第五章 公開收購所引發內線交易之損害賠償
第二節 美國 1934 年證券交易法
第一項 概說
我國證券交易法中關於內線交易之規定，主要係參酌美國 1934 年證券交易法而定，該 SEA Section 20A(a)項即規定從事內線交易 者對與其為相反買賣該有價證券之人負民事賠償責任，證管會並得提 起訴訟，請求不法行為人繳交罰鍰(SEA Section 21A 之規定)，若經 主管機關科處罰鍰者，從事相反買賣之人對其請求之損害賠償額並應 扣除該罰鍰金額(SEA Section 20A(b)項之規定)；此外，2002 年沙
487 林秋君，內線交易之民事賠償責任，證券暨期貨月刊第 22 卷第 7 期，頁 48。
賓法案(Sarbanes-Oxley Act of 2002)更於 SEA Section 21A 中增列 該罰鍰應作為賠償投資人損失之公平資金，由證管會負責執行該基金 賠償受害人投資人之相關事宜488。
第二項 第 20A 條
關於內部人觸犯內線交易者，而投資人在訴訟上，依美國 1934 年 SEA Section 10(b)項及 Rule 10b-5 之規定所提起的民事損害賠 償，投資人原告在訴訟中，必須證明：(1)被告內部人在進行內線交
(Insider Trading and Securities Fraud Enforcement Act of 1988) 中，制定了 SEA Section 20A489，以做為「內部人交易」案件中，投 資人向從事「內部人交易」者要求民事損害賠償之依據490。
依美國 1934 年 SEA Section 20A(a)項之規定，任何人知悉「內 線消息」，而以不法方式利用「內線消息」進行交易時，對於所有與 其在同一時間內進行相反買賣之人，均負有賠償責任。因此，該請求
488 林秋君，內線交易之民事賠償責任，證券暨期貨月刊第 22 卷第 7 期，頁 48-49。
489 原文規定如下：「(a) Any person who violates any provision of this Act or the rules or regulations thereunder by purchasing or selling a security while in possession of material, nonpublic information shall be liable in an action in any court of competent jurisdiction to any person who,
contemporaneously with the purchase or sale of securities that is the subject of such violation, has purchased (where such violation is based on a sale of securities) or sold (where such violation is based on a purchase of securities) securities of the same class. (b)(1) The total amount of damages imposed under subSection (a) shall not exceed the profit gained or loss avoided in the transaction or transactions that are the subject of the violation. (2) The total amount of damages imposed against any person under subSection (a) shall be diminished by the amounts, if any, that such person may be required to disgorge, pursuant to a court order obtained at the instance of the Commission, in a proceeding brought under Section 21(d) of this Act relating to the same transaction or transactions, (3) No person shall be liable under this Section solely by reason of employing another person who is liable under this Section, but the liability of a controlling person under this Section shall be subject to Section 20(a) of this Act. (4) No action may be brought under this Section more than 5 years after the date of the last transaction that is the subject of the violation. (c) Any person who violates any provision of this Act or the rules or regulations thereunder by communicating material, nonpublic information shall be jointly and severally liable under subSection (a) with, and to the same extent as, any person or persons liable under
subSection (a) to whom the communication was directed. (d) Nothing in this Section shall be construed to limit or condition the right of any person to bring an action to enforce a requirement of this Act or the availability of any cause of action implied from a provision of this Act. (e) This Section shall not be construed to bar or limit in any manner any action by the Commission or the Attorney General under any other provision of this Act, nor shall it bar or limit in any manner any action to recover penalties, or to seek any other order regarding penalties.」.
490 羅怡德，證券交易法，頁 195。
賠償者，包括「同時期的交易人」(contemporaneous traders)，亦 即同時期與內部人為相反買賣之人即可，不需為內部人的交易相對 人。所謂同時期(contemporaneous)，依 SEA Section 20A 之規定並 未明定，法院判決因此未盡一致，較嚴格者，必須與內部人同一營業 日買賣者，始得求償；較寬者，與內部人買賣相距 4 天，甚至 9 天者，
亦得求償。無論如何，允許同時期交易人均得求償，顯示求償人與內 線交易人之間不須具有契約關係491。
在以 SEA Section 20A(a)項規定請求的民事損害賠償訴訟中，
原告不須要證明被告對其負有信賴義務，也不須證明其損失與被告之 交易具有因果關係。蓋傳統的理論認為公司內部人對其股東負有信賴 義務，因此有公開消息的義務，否則不能買賣交易有價證券。然嗣後 實務之發展至私取理論，行為人並不需要對系爭有價證券之發行公司 或股東負有受任人之忠誠義務，才會構成內部人交易之責任。因此，
SEA Section 20A(a)項之規定，只從被告是否從事了「內部人交易」，
而不問被告與原告之關係如何。但原告仍然必須要證明被告知道或有 理由知道他所獲悉的消息是「內線消息」，而不用證明被告如何得到 此項消息492。
既然，一般投資人可以依 SEA Section 20A 之規定，在被告私用
「內部消息」進行交易的狀況下，要求被告賠償其損失。然而，對於 身為消息來源的公司(通常是被告的僱主或僱主的客戶)是否可以向 被告要求損害賠償？因消息來源者的確受到被告的欺騙，且也很可能 因為被告的行為而受到損害。至於其能否依 1934 年證券交易法之規 定提起民事損害賠償訴訟，則仍須視其是否為證券之買受人或賣出人 而定493。
雖然 SEA Section 20A(b)項第 1 款之規定，設有以被告所得利 益或所避免之損失為賠償上限，且不能超過原告實際損失的金額(SEA Section 28 條(b)項)；但 SEA Section 20A(d)項明定該條並不排除 投資人(或其他被害人)依其他法律(包括州法)請求賠償的權利494。
第三項 第 21A 條
491 賴英照，股市遊戲規則－最新證券交易法解析，頁 564。
492 羅怡德，證券交易法，頁 192。
493 羅怡德，證券交易法，頁 192。
494 賴英照，股市遊戲規則－最新證券交易法解析，頁 569。
美國針對「內部人交易」之情形，於 1984 年以後開始著手加重 該違反規定者之相關責任，先後制定有 1984 年「內部人交易制裁法」
(Insider Trading Sanction Act of 1984)、1988 年「內部人交易 與證券詐欺執行法」之規定。在「內部人交易制裁法」中，在行政處 種類為496：(1)要求被告繳納「行政罰金」(civil penalty)，罰金之 數額最高可到被告從事「內部人交易」所得利益或所避損失數額之三 倍。(2)在符合 SEA Section 21A(b)項497之規定下，要求對被告具有 直接或間接控制權者繳納「行政罰金」，罰金之數額可為被告從事「內
497 原文規定如下：「No controlling person shall be subject to a penalty under subSection (a)(1)(B) unless the Commission establishes that—(A) such controlling person knew or recklessly disregarded the fact that such controlled person was likely to engage in the act or acts constituting the violation and failed to take appropriate steps to prevent such act or acts before they occurred; or (B) such controlling person knowingly or recklessly failed to establish, maintain, or enforce any policy or procedure required under Section 15(f) of this title or Section 204A of the Investment Advisers Act of 1940 and such failure substantially contributed to or permitted the occurrence of the act or acts constituting the violation.(2) No person shall be subject to a penalty under subSection (a) solely by reason of employing another person who is subject to a penalty under such subSection, unless such employing person is liable as a controlling person under paragraph (1) of this subSection. Section 20(a) of this title shall not apply to actions under subSection (a) of this Section.」
上述關於「行政罰金」部分，依 SEA Section 21A 之規定，對於 從事「內部人交易」者，SEC 可以要求法院命令被告繳納 civil penalty，然雖使用 civil 的字樣，但因提出要求者為 SEC 而被告必 須向美國財政部繳納，故性質上是為行政罰金，而非民事上的罰金498。
499 原文規定如下：「(a) AUTHORITY TO IMPOSE CIVIL PENALTIES.—(1)JUDICIAL ACTIONS BY COMMISSION AUTHORIZED.—Whenever it shall appear to the Commission that any person has violated any provision of this title or the rules or regulations thereunder by purchasing or selling a security or security-based swap agreement (as defined in Section 206B of the Gramm-Leach-Bliley Act) while in possession of material, non-public information in, or has violated any such provision by communicating such information in connection with, a transaction on or through the facilities of a national securities exchange or from or through a broker or dealer, and which is not part of a public offering by an issuer of securities other than standardized options or security futures products, the Commission—(A) may bring an action in a United States district court to seek, and the court shall have jurisdiction to impose,a civil penalty to be paid by the person who committed such violation; and (B) may, subject to subSection (b)(1), bring an action in a United States district court to seek, and the court shall have jurisdiction to impose, a civil penalty to be paid by a person who, at the time of the violation, directly or indirectly controlled the person who committed such violation.」
500 羅怡德，證券交易法，頁 153。
501 原文規定如下：「(a) AUTHORITY TO IMPOSE CIVIL PENALTIES.—(3) AMOUNT OF PENALTY FOR CONTROLLING PERSON.—The amount of the penalty which may be imposed on any person who, at the time of the violation, directly or indirectly controlled the person who committed such violation, shall be determined by the court in light of the facts and circumstances, but shall not exceed the greater of $1,000,000, or three times the amount of the profit gained or loss avoided as a result of such controlled person’s violation. If such controlled person’s violation was a violation by communication, the profit gained or loss avoided as a result of the violation shall, for purposes of this paragraph only, be deemed to be limited to the profit gained or loss avoided by the person or persons to whom the controlled person directed such communication.」
502 原文規定如下：「(d) PROCEDURES FOR COLLECTION.—(1) PAYMENT OF PENALTY TO TREASURY.—A penalty imposed under this Section shall (subject to subSection (e)) be payable into the Treasury of the United States, except as otherwise provided in Section 308 of the Sarbanes-Oxley Act of 2002.」
(《2002 年沙賓法案》第 308 條規定)503。
《2002 年沙賓法案》第 308 條之規定，係為了建立歸還基金 (disgorgement fund)以救濟因違反證券交易法事件的受害者
(victims)，因此，該違法者經判決或和解後所繳付的金額，將成為 補償違法事件之相關受害人504。
只要 SEC 發現任何人從事「內部人交易」時，SEC 便可依 SEA Section 21A(a)項之規定，提起行政訴訟，要求法院命令被告繳納「行 政罰金」，但 SEA Section 21A(a)項在適用上受到二項限制：(一)被 告的交易行為或與其透露「內部消息」相關之交易行為，必須是一個 透過或利用全國性證券交易所，或經紀人或證券商之交易行為；而且 (二)這項交易行為並非發行公司公開發行的一部分。這些限制之主要 目的在建立 SEA Section 21A 是以維持集中交易市場之秩序與投資人 對集中交易市場之信心為其重點505。
證管會得請求被告繳出其交易所獲利益(disgorgement)，並得向 法院訴請被告繳付所獲利益或所避免損失三倍以內的行政罰款
(civil penalty，SEA Section 21A(a)項第 2 款規定506)，兩項合計 最高可達交易利益的四倍507。