) false trading within the meaning of section 274;
(c) price rigging within the meaning of section 275;
(d) disclosure of information about prohibited transactions within the meaning of section 276;
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(e) disclosure of false or misleading information inducing transactions within the meaning of section 277; or
(e) disclosure of false or misleading information inducing transactions within the meaning of section 277; or