I
୯ҥᆵεᏢݤࡓᏢଣݤࡓᏢس ᅺγፕЎ
Department of Law College of Law
National Taiwan University Master Thesis
ᢞٌ࣐ࠦऄᒵٌ࣐ូԵᦞհኔᢞઔߒЁאዌګٙፖ
ऄኔ೭հ൶ಘխ֨ʳ
An Empirical Analysis of the Disgorgement of Short Swing Profits of the Securities Exchange Act
ɡ Focusing on the Constitutive Elements and Judicial Procedure
҅݇
Cheng-Chieh Ting
ࡰᏤ௲Ǻමۗӵ റγ
Advisor: Wang-Ruu Tseng, Ph.D.
ύ҇୯ 100 ԃ 6 Д
June, 2011
II
III
ᖴᜏ
ʳ ʳ ʳ ʳ ࠩԱᐊऱழଢΔլွᐛᓵ֮ऱޔΔՈז।ደ९ᖂسسෑ٣Ղٖ
ַฤԱΖຍءᓵ֮౨ജבඬΔ່ტऱ༉ਢݺऱਐᖄ۔ஃམࡷڕ۔ஃΖ່ڰ൷ᤛ
ࠩ۔ஃਢՕԿऱᢞٌऄፖֆऄΔᅝழ༉ኙ࣍۔ஃ堚ཐऱ৸ሁፖԵנऱՂᓰ
ֱڤఎՀࠥٱွΔࠩԱઔߒࢬޓߠᢝࠩ۔ஃኙ࣍ᄅᤜᠲլᙊ塒Ժ൶༈ઔߒऱए ᖂኪ৫Δא֗ଫᇞެءՒംᠲፖଗᢴ؆ഏऄࠫऱएᖂֱऄΔհ৵Ո፞۔ஃլ
ඵΔᣋრگݺਐᖄᖂسΖڇᓵ֮ᐊ܂መ࿓ᅝխΔ۔ஃڇᠲޗፖઔߒֱऄՂԱ ݺৰՕऱ۞़ၴΙኙ࣍ݺ೯᎗ፖڔլٵऱߠᇞՈղ່Օ࿓৫ऱ༇ૹΙࠩԱ৵ ཚݺؘႊڇՠ܂ፖᓵ֮ՑᇢհၴࠟᙰᗈΔ۔ஃՈղݺ່Օऱᚥܗፖᐈ୲ʻ۟
ຑބՠ܂ຟၴ൷࠹ࠩ۔ஃऱݨᓌʼΙڇՑᇢழΔ۔ஃྪܓچਐנԱຍᒧᓵ່֮Օ ऱؿએរΔऴ൷រנݺ່ᣄᇞެऱംᠲΖߏՀᇿ۔ஃ൷ᤛऱᖲᄎլ߷ᏖڍΔ܀۔
ஃ᎘ᠾؓࡉऱኪ৫ᝫਢᒷࡉݺৰڍऱጹ്ፖᚘԺΔ۔ஃऱएᖂፖԳຟᄎਢᐙ
ݺԫᔘऱੴ၆ᇷขʳ
ʳ ʳ ʳ ʳ ტࠟۯՑᇢࡡ႓Ꭾໃ۔ஃፖ๗ةن۔ஃݺऱᣪ၆რߠΖ႓۔ஃൕֲء ऄᨠរऱ৬ᤜΔא֗ለᐋڻ֊Եऱ৸ەᨠរΔຟਢء֮ለֶऱຝٝΙ٣ছ ፖ๗۔ஃࠀྤ֜ڍ൷ᤛΔ܀๗۔ஃ࣍Ցᇢآၲࡨհছ༉լܝղءᓵ्֮ࡳΔ
ԱݺৰՕऱڜࡳტΖ๗۔ஃ༼ᙌԱݺڶᣂء֮ԫࠄլݙᖞऱຝ։ΔຍՈڶܗ࣍ח ء֮᧢ޓףᣤ᠃Ζʳ
ʳ ʳ ʳ ʳ
ࣥટܩᖂࡦ֗ᓐٍਃ՛ࡦΔࠟԳڇۍڦխኙ࣍ء֮լᙊ塒Ժऱ࠰ܗΔח ݺኙ࣍ូԵᦞհᒤ֗ኔ೭ڶޓᇡาऱԱᇞΔא֏ء֮ऱփ୲Ζટܩᖂࡦൕ ء֮ऱՕጼၸঁԫऴਢृԱᇞઌᣂംᠲऱૹᖯᑚΔڕ࣠ڶڔऱ࠰ܗΔݺ ױ౨բᆖངᠲؾԱ ……Ζʳ
ʳ ʳ ʳ ʳ ݺტݺऱ୮ԳΔլጥਢ׀ئΕࡪࡪΕॳΕ؆ധΔڶ܃ଚऱᅃፖ᧯ᓪΔ ݺթ౨ڶ৵հᐡऱݙګຍᒧᓵ֮ΖՂԱઔߒࢬհ৵ڇسෑቤՂኚኚፖ୮Գ ऱრߠڶנԵΔ܀່ึຟ౨ࠩᇞፖ֭Δ୮Գةຟਢݺ່ૹऱᝩଅཽΖʳ
IV
ʳ ʳ ʳ ʳ ઔߒࢬسෑ࣍խઔೃࣥൄॹ۔ஃΕຫஐؓ۔ஃΕ႓ഏ࣑۔ஃʻࠉࡩּඈ ٨ʼࢬհψ໎ᇷञᤜհञኔᢞઔߒωૠᖜٚԱࠟڣڍऱઔߒܗΔլ
אᛧܗᖂ८ΔՈඔ૭Աݺኙ࣍ኔᢞઔߒऱᘋᔊΔֲ৵ޓᙇᖗאኔᢞઔߒᨠរ ᐷᐊጚՓᓵ֮Ιՠ܂փ୲ᨃݺא൷ᤛՕၦऱ֮֮Δֲ৵ᔹᦰؚ֮֮
Հฮኔऱഗ៕Ζ႓۔ஃԫլऱएᖂኪ৫Δא֗ࣥ۔ஃΕຫ۔ஃऱᣂᡖቔᚐΔ ຟਢݺᣄݱऱڃᖋΙܗਞᄇΕᑞྥΕঊଢΕႁྰΔࡉٵࠃΕ້ΕܩဎΕ ഛᕢΕᔞ֮ԳՈኙݺڍڶᅃࢨࣂᏩΔחݺאଔژ࣍႓۔ஃऱ⾗⾕ᥒືᅝ խΖຍᒧᓵ֮ऱᠩীਮዌՈڍ፞ᑞྥΕΕ້ڇเ֚መ࿓խղऱᨋტፖ৬ ᤜΖʳ
ʳ ʳ ʳ ʳ ຍᒧ֮ີ່ڰࠀॺආ࠷ܒެઔߒհૠΔ৵ࠐڂਚլ౨ݙګ٣հዌუΖڍ
፞ዊᥩᖄஃኣᆠߊ۔ஃڇዊᥩᖄس୯ՂൎᓳԱܒެઔߒऱૹࢤΔᨃݺאუࠩ
אܒެઔߒ܂ء֮հၗΔႉܓݙګຍᒧᓵ֮Ζʳ
ʳ ʳ ʳ ʳ ۞ൕऄᖂೃڃ᜔ࠩຍࠟڣΔسՂ່ٖ൯ፖ٥ऱᅝྥ༉ਢছ৵ཚऱઔߒ
֖ԱΖ᎓ೈԱᇿݺᓫԱԫࠄอૠवᢝᨃݺױא࠷ඍࢬආشऱઔߒऄհ؆Δլ ૠࠡᑇऱࡑ݃ᇩא֗ᣄݱऱק௧ሐ۞ܗ۩հளࢨਢޓૹऱᚥܗΔ۞ൕݺՂఄ
հ৵ࢬڶ।ࠐՈຟطהԫॊཙݺڭՀΔᚥԱݺৰՕऱڦΙ໑ཕፖࢭࣲլܝנ ଗቹᨃݺઊՀৰڍழၴΔ໑ཕݺऱઔߒֱऄ৬ᤜᨃݺ࠹شྤᒡΙٵ॰壃ෆೈ
Աਢଥਐᖄ۔ஃᓰ࿓ழଢऱኃ۴؆ΔՈਢૹऱनᑗ࠼ፖ堩࠼ΙࠅሒΕࠋᏚΕ՛
دΕ౻ୂՈຩݺ৫መԱᦟᑗऱઔߒழ٠ΙՊನא֗ઔߒऱ़ʻຍਢڶԳഒ
ףՂװऱʼΔਢڣॣՕ᎔ᒚא֗ބՠ܂ழଢ່ړऱኃ۴Ιࡌإᖂ९ካ༩༼ࠎ
៲א֗ፖፂᘃऱ༃ᄋՈຟਢᐊᓵ֮ཚၴऱੴ၆រዠΖʳ
ʳ ʳ ʳ ʳ ტԫᆢԫऴቔᚐݺፖᦫݺࣄৼऱ֖ࣛଚΚՕᖂٵᖂ᥎क़ᦫԱݺԫࠟᕲऱે
ֽΔՈ၀֨ऱش msn ༼ᙌᇘڽऱݺءִٝऱᓵ֮ၞ৫Ιٵࠃগݪਢ່ړऱሽन ࣁᚾΔຩݺ৫መે༠ऱᓵ֮سෑΙ֖ࣛ໑Աݺৰڍࠡהᖂ॰ᨠរऱ৬ᤜΔՈ ਢᓵ֮ጊᣄᠧऱړᚥ֫Δڇึ࣍ױאࠩԱΙ৳ಝ֖ࣛᇣਢፖ ݺٵཚᐷᐊᓵ֮ऱᖏ֖Δຘመյઌঠᚐऱመ࿓ړቝటऱױא⁼ᒷᐊᓵ֮ऱે༠Ι Օᖂٵᖂወԫऴᄎشڔऱֱڤᣂ֨ݺऱၞ৫ΔԫՕڰጕ堷ऱၒࠐףݺऱᓵ
֮࿇।ᄎటز֨Ιᖂ۴ਨΕ֖ࣛ৸ፚΕ৳ಝٵᖂࢣႅΕխٵᖂࡲᙤՈຟਢเ
֚ᇞ༠ऱߜ۴Ζʳ
V
ʳ ʳ ʳ ʳ ტᆖᛎऄิऱٵᖂଚΔឈྥຍࠟڣڶڇٵԫၴઔߒΔઌᖲᄎ֟Աৰ ڍΔ܀ޢڻፋ塊נሏ܃ଚՈຟᄎຏवݺΖტ൷Հᓵ֮࿇।ᄎԳऱٵ॰ ˾ ᔮΔא֗ᑷൣፖऱ⓫ᕬΕࡲႂΕٻ⎇ΕڕΕߛ❶Δߪޗৰړऱࢭຯፖ weipoΕ ٵ॰ऱᠿΔא֗ᡗऱิक़ਠڡՕஃՈຟਢ nice ऱړٵᖂΖ
ტԫದ৳ಝऱړ֖ࣛଚΚᐝᝐΕᇨΕΕإ㋹Ε৬ڠΕፂଶΕᖋርΕ ࠕᮾΕՊ≬ԳΔޢଡִࡳཚऱፋᄎೈԱਢૹऱ࣋ᠾጥሐհ؆ΔࠡኔՈრ؆ऱ ᛧԱԫࠄᨋტΔڇݺބՠ܂ऱཚၴޓਢ࠹ࠩ܃ଚৰڍऱᚥܗΔլტᖿΖʳ
ᘣფऱ՛ྏΚނ࣋ڇ৵૿ਢڂݺუ܅ᓳរΖൕݺᝫڇᄷໂՕጼऱழ ଢ༉ԫሁຩڇݺߪᢰΔᐊ܂ཚၴլጥਢᅮআၞ৫ΕڜᐿൣፃΕแᦫ္ેΕپ堩 נሏՠ܂Δຏຏຟԫ֫ץᙄΖࠩԱݺऱᓵ֮࿇।ᄎऱழଢΔᝫܑᓮࠐ ᚥݺؚរ塊រ࿇࣋ᇿಖᙕऱࠃൣΔຍᒧᓵ֮ឈྥլਢ܂ृΔ܀۟֟ਢଡՕै
ࣟΖڕ࣠ڶڇΔݺუՈݺڇຟᝫᙄऄᐊנຍᒧᓵ֮Ζխၴឈྥڶࠄଅ ଅॸॸΔᝫਢৰტຍԫሁՂڶऱຩ۴ΔՈݦඨᓵ֮נठհ৵Ոᝫ౨ԫದߨՀ װΖʳ
ʳ ʳ ʳ ʳ ຍᒧᓵ֮ਢڇݺࢪၴᐊՀรԫଡڗΔڇԾڇݺऱࢪၴݙګԱΖլ౨ڇ ᆄթ 2411 ઔߒݙګڶԫរױ൦Δլႛᓵ֮Օڍᑇਢڇ߷چֱݙګΔઔߒࢬ سෑՕڍᑇՈਢڇ߷ᇙ৫መΖݺڇՕৱԱԮڣЁԿڣ᜔ڣஊڠሁЁאছ ൕࠐլᤚᄎৰݶᠦၲՕΔԫऴࠩޔՑᇢᅝ֚ڇீႼ۩ߨழթ࿇Δ၏ᠦᠦ
ၲᖂீऱֲբᆖڇଙᑇԱΖݺڇຍᇙڶৰၲ֨ऱڃᖋΔ࢚ઔߒࢬޓਢԳس່ભ ړऱԫழ٠հԫΔᎁᢝৰڍԳΕԱৰڍࠃൣΕᖂԱৰڍࣟ۫Δ܀ڇਢݺᠦ
ၲຍᇙΔᝬٻՀԫଡၸऱழଢԱΖʳ
ʳ ʳ ʳ ʳ ່৵Δຍᒧᓵ֮ऱᨋტΔࠐ۞࣍ڇխઔೃܫऱԫᒧ֮ີխ༼ࠩऱԫ
ᇩΚᖂृ᜔ਢڦထ࿇ࣔ᥆࣍۞աऱᄅᑓীΔথڶԳڃᙰᖞٽਝڶऱᑓীΖຍ
ᇩᨃݺᇢထشψڃᙰωऱֱڤᐊנء֮Δृৰݦඨא৵ᝫڶԳދԵڃᙰऱ ᖂઔߒᅝխΔᕣጥ،ದࠐৰլܮ֧ԳΔ܀ݺଚᝫਢᏁຍጟઔߒΖʳ
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 ʳ ʳ ʳ ʳ ʳ ʳ ҅݇!ᇞܭ 3122/7/24!BN23;47!
VI ʳ
ᄔा
ʳ ʳ ʳ ʳ ᢞٌ࣐ࠦऄร 157 යࢬࡳհᒵٌ࣐ូԵᦞΔمऄ۟վբማ 40 ڣΖᖂ
ڇژᐒᓵא֗ዌګٙհઔߒՂΔ݁բีᗨऱ᠆༄ऱګ࣠Ζء֮ঞሂๅֺለऄհ
ਮΔቫᇢאኔᢞઔߒհᨠរΔ៶طܒެઔߒΔᇢቹބנኔ೭ፖᖂհრߠڶ
ྤᆵΔࠀኙ္࣍࿓ݧઌᣂհऄኔ೭ംᠲΔॣ൶ࢤհԱᇞΖʳ
ʳ ʳ ʳ ʳ ʳ ء֮אऄೃᇷறࢬ፦ႃհܒެΔჼ༈ࢬڶ༼֗ᢞٌऄร 157 යհ ܒެ৵Δࠀၞ۩ܒެઔߒΖڇዌګٙՂΔء֮։༉ᔞش᧯Εᔞشড়᧯Εᔞش
۩Εܓ墿ૠጩΔא֗ࠡהञᤜնଡ૿ٻ܂൶ಘΖઔߒ࣠᧩قΔᖂᣂ֨հྡྷ
រΔႛڶܓ墿ૠጩംᠲለൄנڇܒެᅝխΙᔞش᧯հംᠲאለݾࢤΕา ᆏࢤհᤜᠲΙᔞش۩հᒤᡱኔᎾՂطጥᖲᣂެࡳΔۖऄೃႛࠃኔᎁࡳ
հՠ܂Ιᔞشড়᧯ፖࠡהञᤜ݁࣍နॕၸΔսଖܠԳᨠኘΖʳ
ʳ ʳ ʳ ʳ ڇݺഏհऄኔ೭ሎ܂ՀΔܫದ္്ូԵܫհᒵᛧܓΔլႛ္ᖲ
ᄕΔࢬᓮޣհ८ᠰՈڍת౨ऄೃݙ٤्ᎁΙܒެធ֟ڇᜰᢞհംᠲՂڶ
ߠᇞΙދঅቸ᧯ڇᒵٌ࣐ូԵᦞհച۩Ղ۾ڶૹߡۥΔ܀ऄೃኙ࣍זۯ࠹
Ꮖհᇞᤩஎᡶދঅቸ᧯܌ຶ٤פΖʳ
ʳ ʳ ʳ ʳ مഗ࣍ኔᢞઔߒհ࣠Δء֮ኙ࣍ᒵٌ࣐ូԵᦞհၜᢰࠫ৫ΕዌګٙΕ א֗ࠫ৫ኔᔌՂ݁נԱ৬ᤜΖၜᢰࠫ৫ՂΔء֮ᎁΔݺഏឈڶփຝԳैع
ࠫ৫Δא֗փຝԳै᠏ᨃૻࠫհࡳΔ܀ૉྤࠠڶֆᦞԺ࠰ܗհދঅቸ᧯տ ԵΔֆࢨैࣟ݁ᣄאٻփຝԳᓮޣូԵᒵᛧܓΖڼ؆Δء֮ኙ࣍փຝԳհ
ೝΕآګڣՖΔፖܓشהԳैհࡳΔՈ༼נԱଥऄ৬ᤜΙዌګٙՂΔء
്֮ࠫࡳᦞයཱིΔחጥᖲᣂڶޓՕऱᦞૻאݔᔞᔞشড়᧯Εᔞش
۩հᤜᠲΙᣂ࣍ܓ墿ૠጩೈ֮ࣔᦞጥᖲᣂױലܓ墿ૠጩհาᆏא۩ਙࡎח ૡم؆Δء֮৬ᤜ࣍ऄය֮ࣔऴ൷قආشψ່ᔄᏝ່྇܅၇ᏝऄωΔ܂
VII
ូԵܓ墿ૠጩհֱڤΙಾኙᔞش᧯հᤜᠲΔء്֮ऄԳᇀհઌᣂጊᆠױֺ
ᅃᖂߠᇞၞ۩ଥإΔڶᣂᇀᎁࡳא֗ᐙᇀࠃհᤜᠲΔط࣍ኔᔌࢬᏁհٽ
ࠫ৫ૠለܺᣄΔૉֆऄലᐙᇀࠃհࡳଥऄԵ৵Δᢞٌऄױ࠷ऄࠡᆖ
᧭ၞ۩ᒤءߪא֗ࡌᢰࠫ৫հଥإፖ৬مՠ܂ΖࠡהᤜᠲՂء֮ࠀլᎁվ ڶ৺૰հଥإؘΙച۩ᖲࠫՂΔݺഏאދঅխ֨ு֨Δٽઌᣂۯհ࠰ܗΔ
࿇୶נڶܑભഏऄհψֆ墿ۥհߏԳച۩ᑓڤωΖڼᖲࠫሎ܂ՂګயᄕࠋΔآ ࠐհଥऄᚨאፂࠫ৫խ֨Δࠀଥऄᏺૡދঅቸ᧯זۯ࠹ᏆូԵܓ墿հᦞૻΖʳ
ʳ
ʳ
ʳ
ʳ
ʳ
ʳ
ʳ
ʳ
ʳ
ʳ
ᣂڗΚᒵٌ࣐ូԵᦞΕኔᢞઔߒΕዌګٙΕऄ࿓ݧΕދঅխ֨ΕԳᙰΕʳ ʳ ʳ ʳ
ʳ ʳ ʳ ʳ ʳ ʳ ʳ ʳ ԫທᓵܒެʳ
VIII
Abstract
The history of the disgorgement of short swing profits of the securities exchange act in Taiwan has been over 40 years. There are many articles discussing the
abolishment of the rule and the design of the constitutive requirement; however, empirical analysises are relatively lacked. As a result, this article will try to make up for this probem, reviewing the constitutive requirement of the disgorgement of short swing profits and related litigation procedure through empirical methods.
I use the judicial yuan of the ROC law and regulations retrieving system to find out 31 court opinions. After reading and documenting all of these opinions, I use these information to analyze five dimensions of the disgorgement of short swing profits:
subjects, objects, action, profits calculating, and others. The result of the research suggests what scholars discuss and argue frequently can hardly be found in court opinions, except for profits calculating issues. However, there is still some phenomenon worthes deeper researching.
When it comes to litigation, plaintiffs of the disgorgement of the short-swing profits cases have high winning percentages for their claims. Still the recovery rate is also pretty high. Beside, Securities and Futures Investors P̅̂tection C˸nter definitely plays áʳimp̂rtant role in exe˶uting of the disgo̅gement o˹ the ̆hort-swing pro˹its, b̈t some cou̅t opinîs might w˸aken t˻e power of it.
Empowering the agency to make regulation is my main suggestion against the constitutive requirement. When it comes to the execution of the disgorgement of the short-swing profits, I think maintaining current system, and revised related law to give more power to Securities and Futures Investors Protection Center may be a suitable
IX
way for Taiwan. Other issues are also discussed in this article.
Key words: disgorgement of short-swing profits, empirical analysis, constitutive requirement, judicial procedure, Securities and Futures Investors Protection Centerʳ ʳ ʳ ʳ
ʳ ʳ ʳ ʳ ʳ ʳ
X
! Ҟᒵ
!ᄔाˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁ˩˜
˔˕˦˧˥˔˖˧ˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁ ˩˜˜˜
รԫີʳ ፃᓵ ˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁ˄
รԫᆏ ઔߒ೯ᖲፖؾऱ...1
รԲᆏ ઔߒᒤፖֱऄ...4
รԿᆏ ᓵ֮ਮዌ...5
รԲີʳ ʳ ᒵٌ࣐ូԵᦞհᄗ࢚ˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˉ รԫᆏ ᄗᎅ...6
รԫႈʳ مऄؾऱˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˉ รԲႈʳ ભഏऄհᆖ᧭ ˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˋ รԿႈʳ مऄऎˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁ˄˅ รԲᆏ ᒵٌ࣐ូԵᦞዌګٙፖઌᣂञᤜ...14
รԫႈ ᔞش᧯ ˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁ˄ˇ รԫؾʳ ᇀࠃΕኘԳ...14
รԫཱིʳ ᄗᎅ... 14
รԲཱིʳ ʳ ऄԳᇀЁݺഏፖભഏհᆖ᧭... 17
รԿཱི ᐙᇀࠃፖࠃኔՂᇀࠃ... 20
รԲؾʳ ʳ ᆖԳ...22
รԿؾʳ ैۍ։հԼհैࣟ... 24
รؾʳ ೝΕآګڣՖ֗ܓشהԳټᆠڶैٝ...25
รնؾʳ ழរᎁࡳ...28
รԲႈ ᔞشড়᧯ ˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˆ˃ รԫؾʳ ݺഏऄհࡳ...30
รԲؾʳ ભഏऄհࡳ...32
รԿႈ ᔞش۩ ˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˆˇ รԫؾʳ քଡִփ...34
รԲؾʳ ࠷Ε၇ၞΕᔄנ... 37
รԫཱི ભഏऄհࡳ... 37
รԲཱི ݺഏऄհࡳ... 42
รႈ ܓ墿ૠጩ ˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˇˈ รԫؾ ូԵܓ墿հૠጩֱڤ ... 45
รԲؾ ݺഏऄհᒤֱڤ ... 47
XI
รնႈ ࠡהञᤜ ˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˇˌ
รԫؾʳ ऄ৳ࢤᔆ...49
รԲؾʳ ܍ࡳ...49
รԿᆏ ऄ࿓ݧհጊᆠፖܺቼ... 51
รԫႈ ۩ࡳ ˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˈ˄ รԲႈʳ ച۩ᄗउˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˈˉ รԿႈ ۩ࠫ৫ጊᆠፖܺቼˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˈˊ รԫؾ ூٙᣊী ...58
รԲؾ ᑑऱ८ᠰ ...60
รԿؾ ᢞᖕፖञរ...61
รؾʳ ދঅቸ᧯...62
รԿີʳ ʳ ᒵٌ࣐ូԵᦞዌګٙհኔᢞઔߒˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˉˆ รԫᆏ ઔߒኙွ...63
รԲᆏ ઔߒֱऄ...64
รԿᆏ ܒެᄗउ...65
รԫႈʳ ऄೃᐉ్ፖᔞش࿓ݧˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˉˈ รԲႈ چ։ؒ ˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˉˉ รԿႈ ڣ৫։ؒ ˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˉˋ รႈʳ ᅝࠃԳᇷಛˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˉˌ รԫؾ รԫᐉ ... 70
รԲؾ Ղ္ᐉ ...73
รնႈʳ ඓ္ൣउˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˊˈ รԫؾ รԫᐉ ...75
รԲؾ Ղ္ᐉ ... 76
รᆏ ઔߒ࣠...77
รԫႈ ᔞش᧯ ˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˊˊ รԫؾ ᇀࠃΕኘԳ...77
รԲؾ ᆖԳΕैۍ։հԼհैࣟΕೝࢨآګڣՖ֗ܓشהԳټᆠڶैٝ.79 รԿؾ ழរᎁࡳ ...83
รԲႈ ᔞشড়᧯ ˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˋˇ รԿႈ ᔞش۩ ˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˋˊ รႈ ܓ墿ૠጩ ˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˋˌ รնႈ ࠡהञᤜ ˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˌ˄ รնᆏʳ՛... 91
รີʳ ʳ ᒵٌ࣐ូԵᦞऄኔ೭उհኔᢞઔߒ ˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˌ˅ รԫᆏʳ ʳᄗ૪... 92
รԲᆏʳ ʳઔߒ࣠... 92
XII
รԫႈ ூٙᣊী ˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˌ˅
รԲႈʳ ᑑऱ८ᠰˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˌˊ รԿႈʳ ᢞᖕፖञរˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˌˌ รႈʳ ދঅቸ᧯ˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁ˄˃˃
รԿᆏ ՛... 105 รնີʳ ኔᢞઔߒհඔق ˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁ˄˃ˉ รԫᆏ ছߢ... 106 รԲᆏ ઌᣂࠫ৫ሎ܂... 106 รԫႈ փຝԳैعࠫ৫ˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁ˄˃ˊ รԲႈ փຝԳै᠏ᨃૻࠫˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁ˄˃ˋ รԫؾ ૻࠫै᠏ᨃֱڤፖᒵٌ࣐ូԵᦞհᣂএ... 109 รԲؾʳ Գᙰ֪ᒤЁᢞٌऄร 22 යհ 2 ร 3 ႈ... 112 รԿᆏ ዌګٙଥإֱٻ... 119 รԫႈ ᔞش᧯ ˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁ˄˄ˌ รԲႈ ᔞشড়᧯ ˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁ˄˅˄
รԿႈ ᔞش۩ ˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁ˄˅ˆ รႈ ܓ墿ૠጩፖࠡהञᤜˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁ˄˅ˉ รᆏ ࠫ৫ኔᔌհޏ... 128 รԫႈʳ ᒵٌ࣐ូԵᦞհച۩ᖲࠫЁֆ墿ۥፖొጰߏԳച۩ᖲࠫ ˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁ˄˅ˋ รႈ طԫທᓵܒެݺഏᒵٌ࣐ូԵᦞհച۩ᖲࠫ ˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁ˄ˆ˄
รքີʳ ʳ ᓵˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁ˄ˆ˅
ە֮ ˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁ˄ˆˇ ॵᙕΚܒެڗᇆፖګऄೃˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁˁ˄ˇ˄
1
รԫີ ፃᓵ
รԫᆏʳ ઔߒ೯ᖲፖؾऱʳ
ʳ ʳ ʳ ʳ ݺഏᢞٌ࣐ࠦऄʻՀ១ጠᢞٌऄʼร 157 යࡳΚψ࿇۩ैปֆᇀࠃΕኘ ԳΕᆖԳࢨڶֆैٝ၌መۍ։հԼհैࣟΔኙֆհՂؑैปΔ࣍࠷৵ քଡִփ٦۩ᔄנΔࢨ࣍ᔄנ৵քଡִփ٦۩၇ၞΔڂۖᛧܓ墿ृΔֆᚨᓮ ޣലࠡܓ墿ូ࣍ֆωΔڼԫࠫ৫এጠψփຝԳᒵٌ࣐ូԵᦞࠫ৫ω(Հጠ
ᒵٌ࣐ូԵᦞ)Ζڼԫࠫ৫ᄭ۞ભഏΔਊભഏೃᎬ۩֗ຄኞࡡᄎ(Committee of Banking and Currency)࣍ 1934 ڣ࿇।հܫփ୲ਐנΔભഏᢞ່ࠦؑՕኤጤ հԫΔڇ࣍ᇀࠃΕᆖԳΕՕैࣟᖇ៶ࠡچۯΔᛧ࠷փຝஒΔൕۖ၇ᔄै
ปቹܓΔኙދᇷԳॾ֨ທګᄕՕհ૿ᐙΖط࣍փຝԳਢܡڶܓشփຝஒ၇ ᔄैปᢞࣔܺᣄΔਚભഏ 1934 ڣᢞٌऄ(Securities Exchange Act of 1934)Δᇢቹ א១ঁֱऄΔחփຝԳྤࢬᛧܓΔۖૠԱร 16 ය(b)ႈհࡳΔܛվֲࢬጠհ
ᒵٌ࣐ូԵᦞࠫ৫1Ζاഏ 57 ڣݺഏᢞٌऄمऄழΔՈ֧Եڼԫࠫ৫Δمऄؾ ऱঞᘯΚψֆᇀᆖԳ֗ڶԼ։հԫאՂैᦞհैࣟᄕ࣐ܓشࢬवֆఽ യΔ࣍ؑ၇ᔄैปאᛧܓ墿Δءऄࡳࠡ၇Եࢨᔄנ۩ઌሶլ၌መքଡ
ִΔڂۖᛧܓ墿ृΔࠡܓ墿ᓮޣូ᥆࣍ֆω2ΖڇمऄؾऱՂΔݺഏऄ ፖભഏऄۿྤ֜ՕנԵ3Ζ
ʳ ʳ ʳ ʳ ڼࠫ৫ڕছࢬ૪Δထณ࣍א១ֱऄΔחփຝԳٷנᒵٌ࣐հᛧܓΔאރ වփᒵٌ࣐հ೯ᖲΔྤᓵڶྤࠌشփᒵஒΔ݁ױ౨ᆵԵᒵٌ࣐ូԵᦞհᔞش ᒤᅝխΔۖڼጟمऄᑓڤਢܡݔᔞΔ֧ದฒڍᖂृಘᓵΔઌᣂᓵ૪༓ױጠۀׄ
ךརˇΖೈࠫ৫ژᐒᓵ؆ΔዌګٙհᛀಘٍᖂᣂࣹհૹរΖਊᒵٌ࣐ូ
1 ᘸᅃ(2006)ΔπैؑሏᚭঞЁ່ᄅᢞٌ࣐ࠦऄᇞ࣫ρΔ 387ΔקΚ۞עΖ
2 مऄೃమᒳٱ(1968)Δπᢞٌ࣐ࠦऄூՂםρΔ 43Ζ
3 ઌᣂಘᓵױᅃรԲີรԫᆏรԫႈհփ୲Ζ
4 אᒵٌ࣐ូԵᦞհژܡխ֨հᓵ֮Δೣٻ्ࡳߠᇞृױߠΚࣥࣔॾ(2009)Δπᒵٌ࣐ូ
Եᦞհ൶ಘЁאូԵᦞհإᅝࢤխ֨ρΔഏمקՕᖂऄ৳ᖂߓጚՓᓵ֮Ιᓐࡷੱ(2008)Δπᓵ
ᒵٌ࣐ូԵᦞհᒤפ౨֗ژᐒρΔഏمխإՕᖂತᆖऄ৳ઔߒࢬጚՓᓵ֮Ιᤕ༄ᥟ(2006)Δπᓵ
2
ԵᦞዌګٙհૠΔլႛ௫ኔ೭ᎁࠃشऄհᄷঞΔٍᐙࠩᒤؾऱ౨ܡ ሒګΔא֗ᒤᖲ౨հ࿇ཀΔࠡૹࢤլߢױΖʳ
ʳ ʳ ʳ ʳ ࠫ৫ژᐒፖܡհᤜᠲΔࡐڶࠡૹࢤΔ൫ᒵٌ࣐ូԵᦞ࣍ݺഏኔਜ۟վΔ
ூࠏڍΔូԵ८ᠰᡓՕΔڇݺഏऄՀբࠠڶᄕૹհچۯˈΔૉଥऄᐒೈ
ڼԫࠫ৫ΔஎᏁڶޓڍհਙᓵፖ৸ەለٽࡵΖאભഏऄࠏΔኙ࣍ᒵٌ
࣐ូԵᦞආ࠷֘ኙኪ৫ृΔࢬڇڍڶˉΔྥ 1934 ڣᢞٌऄร 16 ය(b)ႈհᒵٌ
࣐ូԵᦞࡳսᥛژڇΔ᧩قᇠࠫ৫սঅڶઌᅝհᖑᥨृˊΖ᎘༼ଠᐒೈڼ ԫࠫ৫ΔॺՂΖʳ
ʳ ʳ ʳ ʳ ਚء֮ᚵሂๅࢼွಘᓵࠫ৫ژᐒᓵհᆍ۠Δല۩֮ૹ֨հԫᆜ࣍ᒵٌ࣐ូ
Եᦞዌګٙૠհ൶ಘΖ።ዌګٙૠհૹࢤΔբڕছ૪Δࠫ৫ژᐒᓵ
ृհᓵࠉᖕΔೈאᆖᛎ։࣫հᨠរנ࿇؆Δսڍطࠫ৫ዌګٙૠհေᓵΕ ኔ೭ሎ܂հᨠኘΔࢨਢઌᣂऄ᧢೯৵հ֘৸֊ԵˋΔਚዌګٙհಘᓵΔլႛ
ᒵٌ࣐ូԵᦞհژܡρΔᄅՕᖂऄᖂೃጚՓᓵ֮Ι׆ࣟࣙ(2009)Δπփᒵٌ࣐ፖᒵٌ࣐ᒤ հઔߒ—אऄ৳ᆖᛎ։࣫ᓵࠟृհژᐒխ֨ρΔࣟܦՕᖂጚՓᓵ֮ΙႜٻܡࡳߠᇞृױߠΚ Marleen A. O’Connor, Toward a More Efficient Deterrence of Insider Trading: The Repeal of Section 16(b), 58 Fordham L. Rev. 309-381(1989)ΙMichael H. Dessent, Weapons to Fight Insider Trading in the 21st Century: A Call for the Repeal of Section16(b), 33 Akron L. Rev. 481-522 (2000)ΙEllen Taylor, Teaching an Old Law New TricksΚRethinking Section 16, 39 Ariz. L. Rev 1315-1359 (1997).
5 אತቸऄԳᢞࠦދᇷԳ֗ཚຄٌ࣐Գঅᥨխ֨(Հጠދঅխ֨)ࢬհอૠᇷறࠏΔ۞ 1994 ڣՀתڣ۟ 2009 ڣՂתڣַΔދঅխ֨٥ᆖ֫ 5477 ٙូԵᦞூٙΔࠡխ٥ڶ 5410 ٙூٙ
ூΔᚨ۩ࠌ८ᠰ२ᄅኞ 28 ᏙΔբ۩ࠌ८ᠰٍ၌መᄅኞ 15 ᏙΖᇡาᇷறױߠΚދঅխ֨ጻ
Δhttp://www.sfipc.org.tw/main.asp (່৵ោᥦֲΚ10/09/2010)Ζ
6 O’Connor, supra note 4; Michael H. Dessent, supra note 4;Ellen Taylor, supra note 4.
7 ભഏऱᢞࠦऄཋ܉ڇլٵຝऄ৳ᅝխΔᔞشՂᏅڶᒌᙑᆏא֗լԫીհΖ۞ 1969 ڣದΔ ભഏऄ৳࠰ᄎ(American Law Institute,១ጠ ALI)ቫᇢ౻ᚵᜤ߶ᢞࠦऄࠢ(Federal Securities Code)Δ ࠀطশ۵Օᖂऱ Louis Loss ඒᖜٚದ౻ԳΔ۟ 1980 ڣழΔભഏᢞጥᄎ(Securities Exchange Commission, SEC)إڤ֭ᇠऄூمऄΔឈ۟վսآݙګΔ܀ᇠऄூսڶەᏝଖΔ࣍ᇠऄூᅝ խΔᒵٌ࣐ូԵᦞս៱অఎڇऄයᅝխΖᓮߠΚLouis Loss, Keynote Address: The Federal Securities Code, 33 U. Miami L. Rev. 1431-1452(1979).խ֮տฯױᔹΚᘸᅃ(2006)Δπैؑሏᚭ
ঞЁ່ᄅᢞٌ࣐ࠦऄᇞ࣫ρΔ 389-390ΔקΚ۞עΖ
8 אᆖᛎ։࣫֊ԵរृױߠΚ׆ࣟࣙ(2009)Δπփᒵٌ࣐ፖᒵٌ࣐ᒤհઔߒ—אऄ৳ᆖᛎ
։࣫ᓵࠟृհژᐒխ֨ρΔࣟܦՕᖂጚՓᓵ֮Ιאዌګٙհေᓵխ֨ृױߠΚᓐࡷੱ
(2008)Δπᓵᒵٌ࣐ូԵᦞհᒤפ౨֗ژᐒρΔഏمխإՕᖂತᆖऄ৳ઔߒࢬጚՓᓵ֮Ιאኔ ೭ሎ܂֊Եு֨ृױߠΚMichael H. Dessent, supra note 4Ιאऄ᧢೯֊Եு֨ृױߠΚ O’Connor, supra note 4Ιڶආشګءய墿։࣫ऱᨠរ൶ಘભഏऄઌۿࠫ৫ृΔױߠΚᘸᄭࣾ
(1982)ΔτLiability For Short—Swing Profits On Insider TradingυΔπਙՕऄᖂေᓵρΔร 26 ཚΔ
246-262Ζ
3
౨༼ࠎኔ೭ᎁࠃشऄհەΔኙ࣍ᒤૠृٍڶԫࡳհەᏝଖΔএԫࠠ
ಘᓵᏝଖհᤜᠲΖʳ
ʳ ʳ ʳ ʳ ਊഏփᖂृኙᒵٌ࣐ូԵᦞዌګٙհᇞᤩፖᛀಘհઌᣂᤜᠲΔբڶฒڍ ಘᓵΔ൫ڍאֺለऄհᨠរנ࿇ˌΔ֟אኔᢞઔߒᨠរ֊ԵΖᜰՅᖞ։࣫ኔ ೭ூࠏΔލࢨਢኙኔ೭ԳՓᔆ֏ᓫΔઌኙۖߢ݁ለຆᒃΔኔএԫՕᖌ ࠃΖਚء֮ቫᇢᇖߩڼԫᖌΔ៶طߓอࢤհܒެኔᢞઔߒհֱऄΔᨠኘᖞ
ᒵٌ࣐ូԵᦞհூٙΔ៶ڼ൶ಘᖂृࢬቃუհംᠲڶྤࠠ᧯ூࠏנΕኔ೭ኙ
࣍ዌګٙംᠲհፖᖂڶྤᆵΔא֗ኔ೭ኙ࣍ᖂհޅေፖᖜᐡڶ۶ ڃᚨΖەၦृ౨Ժא֗ᇷற࠷հംᠲΔءᓵ֮ᚵאᒵٌ࣐ូԵᦞհܒެ
ઔߒխ֨Δ൶༈ٺ్ऄೃڇࠡܒެխΔኙ࣍ᒵٌ࣐ូԵᦞዌګٙᇞᤩא֗
ૠᤜᠲհߠᇞᖞፖ։࣫Ζʳ
ʳ ʳ ʳ ʳ ڶᣂᒵٌ࣐ូԵᦞհ۩ࠌՂΔᢞٌऄ 157 යร 2 ႈࡳΔ࿇۩ैปֆᇀ ࠃᄎࢨኘԳլֆ۩ࠌছႈᓮޣᦞழΔैࣟאԿԼֲհૻཚΔᓮޣᇀࠃࢨ
ኘԳ۩ࠌհΙማཚլ۩ࠌழΔᓮޣհैࣟֆ۩ࠌছႈᓮޣᦞΙڼԫᓮޣ ᦞࠀլԫࡳא္հΖኔ೭ሎ܂ՂঞڍطತቸऄԳᢞࠦދᇷԳ֗ཚຄٌ࣐Գ অᥨխ֨ʻՀጠދঅխ֨ʼאैࣟߪ։Δٻᇀᓮޣࢨֆ۩ࠌڼԫᦞܓΔڇ९ Նհሎ܂ՀΔ߱վՈีᗨԱ᠆༄հூࠏΖ൫ኔ೭ሎ܂հᑌᎎΔኙ࣍ᖂۖߢսઌ ᅝ૽سΔᦞܓ۩ࠌ࿓ݧհઔߒຟڶૻΔՈለ֟ګಘᓵհྡྷរ˄˃Ζ࣐ߢհΔ
9 ઌᣂ֮ᄕڍΔࠏڕΚᘸᅃ(1988)ΔτփຝԳٌ࣐ऱូԵᦞЁભഏऄऱࡳ(Ղ)υΔπᢞࠦጥρΔ ร 6 ࠴ร 1 ཚΔ 4-14Ιᘸᅃ(1988)ΔτփຝԳٌ࣐ऱូԵᦞЁભഏऄऱࡳ(խ)υΔπᢞࠦጥρΔ ร 6 ࠴ร 2 ཚΔ 4-14Ιᘸᅃ(1988)ΔτփຝԳٌ࣐ऱូԵᦞЁભഏऄऱࡳ(Հ)υΔπᢞࠦጥρΔ ร 6 ࠴ร 3 ཚΔ 8-26Ιࣥഏ٤(1999)Δτᢞٌ࣐ࠦऄรԫնԮයᒵٌ࣐ូԵᦞհઔߒυΔπխ ᘋऄᖂρΔร 45 ཚΔ 261-311Ιܦ܌࣑(1997)ΔτփຝԳᒵٌ࣐հऄ৳ᒤዄኔ೭ሎ܂հઔಘυΔ πᢞٌᇷறρΔร 423 ཚΔ 21-37Ιᤕཱུ࣪(1997)ΔτભഏΕֲء֗ݺഏᢞٌ࣐ࠦऄኙֆၲ࿇۩
ֆփຝԳैጥࡳհֺለ(ԫ)υΔπᢞࠦ឵ឺρΔร 16 ཚΔ 1-12ΙᏥຑᅄ(1997)Δτᆃַ
փຝԳٌ࣐-ᒵٌ࣐հऄ৳ംᠲυΔπႃঅִעρΔร 44 ཚΔ 3-13ΙᤕߐੳΕ១ිख़(2003)Δτᢞ
ٌ࣐ࠦऄรԫնԮයଥإհᛀಘፖ৬ᤜυΔπִ؟ऄᖂᠧρΔร 92 ཚΔ 167-185Ιޕཕո(2005)Δ τݺഏᒵٌ࣐ូԵᦞࠫ৫հ࿇୶ٻЁᓵ૿ፖኔᢞ૿հ൶࣫(Ղ)υΔπႃঅִעρΔร 134 ཚΔ
5-32Ιޕཕո(2005)Δτݺഏᒵٌ࣐ូԵᦞࠫ৫հ࿇୶ٻЁᓵ૿ፖኔᢞ૿հ൶࣫(Հ)υΔπႃ
অִעρΔร 135 ཚΔ 3-18Ζ
10 אભഏऄࠏΔᒵٌ࣐ូԵᦞհ۩ࠌڇኔ೭Ղբዝ᧢ګ৳ஃ່ړऱᄐ೭ࠐᄭΔڍូԵᦞ
ூٙএ৳ஃ೯ᓳ৵ቔܬैࣟದ္ΖڼԫွՈᔡ࠹ᖂृޅေΔࠀګቔܬᐒೈᒵٌ࣐
4
ᜰՅދঅխ֨א۶ጟֱڤհച۩ᒵٌ࣐ូԵᦞΛڶྤԺ࣍ࠡהᖲᣂ࠰ܗΛ ֆࢨދঅխ֨؆հैࣟڇᒵٌ࣐ូԵᦞհ۩ࠌՂΔފዝထ۶ጟߡۥΛᒵٌ
࣐ូԵᦞ္հඓ္ൣࠃፖՂ္ᐉൣउ۶ംᠲΔ݁֟ڶᖂृ༼֗Ζʳ ʳ ʳ ʳ ʳ
ਚء֮ᇢቹᇖߩՂၲᖌΔኙ࣍ऄኔ೭հሎ܂Δܑਢፖ္࿓ݧઌᣂհ
ംᠲΔٵᑌሎشܒެᖞ։࣫հֱڤΔݦᕧ౨ኙݺഏᒵٌ࣐ូԵᦞհ۩ࠌᑌ ᎎΔԫॣ൶ࢤհԱᇞΔࠀᇢቹᇞՂၲጊംΖ።ᒵٌ࣐ូԵᦞհ۩ࠌΔط࣍
լᏁאܒެݮڤհΔਚڶڍூٙࠀآၞԵ္࿓ݧᅝխ˄˄Ζאء֮รԲີร ԿᆏรԲႈᅝխދঅխ֨հอૠᇷறʻ।ʼࠏΔاഏ 83 ڣ۟اഏ 98 ڣַΔ ދঅխ֨ፖ٣ছຂᒵٌ࣐ូԵᦞזۯ္ᄐ೭հᢞࠦؑ࿇୶ഗ८ᄎʻՀጠ ᢞഗᄎʼٽૠբ၌መնՏٙհᒵٌ࣐ូԵᦞூٙΔྥۖء֮ჼ༈ऄೃᇷ றঞ࿇Δ۞اഏ 80 ڣ۟վΔ௫ᒵٌ࣐ូԵᦞհ္ூ᜔ٙᑇႛڇ 31
ٙؐ׳˄˅Δፖދঅխ֨հอૠᇷறઌᣬΔࠡګڂરԳ༈࠺˄ˆΖەၦ္ս ਢૹհᦞܓኔ֫ΔآၞԵ္࿓ݧհᒵٌ࣐ូԵᦞூٙᇷறᣄא࠷
հኔܺᣄ৵Δءᓵ֮ᙇᖗലઔߒխ֨ᆜ࣍ܒެհՂΔೈݦᕧፖᒵٌ࣐ូԵ ᦞዌګٙհܒެኔᢞઔߒઌࡅᚨ؆Δޓཚඨאኔᢞઔߒ࣠֊ԵΔኙ۩հᦞ ܓ۩ࠌΔ༼נ৬ߢΖڼ؆ृՈԺ࣍ދঅխ֨հ࠰ܗΔۖאၞ۩՛ীհሽᇩ ᘬᇬΔ֏ء֮հփ୲Ζʳ
รԲᆏʳ ઔߒᒤፖֱऄʳ
ូԵᦞհૹᓵរΖױߠΚMichael H. Dessent, Weapons to Fight Insider Trading in the 21st Century: A Call for the Repeal of Section16(b), 33 Akron L. Rev. 481-522 (2000).
11 ᖕދঅխ֨հอૠᇷறΔ۞اഏ 89 ڣ۟ 98 ڣՂתڣ৫Δ٥ڶ 3803 ٙᒵٌ࣐ូԵᦞூٙΙ
ྥۖᖕء֮ࢬჼ༈հ࣠ΔڼԫழཚऄೃᇷறխΔ௫ψᢞٌ࣐ࠦऄรԫۍնԼԮයωհ ܒެΔႛ 24 ٙΔԲृհၴڶᄕՕऱ၏Ζڶᣂދঅխ֨հอૠᇷறױߠΚދঅխ֨ጻΔ http://www.sfipc.org.tw/main.asp (່৵ោᥦֲΚ10/09/2010)Ζ
12 ᣂ࣍ܒެհᙇᖗፖૠጩᑑᄷᓮߠء֮รԿີรԲᆏհփ୲Δ࣍౿լ᠇Ζ
13 ္ூٙᑇၦ௫ࠩऄೃᇷறᙇᙕܒެհᒤംᠲΔױߠรԿີรԫᆏհᎅࣔΙᣂ࣍
ދঅխ֨հூٙૠጩֱڤΔױߠء֮รԲີรԿᆏรԲႈհု 170 փ୲Ιޣ᠃შΔृམᘣ
۞ીሽދঅխ֨ᇬംᒵٌ࣐ូԵᦞூٙհದ္ֺࠏΔઌᣂհംᠲױߠรԲີรԿᆏรԿႈร
ؾΔڼႛ٣۩ᎅࣔ۟ڼΖ
5
ʳ ʳ ʳ ʳ ʳ ።ូԵᦞڼԫࠫ৫Δࠀլႛૻ࣍ᢞٌऄ 157 යհᒵٌ࣐ូԵᦞԫጟΔᜰ Յاऄ 536 යร 1 ႈΕֆऄ 54 යร 3 ႈΔא֗ֆऄ 209 යร 5 ႈΔٍױጠ
ψូԵᦞωΔྥۖᒤ۩Ε᧯ֱ૿Δ݁ፖᢞٌऄࡳհᒵٌ࣐ូԵᦞ ڶࢬנԵ˄ˇΔਚء֮ڇփ୲ՂΔലಘᓵு֨᠙ࡳ࣍ᢞٌऄՂհᒵٌ࣐ូԵᦞࠫ
৫Δۖլ֗࣍ࠡהऄ৳ᅝխհូԵᦞૠΖʳ
ʳ ʳ ʳ ʳ ڇઔߒֱऄՂΔء֮ᚵܓشܒެኔᢞઔߒհֱऄΔᇢቹኙ࣍۩ઔߒհլ ߩΔᜳհಥΖء֮ܓشऄೃࢬ৬ᆜհऄᖂᇷறᛀߓอ˄ˈࢬ፦ႃԫ֊ڶ ᣂᒵٌ࣐ូԵᦞհூࠏΔො።່ऄೃΕऄೃ֗ٺ։ೃΕٺچֱऄೃΔא
֗ٺچհ១࣐அூٙΔط࣍ऄೃᇷறխլٵႈؾհூٙگԵڣזڶࢬࣴฆΔ ਚء֮ಾኙاഏ 87 ڣ۟վհܒެᖞ᧯ࢤ٤૿ࢤհڃ˄ˉΔᇢቹ៶طᖞ᧯ࢤ հܒެ։࣫Δၞ۩ኔᢞઔߒΖઔߒֱऄՂലಾኙଡூܒެᇡาᖞΔଫشආඖ ૪อૠֱऄא֗ሽհֱڤΖڶᣂᇷறא֗ઔߒֱऄհᇡาᎅࣔΔല։ܑ࣍ء֮
รԿີհรԫᆏፖรԲᆏᅝխտฯΖʳ
ʳ ʳ ʳ ʳ ڼ؆Δء֮ՈലಾኙمऄطΕᖂृထ૪ᖞٽࢤհ֮ڃΔᒵٌ
࣐ូԵᦞএԫᤉ࠹ભഏऄհࠫ৫Δਚء֮ՈലಾኙֺለऄՂૹհཚעᓵ֮Εᓵ ૪Δא֗ઌᣂܒެֺለ։࣫Δ៶طךኔݙᖞऱ֮ڃΔૠנኔᢞઔߒհૹ
֨Δࠀ៶طኔᢞઔߒհᨠኘ࣠Δಾኙᒵٌ࣐ូԵᦞհዌګٙΕऄኔ೭Δ א֗ઌᣂࠫ৫༼נଡԳߠᇞΖʳ
รԿᆏʳ ᓵ֮ਮዌʳ
14 ڶᣂូԵᦞၴऱฆٵֺለױߠΚޕཕո(2005)Δτݺഏᒵٌ࣐ូԵᦞࠫ৫հ࿇୶ٻЁ
ᓵ૿ፖኔᢞ૿հ൶࣫(Ղ)υΔπႃঅִעρΔร 134 ཚΔ 9-11Ιພࡲႂ(2002)ΔτូԵᦞհ۩ࠌυΔ πኔشִעρΔร 330 ཚΔ 74-77Ιާᐝႁ(1994)ΔπូԵᦞऄ৳ࢤᔆհઔߒρΔഏمխᘋՕᖂऄ
৳ᖂઔߒࢬጚՓᓵ֮Ζ
15 ऄೃऄᖂᇷறᛀߓอΔhttp://jirs.judicial.gov.tw/Index.htm (່৵ោᥦֲΚ10/09/2010)Ζ
16 ࠉᖕऄೃऄᖂᇷறᛀߓอհᎅࣔױवΔ࣍ဪܒᇬհႈؾհՀΔٺچֱऄೃΕऄ
ೃ֗ٺ։ೃএگԵاഏ 89 ڣ৵հூٙΔ൫ᆖृኔᎾհᖙ܂հ৵Δ࿇ᇷறհՀࠉ៱ױބࠩ
ޓڰཚհூٙΔط࣍ء֮এಾኙऄೃऄᖂᛀߓอᅝխࢬڶઌᣂூٙઔߒΔਚս៱ലᇠூٙ
گԵઔߒᒤᅝխΔઌᣂᎅࣔᓮߠء֮รԿີรԫᆏΖ
6 ʳ ʳ ʳ ʳ ءᓵ֮հઔߒਮዌ១૪ڕՀΚʳ
ʳ ʳ ʳ ʳ รԫີψፃᓵωΔᎅࣔء֮հઔߒ೯ᖲΕઔߒᒤፖֱऄΔࠀല٤֮հ
იਮዌղאᎅࣔΖʳ
ʳ ʳ ʳ ʳ รԲີψᒵٌ࣐ូԵᦞհᄗ࢚ωΔ։ܑאլٵີᆏኙ࣍ᒵٌ࣐ូԵᦞ հᄗ࢚ΕዌګٙΕऄ࿓ݧհጊᆠፖܺቼղא൶ಘΖڶᣂছࠟଡຝ։հփ୲Δ ലೣૹאഏփ؆֮ڃհֱڤΔᖞᖂኙ࣍ઌᣂᤜᠲհᔆጊፖრߠΔၞۖಾ
ኙຍࠄᖂߠᇞΔ৬ዌՀԫີᆏኔᢞઔߒհփ୲Δ៶ڼᛀ᧭ᖂհಘᓵΙऄ࿓
ݧհຝ։طउհ։࣫Ե֫Δ᎖א֟ᑇհ֮Δ৸ەױ౨հઔߒ֊ԵរΖʳ ʳ ʳ ʳ ʳ รԿີψᒵٌ࣐ូԵᦞዌګٙհኔᢞઔߒωΔჼ༈נٺ్ऄೃհܒެ
৵Δᆖመᖞፖอૠհ৵ΔܧܒެᄗउΔࠀބנփ֮խ௫֗ዌګٙհᤜᠲΔ ፖᖂհრߠΔၞ۩ኙᅃֺለΖʳ
ʳ ʳ ʳ ʳ รີψᒵٌ࣐ូԵᦞऄኔ೭उհኔᢞઔߒωΔءີᆏٵᑌאٺ్
ऄೃܒެհᇷறΔᖞנ۩ᒵٌ࣐ូԵᦞ္ઌᣂᤜᠲΔᇢቹ༴ᢄנ۩հ
ࠫ৫ച۩ᖲࠫኪᑌΖʳ
ʳ ʳ ʳ ʳ รնີψኔᢞઔߒհඔقωঞمഗ࣍รԿີፖรີհઔߒ࣠৵Δٽ ছࠟີᆏࢬհዌګٙፖࠫ৫ኔᔌംᠲΔ൶ಘױ౨հऄࠫޏֱٻΖʳ ʳ ʳ ʳ ʳ รքີψᓵωΖʳ ʳ
รԲີʳ ʳ ᒵٌ࣐ូԵᦞհᄗ࢚ʳ
รԫᆏʳ ᄗᎅʳ ʳ
รԫႈʳ مऄؾऱʳ
ʳ ʳ ʳ ʳ ᒵٌ࣐ូԵᦞΔࡳ࣍ᢞٌऄร 157 යΔᇠයࡳփ୲ڕՀΚʳ
7
วՉި౻Ϧљဠ٣ǵᅱჸΓǵΓ܈ԖϦљިҽຬၸԭϩϐΜϐިܿǴჹϦ љϐѱި౻ǴܭڗளࡕϤঁДϣӆՉ፤рǴ܈ܭ፤рࡕϤঁДϣӆՉວǴӢ ԶᕇளճޣǴϦљᔈፎஒځճᘜܭϦљǶ!
วՉި౻Ϧљဠ٣܈ᅱჸΓόࣁϦљՉ٬ፎਔǴިܿளаΟΜ!
Вϐज़යǴፎဠ٣܈ᅱჸΓՉ٬ϐǹၻයόՉ٬ਔǴፎϐިܿளࣁϦ!
љՉ٬ፎǶ!
ဠ٣܈ᅱჸΓόՉ٬ಃϐፎаठϦљڙཞ্ਔǴჹϦљॄೱ፝ᓭ!
ϐೢǶ!
ಃϐፎǴԾᕇளճϐВଆΒԃ໔όՉ٬ԶྐǶ!
ಃΒΜΒచϐΒಃΟϐೕۓǴܭಃྗҔϐǶ!
ᜢܭϦљวՉڀԖި܄፦ϐځдԖሽچǴྗҔҁచೕۓǶ!
ʳ ʳ ʳ ʳ ਊᒵٌ࣐ូԵᦞհࡳΔ࣍اഏ 57 ڣᢞٌऄمऄழܛբૡԵٵऄᅝխΔ ൫ࠡمऄط۶Λࠉ۩ਙೃ࣍اഏ 53 ڣรԫڻ༼נ౻ூփ୲ழࢬऱᎅࣔΔ ءයऱمऄؾऱΚψֆᇀᆖԳ֗ڶԼ։հԫאՂैᦞհैࣟᄕ࣐ܓش ࢬवֆఽയΔ࣍ؑ၇ᔄैปאᛧܓ墿Δءऄࡳࠡ၇Եࢨᔄנ۩ઌሶլ
၌መքଡִΔڂۖᛧܓ墿ृΔࠡܓ墿ᓮޣូ᥆࣍ֆω˄ˊΖڼԫᎅࣔઌᅝ ១Δլ࣐༳༽مऄრڱհ٤ᎎΖۖᅝழᢞጥᄎࡡޫឦࡳ٣سΔڇمऄೃᐉ
ءය֮ழΔԾנڕՀհᎅࣔΚψร 152 යʻܛ۩ऄร 157 යʼհഗء壄壀Δڇ
ࡳኙ࿇۩ֆհᆖᛜृڶৰՕᐙऱຍԫᣊԳΔڕᇀࠃΕኘԳΕᆖԳ֗ࢬ ᘯՕैࣟΔࠡڂ၇ᔄֆैปࢬᛧܓ墿ᚨូֆΔຍਢַຍᣊԳܓشࠡኙֆ
ڶ൳ࠫᦞۖދᖲ࠷؏Δࠏڕਬԫ࿇۩ֆհᇀࠃΔܓشᖲᄎཋ܉ኙֆছຜ լܓஒΔࠌैᏝՀၓۖଊᖲ၇ၞΔመࠄழ٦࿇।ᑗᨠߢᓵΔࠌैᏝՂཆۖԾࢼ נΔڇຍԫԵԫנၴᛧܓᏅদΔຍਢݺଚࢬᆃַऱΔঅᥨދᇷՕฒ֗ፂؑ
ધ৳Δຍԫයኔڶؘω˄ˋΖʳ
17 مऄೃమᒳٱ(1968)Δπᢞٌ࣐ࠦऄூՂםρΔ 43Ζ
18 ٵՂုΔ 441Ζ
8
ʳ ʳ ʳ ʳ ޫࡡհᎅࣔΔޓףᇡጐาᘈچᇖךԱ۩ਙೃ១հمऄؾऱຫ૪Δ൫ࠡխ սڶጊរژڇΔࠏڕᓰאኙᆖᛜृڶৰՕᐙऱຍԫᣊԳല၇ᔄैปհᛧܓូ࣍
ֆհᆠ೭Δࠡإᅝࢤഗ៕۶Λਢܡࢬڶܓᑮઃႊូ࣍ֆࢬڶΛޫࡡհຫ ૪խΔፖᢞٌऄհࠡהࡳΔܑਢᖙ᜕ؑයཱི֗փᒵٌ࣐հࡳ˄ˌΔڶྤૹ ᦤᤁٽհംᠲΔՂၲጊംΔمऄطࢨᎅࣔխۿྤ֜ڍထᕠΖʳ
ʳ ʳ ʳ ʳ ።ᒵٌ࣐ូԵᦞࠫ৫Δࠀॺٺഏࢬᐖආش˅˃Ζਊڼԫࠫ৫ࠐ
۞ભഏऄΔݺഏᒵٌ࣐ូԵᦞհمऄழΔՈڍڶଗᢴભഏऄհΔਚኙ࣍ᇠ ഏհمऄહནΕطԵᇞΔᚨڶܗ࣍ܠԳኙݺഏऄࠫمऄრڱհ༳༽Ζൕ
ۖאՀᚵಾኙભഏऄઌᚨࠫ৫مऄழհழ़હནፖمऄطΔԫ១հտฯΔ ࠀ៶ڼፖݺഏհمऄطઌյኙᅃΔᛀီԲഏհمऄەၦՂڶྤٚ۶ฆژڇΖʳ
รԲႈʳ ભഏऄհᆖ᧭ʳ
1929ڣભഏैปؑഽᒌΔᆖᛎՕஎჩࠐ່ࠩរΔഏᄎᨈᢞࠦऄհ مऄΔᇢቹଥ༚Օฒኙ࣍ؑֆؓࢤऱॾ֨Δᙟ৵ࠀ٣৵ࠫࡳԱ 1933 ڣፖ 1934 ڣհᢞٌ࣐ࠦऄ(Securities Exchange Act)ΖދᇷՕฒኙ࣍ؑհॾ֨լߩऱط ڇ࣍Օฒ֨ᎁؑբԳאլإᅝ֫ᖙ᜕(rigged)Δࠠڶጥሐ࠷ֆփ ຝᇷಛհᢞٌ࣐ࠦԳለࠠڶᚌႨΔڼՈᖄીࠡהڶጥሐᛧփຝᇷಛհދᇷ ԳΔኙ࣍ല۞աऱᙒދԵؑψকᙠωტࠩྫᘵΔᤉۖחֆޓᣄאڇᆖᛎՕஎ
19 ױߠΚࣥഏ٤(1999)Δτᢞٌ࣐ࠦऄรԫնԮයᒵٌ࣐ូԵᦞհઔߒυΔπխᘋऄᖂρΔร 45ཚΔ 268ΖּᎁޫࡡհᎅࣔΔኔ௫ཋ܉ఎߢࢨլኔᇷறᖙ᜕ैᏝհൣݮΔۖॺֆփ ຝԳլᅝܓشֆփຝᇷಛհൣݮΖൕۖΔּطԫଡߡ৫৸ەΔᎁՂၲᎅऄױ֧נᒵٌ࣐
ូԵᦞհسࢤய࣠ΔܛԳᖙ᜕۩ൣ۩հ࠷ᒬፖᢞٍࣔ᥆լ࣐Δ៶طᒵٌ࣐ូԵᦞΔࢨױ ॵࠩਬ࿓৫ލࠫֆփຝԳᖙ᜕۩ൣ۩հய࣠Ζ
20 ೈԱભഏհ؆ΔֲءΕতឌΕխဎԳا٥ࡉഏٍڶڼᣊࡳΔױߠΚᘸᅃ(2006)Δπैؑ
ሏᚭঞЁ່ᄅᢞٌ࣐ࠦऄᇞ࣫ρΔ 389ΔקΚ۞עΖڶᣂতឌհࡳױߠΚޕၲ(2006)Δ πᢞࠦጥऄᄅᓵρΔ 318ΔᏺૡठΔնতΙֲءऄհᎅࣔױەΚܦ܌࣑(1997)Δτփຝ Գᒵٌ࣐հऄ৳ᒤዄኔ೭ሎ܂հઔಘυΔπᢞٌᇷறρΔร 423 ཚΔ 23-25Ιᤕཱུ࣪(1997)Δ τભഏΕֲء֗ݺഏᢞٌ࣐ࠦऄኙֆၲ࿇۩ֆփຝԳैጥࡳհֺለ(ԫ)υΔπᢞࠦ឵
ឺρΔร 16 ཚΔ 2-12ΙխဎԳا٥ࡉഏհᇷறױߠΚᓐࡷੱ(2008)Δπᓵᒵٌ࣐ូԵᦞհ
ᒤפ౨֗ژᐒρΔഏمխإՕᖂತᆖऄ৳ઔߒࢬጚՓᓵ֮Δ 32-33Ιڼ؆Δ1970 ڣழᑛֆ
ᒤհ౻ூ(OJ C124/1 1970)ร 82 යམڶᒵٌ࣐ូԵᦞհૠΔ܀հ৵נհࠟଡᑛᅩਐ חΚ89/592/EEC, 2003/6/EC ᅝխ݁آො።ᒵٌ࣐ូԵᦞհࡳΔࠡطᚨፖᑛᅩኙփᒵٌ࣐հ
৸ەஒஒઌᣂΖխ֮֮ױߠΚຫᅃ(2008),πൕᑛᅩፖഏؑᛒشࠫૠ֘৸ݺഏኙփ ᒵٌ࣐ፖᖙ᜕ؑհࠫ৫ૠρΔഏمՕᖂऄ৳ઔߒࢬጚՓᓵ֮Δ 28-31Ζ
9
ჩհᜱܺழཚΔႥႃᇷ८אፂᛜሎ21Ζڇ 1933 ፖ 1934 ऱഏᄎᦫᢞᄎՂΔ྇֟
ދᇷԳॾ֨Δၞۖᖄી 1929 ڣैปؑՕഽᒌૹց١Ёؑᛒش(market abuses)ΔࠡژڇՈطฒڍᢞߢࢬᢞኔ22Ζ
ભഏೃᎬ۩֗ຄኞࡡᄎʻCommittee of Banking and Currencyʼ࣍ 1934 ڣ
༼נऱᓳܫਐנΔᅝழભഏ່ՕऱᢞࠦؑኤጤհԫΔڇ࣍ᇀࠃᆖԳ֗Օ
ैࣟഗ࣍ࠡچۯΔᛧ࠷փຝஒ৵၇ᔄैปאቹܓ۞աΖຍጟွΔኙދᇷ Գऱॾ֨ขسઌᅝૹՕऱᐙ˅ˆΖՀ٨ࠃࠏױחܠԳᇞڼጟኤጤΚؒᕙ܌ࣥˀ
শቅሎᙁֆ(Brooklyn-Manhattan Transit Corporation, BMT)ತ೭ࡡᄎ (financial committee)ஂ Albert H. Wiggin ࡖࢭ۞աڇवֆऱैஒૠലᄎ ຏመ৵Δ᎔ڇڼஒֆၲছΔՕၦᔄנ BMT ऱैٝΖᅝஒၲࡨੌႚڇ؆ழΔ BMTैᏝᏣ௺ՀᄶΔڼழ Wiggin Ծڇஒإڤ༿հছΔ၇ڃ٣ছᔄנऱैٝΔ ᛧ؎Օܓ墿24ΖޙՂၲኤጤΔ৬مֆٌ࣐ؓؑΔא༚ދᇷԳॾ֨Δഏ ᄎ່ึڇ 1934 ڣᢞٌ࣐ࠦऄ(Securities Exchange Act of 1934ΔՀጠ 1934 ڣᢞٌ
ऄ)ᅝխΔࠫࡳԱร 16 ය(b)ႈհࡳΖࠡփ୲Κʳ
ȨࣁٛЗЬाڙިܿǵဠ٣܈ଯભᙍǴӢځᆶวՉΓ໔ϐஏϪᜢ߯ǴԶᕇள
৲Ъуаό҅ϐ٬ҔǴӵ၀Ьाڙިܿǵဠ٣܈ଯભᙍܭόᅈϤঁДϐ ය໔ϣǴჹ၀วՉΓϐᖷխچѦϐި౻ວࡕӆՉ፤рǴ܈፤рࡕӆՉວǴ ନ၀ި౻ϐڗளዴឦቬՉӃϐࠨऊ୍ޣѦǴόፕ၀Ьाڙިܿǵဠ٣܈ଯ ભᙍӧວ፤ި౻ਔࢂցԖཀԖϤঁДаǴ܈ЖલӧϤঁДϣວΕр୧ϐި
౻ϐཀკǴځӢԜᕇளϐճ֡ᔈᘜܭ၀วՉΓǴ٠җ၀วՉΓӛځፎϐǶჹ ܭԜճϐፎǴளҗวՉΓ٩ݤ܈ᑽѳݤӛᆅᗄݤଣаນፎϐǴ܈җԖ วՉΓวՉϐԖሽچԖΓǴܭӛวՉΓፎϤΜВϣǴԶ၀วՉΓ҂ૈ܈ܔ
๊ගрນǴ܈วՉΓόᜫᑈཱུଓນਔǴаวՉΓϐӜကжՏӛݤଣፎǶՠ၀
21 Ellen Taylor, Teaching an Old Law New TricksΚRethinking Section 16, 39 Ariz L. Rev. 1319 (1997).
22 S.S. Samuelson, The Prevention of Insider TradingΚA Proposal for Revising Section 16 of the Securities Exchange Act of 1934, 25 Harv. J. on Legis. 513 (1988).
23 ᘸᅃ(1992)Δπᢞٌ࣐ࠦऄດයᤩᆠΔรԿםρΔ 441-442ΔקΚ۞עΖ
24 Philip M. Gerson, Section 16(b)ΚRe-Evaluation is Needed, 25U. Miami L. Rev. 145 (1970).
10
ճᕇளࡕςၲٿԃаਔǴόளଆນፎϐǶҁೕۓǴჹܭЬाڙިܿ
ߚܭວᆶ፤рި౻ਔǴ֡ڀԖԜЬाڙިܿϐيϩޣǹ܈Ьाڙިܿǵ ဠ٣܈ଯભᙍ܌ࣁϐި౻ҬܰǴ٩چᆅہڋۓϐೕ߾ϒа௨ନޣǴό
Ҕϐ36ȩǶ!
ʳ ʳ ʳ ʳ Ղၲය֮բࣔᒔ।قร 16 ය(b)ႈհمऄؾऱΔڇַ࣍փຝԳ៶طፖֆ
ၴհጹയᣂএΔᛧᇷಛࠀףאլᅝܓشΔط 1934 ڣᢞٌऄհمऄழ़હན אᨠΔᚨױ्ࡳร 16 ය(b)ႈ່հمऄؾऱΔڇ࣍ᒤփᒵٌ࣐26Ζጵٽم ऄطխψֆᇀᆖԳ֗ڶԼ։հԫאՂैᦞհैࣟᄕ࣐ܓشࢬवֆఽ യΔ࣍ؑ၇ᔄैปאᛧܓ墿ωհ֮ڗΔא֗ޫࡡհᎅࣔΔףհݺഏᒵٌ
࣐ូԵᦞ࣍مऄૠՂΔ৫ەร 16 ය(b)ႈհૠΔԲृհዌګٙૠՈ ڶ৫ઌۿࢤ27Δᚨױᎁݺഏᒵٌ࣐ូԵᦞհمऄؾऱΔፖร 16 ය(b)ႈհ مऄؾऱઌٵΔؚ݁ᚰփᒵٌ࣐Ζ
ʳ ʳ ʳ ʳ ྥۖΔร 16 ය(b)ႈհمऄطڇ࣍ᒤփᒵٌ࣐ΔឈڍᑇԳࢬ൷࠹Δ܀
սڶլٵრߠژڇΖڶᖂृᎁΔร 16 යհمऄؾऱΔࠀլႛૻ࣍ᒤփᒵٌ
࣐հەၦΔۖএԫ៶طቔᚐֆփຝԳאֆ९ཚऱګפࠐ࠷ଡԳܓ墿Δۖআ
ၞֆၲ࿇۩ֆհᆖᛜயհՠࠠ28Ιڶᖂृطය֮ૠΕࠫփᒵٌ࣐հګ யΕᆖᛎ։࣫ፖತ८ᓵߡ৫֊ԵΔᎁร 16 ය(b)ႈհمऄؾऱΔլڇ࣍
ַփᒵٌ࣐ΔۖਢؚᚰփຝԳ៶طٌ࣐ᐙؑᏝЁᝩ܍փຝԳڇ٤ྤփᒵஒऱ
ൣउՀΔڇؑՂ࣋נᙑᎄհॾᇆ˅ˌΔਢԫጟַᖙ᜕ؑऱՠࠠΖʳ
25 ֮ױߠΚU.S. Securities and Exchange CommissionΔhttp://www.sec.gov/about/laws/sea34.pdf (່৵ោᥦֲΚ10/09/2010)ΙՂၲය֮ᓮߠΚᘸᅃ(1992)Δπᢞٌ࣐ࠦऄດයᤩᆠΔรԿ םρΔ 438-440ΔקΚ۞עΖ
26 ઌٵհංᓵ᧤ᙀױߠΚThomas Lee Hazen, THE LAW OF SECURITIES REGULATION, (3rd , 1996), at 716.
27 ڶᣂዌګٙհֺለઔߒലڇรԲᆏᅝխᇡาᎅࣔΔ࣍౿լ᠇Ζ
28 Steve Thel, The Genius of Section 16ΚRegulating the Management of Publicly Held Companies,42 Hastings L.J. 393 (1991).
29 Karl Shumpei Okamoto, Rereading Section 16(b) of the Securities Exchange Act, 27 Ga. L. Rev. 185 (1992).ઌۿᓵΚCarroll L. Wagner Jr.ΔDeputiztion Under Section 16(b)ΚThe Implication of Feder v. Martin Marietta Corporation, 78 Yale L.J. 1165-1166 (1969).
11
ʳ ʳ ʳ ʳ ਊࠫ৫რፖኔᔌګயլᚨԫᓫΔૉאࠫ৫ኔᔌ࣠լڕቃཚطΔᎁ
ࡳڼԫࠫ৫հψؾऱωࠀॺمऄृࢬߢճճΔஎڶءأଙᆜհΖەભഏፖݺ ഏհழ़હནمऄᖵא֗ऄය֮ڗ৵Δءٍ֭֮ڍᑇᖂृհრߠΔᎁᒵ
ٌ࣐ូԵᦞࠫ৫հૠრΔፖַփᒵٌ࣐ڶയ֊հᣂএΖڼԫߠᇞհՀឈլ ඈೈࠫ৫հૠፖሎ܂መ࿓ᅝխΔขسԱᄅᖲ౨հױ౨ࢤΔྥء֮ᛀಘᒵٌ࣐
ូԵᦞհዌګٙፖኔ೭ሎ܂Δא֗ေᏝࠫ৫؈ழΔ۩ය֮ૠፖኔ೭ሎ܂
౨ܡሒګمऄؾऱΔսଈەၦΖʳ
ʳ ʳ ʳ ʳ ʳ ڇַփຝԳ៶طፖֆၴհᣂএ࠷آֆၲᇷಛΔࠀ៶ڼ၇ᔄैٝ
ۋܓհمऄؾऱՀΔ1934 ڣᢞٌऄร 16 යʻb)ႈء࣍ࠃছሗॴհഗء壄壀Δࠉء යದ౻Գ Thomas G. Concoran ٣سڇೃ܂ᢞழऱᎅࣔΔڼࡳএሎشԫጟษ ฃۖኔᎾऱֱऄ(crude rule of thumb)ΔࠌփຝԳاࠃຂٚΔאַփຝԳᒵ
ٌ࣐Δ۟࣍փຝԳኔᎾՂਢܡܓشآֆၲհஒΔލࢨრቹڇ၇ၞ৵քଡִփᔄ נैปΔ݁ॺࢬംΖ൫ڕᢞࣔᒔڶܓشփຝஒհࠃኔृΔঞڶรԼය b ႈ֗
ঞ(rule)10b-5 ऱᔞش30Ζ
ʳ ʳ ʳ ʳ ਊڼጟૠএሒګࠃ٣ሗॴհؾऱΔאࠃ٣ַհᨠរΔലཚփլឰ၇ ᔄञ۩ΔီࠠڶܓشآֆၲૹՕᇷಛհΔԫ৳ലࠡܓ墿ូ࣍ֆΔਢܡᒔ ڶܓشᇷಛڇࢬլᓵˆ˄ΖྥۖࢬᘯψษฃۖኔᎾऱֱऄωΔڶழᄎທګਬࠄڶ ܓشփᒵᇷಛհփຝԳΔڇքଡִփૉၞ۩ڶᏝᢞࠦհ၇ᔄΔսױ౨ګᒵٌ
࣐ូԵᦞհ۩ࠌኙွΔؘۖႊጐᑇٷנᛧܓֆΔڼጟኑױᙑවۖլ᜕࣋ऱ
ૠΔࠡֆؓࢤԫٻᖂृࢬᣂࣹΔՈ࿇।ԱڍլٵऱრߠΖאભഏऄࠏΔ ร 16 ය(b)ႈբ༉ᒵٌ࣐ូԵᦞऱ۩ࠌֱऄڶᇡาࡳΔਚઌᣂऱᓵ૪ೈᓫᓵ
30 ᘸᅃ(1992)Δπᢞٌ࣐ࠦऄດයᤩᆠΔรԿםρΔ 442ΔקΚ۞עΖਊψษฃۖኔᎾऱֱ
ऄωএݺഏੌհֱڤΖֲءऄএല rule of thumb ԫဲψᆖ᧭ঞωΔڼጟۿך የᨠܒឰऱګٝڇփΔፖݺഏᖂृൎᓳհড়ᨠᖲඳࢤՕઌຕஅΖૉലᆖ᧭ঞ৸ەΚڶᒵ ᛧܓΔঞຏൄڶᛒشփᒵஒհګ։ڇΔᚨղאូԵழΔፖભഏऄঁྤ᫆հΖ൫ृլᘲֲ
֮ΔྤԺ༼ࠎޓڍհ৸ە૿ઌΔᙊᖌΖ
31 མࡷڕ(2006)Δπᢞٌ࣐ࠦऄρΔଥإठΔ 250ΔקΚցᅃΖ
12
ࠫ৫հژᐒ؆Δڍאዌګٙհᛀಘለݾᐋ૿հംᠲխ֨ˆ˅Ζۖݺഏᖂ
ृኙ࣍ᢞٌऄร 157 යհಘᓵΔፖભഏᖂृհಘᓵၗٍڍڶઌۿհˆˆΖʳ ʳ ʳ ʳ ʳ ط࣍ء֮אᒵٌ࣐ូԵᦞհዌګٙፖऄኔ೭հኔᢞઔߒு֨Δਚא Հ១ᎅࣔᒵٌ࣐ូԵᦞհمऄऎ৵Δᚵ࣍ՀԲᆏᅝխ։ܑಾኙՂၲࠟႈ
ᠲհഏփ؆֮ΔԫߓอࢤհڃፖᖞΔԱᇞഏփ؆ᖂኙ࣍ᒵٌ࣐ូԵ ᦞዌګٙ֗ऄኔᔌઌᣂᤜᠲհऄ৵Δඝܛಾኙݺഏኔ೭ܒެኔᢞઔߒΖʳ
รԿႈʳ مऄऎʳ
ਊᒵٌ࣐ូԵᦞ࣍اഏ 57 ڣᢞٌऄمऄழΔࠡය֮ڕՀˆˇΚʳ
วՉϦљဠ٣ǵᅱჸΓǵΓ܈ԖϦљԭϩϐϖаިϐިܿǴჹϦљϐ
ѱި౻ǴܭڗளࡕϤঁДϣӆՉ፤рǴ܈ܭ፤рࡕϤঁДϣӆՉວǴӢԶᕇ ளճޣǴϦљளፎஒځճᘜܭϦљǶ!
วՉϦљဠ٣܈ᅱჸΓόࣁϦљՉ٬ፎਔǴިܿளаΟΜВϐज़යǴ ፎဠ٣܈ᅱჸΓՉ٬ϐǹၻයόՉ٬ਔǴፎϐިܿளࣁϦљՉ٬ፎǶ!
ಃϐፎǴԾᕇளճϐВଆΒԃ໔όՉ٬ԶྐǶ!!
ʳ ʳ ʳ ʳ Ղၲය֮࣍اഏ 72 ڣழၞ۩รԫڻଥإΔᄅᏺร 3 ႈհࡳΚψᇀࠃࢨ
ኘԳլ۩ࠌรԫႈհᓮޣאીֆ࠹ჾ୭ழΔኙֆຑᓽᚍհຂωΖଥऄ
طਐנᅝழය֮ኙᇀࠃᄎࢨኘԳլ۩ࠌรԫႈᓮޣᦞીֆ࠹ڶჾ୭ழΔᚨ
ຂٚڕ۶آ֮ࣔࡳΔਚᅃֆऄร 226 යࡳრڱΔᏺૡร 157 යร 3 ႈࠌ ᇀࠃ֗ኘԳኙֆຑᓽᚍຂٚΔאঅᎽैࣟᦞ墿Δࠀףൎᇀࠃ֗ኘԳച
32 ᘸᅃ(2006)ΔπैؑሏᚭঞЁ່ᄅᢞٌ࣐ࠦऄᇞ࣫ρΔ 388ΔקΚ۞עΖ
33 ڶᣂݺഏᖂृאژᐒᓵಘᓵு֨հ֮ױߠΚছ༿ု 4Δխ֮֮ຝ։Ιאዌګٙಘ ᓵு֨ृױߠΚࣥഏ٤(1999)Δτᢞٌ࣐ࠦऄรԫնԮයᒵٌ࣐ូԵᦞհઔߒυΔπխᘋऄᖂρΔ ร 45 ཚΔ 261-311Ιޕཕո(2005)Δτݺഏᒵٌ࣐ូԵᦞࠫ৫հ࿇୶ٻЁᓵ૿ፖኔᢞ૿
հ൶࣫(Ղ)υΔπႃঅִעρΔร 134 ཚΔ 5-32Ιޕཕո(2005)Δτݺഏᒵٌ࣐ូԵᦞࠫ৫հ࿇
୶ٻЁᓵ૿ፖኔᢞ૿հ൶࣫(Հ)υΔπႃঅִעρΔร 135 ཚΔ 3-18ΙᏥຑᅄ(1997)Δτᆃַ
փຝԳٌ࣐Ёᒵٌ࣐հऄ৳ംᠲυΔπִ؟ऄᖂᠧρΔร 44 ཚΔ 3-13ΙᏥຑᅄ(2001)Δτཏ ຏैΕܑैፖᒵٌ࣐հᒤυΔπኔش࿔೭ρΔร 321 ཚΔ 74-76ΙᤕߐੳΕ១ිख़(2003)Δ τᢞٌ࣐ࠦऄรԫնԮයଥإհᛀಘፖ৬ᤜυΔπִ؟ऄᖂᠧρΔร 92 ཚΔ 167-185Ζ
34 ڶᣂመװऱය֮ፖଥإطױߠΚمऄೃഏᄎቹ塢ጻΔ
http://lis.ly.gov.tw/lgcgi/lglaw?@10:1804289383:f:NO%3DE01542*%20OR%20NO%3DB01542$$11
$$$PD%2BNO (່৵ោᥦֲΚ10/09/2010)Ζ
13
۩೭հຂٚΖڼ؆Δ57 ڣය֮խψֆᓮޣലࠡܓ墿ូ࣍ֆωհ֮ڗΔ ঞଥإֆψᚨωᓮޣലࠡܓ墿ូ࣍ֆΔലᒵٌ࣐ូԵᦞհ۩ࠌΔطٚრ ޏൎࠫΖʳ
ʳ ʳ ʳ ʳ اഏ 79 ڣழᒵٌ࣐ូԵᦞ٦৫ଥऄΔലءैۍ։հնैࣟհࡳΔ ޏैۍ։հԼΔمऄطঞএٽร 22 යհ 2 հᏺૡΔਚڼଥإΖۖร 22යհ 2Δኙ࣍۶אආ࠷ۍ։հԼैᑑᄷࠀآڍ܂ᇞᤩΔႛᎁψؾছᢞࠦ
ٌ࣐խ່ԳࢬᇮఐृΔլ؆࿇۩ֆᇀࠃΕኘԳࢨՕैࣟፖैปհ၇ᔄΔ ፖ៶Ղؑ᠏ᨃैᦞΔլ܀ᐙֆᆖᛜΔჾ୭ދᇷԳᦞ墿ΔࠀధᡏؑࡳΔ
٤ᢞࠦؑ࿇୶Δፂ఼ؑݧΔኙ࿇۩ֆᇀࠃΕኘԳΕᆖԳ֗ڶֆ
ैٝ၌መै᜔ٝᠰۍ։հԼհैࣟैปհ᠏ᨃΔڶؘᣤףጥΔ࣍รԫႈ։
ԿཱིࡳٺᇠԳ᠏ᨃैปհֱڤΖωˆˈΙԾᄅᏺԱรնႈᄷشᢞٌऄร 22 ය հ 2 รԿႈհࡳΔലೝΕآګڣՖ֗ܓشהԳټᆠڶृࢬհैปΔՈ
ԵփຝԳैհᒤΔַփຝԳ៶طߪᢰऱהԳᝩᒵٌ࣐ូԵᦞΙ؆
ڇٵऄร 62 යร 3 ႈᅝխΔല឵ឺ၇ᔄՈԵᒵٌ࣐ូԵᦞհᒤᒤᡱᅝխΖ اഏ 89 ڣհଥإঞএ່२ཚհଥإΔᄅᏺร 157 යร 6 ႈհࡳΚψᣂ࣍
ֆ࿇۩ࠠڶैᦞࢤᔆհࠡהڶᏝᢞࠦΔᄷشءයࡳωΖࠡଥऄؾऱڇ࣍ᒤ ֆ࿇۩ױ᠏ངֆ႘ࠠڶैᦞࢤᔆհࠡהڶᏝᢞࠦΔאሒࡌᣤڶᏝᢞࠦհូ
Եᦞ۩ࠌᒤհრڱΖਊڼጟଥऄհؾऱრڇᜍ՛ױ౨հᒤዥΔܠԳլᣄ
ᇞΔྥۖڼናናᑇڗΔথլྤ፹ທᄅംᠲհױ౨ࢤژڇΖڶᣂᒵٌ࣐ូԵᦞᔞ شড়᧯հംᠲΔء֮ല࣍รԲᆏรԲႈᅝխղאᇡาಘᓵΖʳ
ʳ ʳ ʳ ʳ ኙ࣍ᒵٌ࣐ូԵᦞհمऄऎڶᎁᢝհ৵Δء֮࣍ՀԫີᆏΔᚵಾኙݺഏ
ᒵٌ࣐ូԵᦞዌګٙא֗ࠡઌᣂञᤜΔ։ګᔞش᧯Εᔞشড়᧯Εᔞش۩
Εܓ墿ૠጩΕࠡהञᤜնଡႈؾᇡาտฯΔࠀᢅ٨ഏփ؆ኔ೭ፖᖂኙ࣍
35 مऄೃഏᄎቹ塢ጻΔ
http://lis.ly.gov.tw/lgcgi/lglaw?@10:1804289383:f:NO%3DE01542*%20OR%20NO%3DB01542$$11
$$$PD%2BNOΔ(່৵ោᥦֲΚ11/08/2010)Ζ
14
ڼԫᏆհᤜᠲڶ۶ጟߠᇞΔ൫ڶᣂܒެհຝ։ΔאለڰཚհܒެΔ२ࠐհ ኔ೭ߠᇞఎ۟ኔᢞઔߒհີᆏ٦۩ᖞΖ
ʳ
รԲᆏʳ ᒵٌ࣐ូԵᦞዌګٙፖઌᣂञᤜʳ ʳ รԫႈʳ ᔞش᧯ʳ
ʳ ʳ ʳ ʳ
ࠉᅃᢞٌऄร 157 යհࡳΔᒵٌ࣐ូԵᦞᔞش᧯࿇۩ैปֆᇀ ࠃΕኘԳΕᆖԳࢨڶֆैٝ၌መۍ։հԼհैࣟΔ؆ࠉٵයรႈᄷ شٵऄร 22 යհ 2 ร 3 ႈΔא֗ٵऄร 62 යร 3 ႈᄷشᒵٌ࣐ូԵᦞհࡳհ࣠ΔՂၲփຝԳհೝΕآګڣՖΕܓشהԳټᆠڶΔא֗ڇᢞࠦᛜ ᄐࢬ၇ᔄհैป݁ڇૠጩᒤհփΖྥᖂڶᎁᔞش᧯ᚨᏺ٨۞փຝԳऴ
൷࠷آֆၲփຝஒհԳΔૉܓشᇠփຝஒൕࠃᒵٌ࣐ᛧܓΔٍᚨڶᒵ
ٌ࣐ូԵᦞհᔞشˆˉΖʳ
รԫؾʳ ᇀࠃΕኘԳʳ รԫཱིʳ ᄗᎅʳ
ʳ ʳ ʳ ʳ ᇀࠃএᇀࠃᄎհิګګΔࠀאᇀࠃᄎګߪ։ፖᇀࠃᄎެᤜΔۖֆ
ച۩ᄐ೭հެࡳΔֆऄٍࣔૡψᇀࠃᄎωএैٝڶૻֆऄࡳΕؘໂհᄐ೭ച
۩ᖲᣂΔ۩ႃ᧯ച۩ࠫΔଡܑᇀࠃؓழঞլז।ֆΙኘԳঞএಾኙैٝڶ
ૻֆᄐ೭֗ತ೭۩ᅮհऄࡳΕؘໂΕൄᖲᣂˆˊΖʳ
ֆऄร 192 යࡳֆᇀࠃᄎᆜլ֟࣍ԿԳհᇀࠃΔࠀطैࣟᄎ༉ࠠڶ
۩౨ԺհԳᙇٚհΙֆऄร 216 යঞࡳኘԳΔٍႊطैࣟᄎᙇٚհΖਚ ڇݺഏऄࠫհՀΔطݮڤۖᓵΔᆖطैࣟᄎᙇٚᇀࠃΕኘԳΔֱֆհᇀΖʳ
36 ޕၲ(2006)ΔπᢞࠦጥऄᄅᓵρΔᏺૡठΔ 319-320ΔקΚնতΖ൫ء֮אΔڼ ጟ᧯ܛᖂࢬጠհ tippee,ݺഏᢞٌऄร 157 යհ 1 հփᒵٌ࣐ᒤբڶࢬᒤΔਢܡᏁലհ
Եךየቃࢤᔆհᒵٌ࣐ូԵᦞհᔞشΔսڶಘᓵհ़ၴΖᖇ៶۩ᖲࠫូԵܓشփຝ
ஒ۩ᒵٌ࣐ृհᛧܓΔٍڶኔᎾՂհܺᣄΖ
37 ׆֮ڙ(2006)ΔπֆऄᓵρΔଥإԿठΔ 312, 334ΔקΚցᅃΖ
15
ૉຏመᇀᙇٚ࿓ݧհԳΔএኔᎾڶച۩ᇀ೭հԳΔྤጊऄ৳Ղᇀ ࠃΔױᘯψڶټڶኔωհᇀࠃΔ۞ᚨ࠹ᒵٌ࣐ូԵᦞᒤΙଣຏመᙇٚΔথآ ኔᎾച۩ᇀ೭ψڶټྤኔωृΔط࣍۩ֆऄՀኙ࣍ᇀࠀྤኔᔆࡳᆠΔ
ଘᘸ࿓ݧࡳڶྤฤٽࠐܒឰᅝࠃԳਢܡᇀΖطڼᨠរ֊ԵΔψڶټྤ
ኔωհԳսലᎁਢᇀΔٵᑌᒵٌ࣐ូԵᦞհᔞشኙွΖྥψڶኔྤټω հԳڕ۶ΛڼԫംᠲլྤጊᆠΖʳ
ʳ ʳ ʳ ʳ אભഏऄհᒤࠏΔ1934ڣᢞٌऄኙ࣍ᇀࠃհࡳᆠࡳڇร3යaႈร7
ཱིΖࠉᇠࡳΔᇀࠃএਐψٚ۶ֆհᇀࠃΔࢨڇمࢨॺمհิ៣խΔച۩
ઌۿᄐ೭հԳ(any dire˶tor ofʳa ĉrporation or any person performing similar functions with respect to any organization, whether incorporated or
unincorporated )38ωΖਚڇભഏऄՀΔਢאਢܡച۩ઌᣊۿ೭ഗᄷΔࠀ լאጠࠉូΔլࠠໂᇀࠃհټऱԳΔآؘլᄎᎁਢᇀࠃΙۖࠠڶᇀࠃհ ټऱψዊᥩᇀࠃˆˌωʻhonorary director ʼΔط࣍ኙ࣍ਙ࿇܉ࠀྤထԺរΔࠀ
ڶ࠷փᒵஒऱጥሐΔਚᖕය֮֮ڗאᨠΔࠀॺمऄृࢬᒤऱගᆢˇ˃Δ
ྥۖኔ೭ூࠏխΔભഏᜤ߶ᢞࠦጥࡡᄎʻSecurities and Exchange Commission of the United Statĕ,Հጠᢞጥᄎʼمথམڶࣴฆˇ˄Ζᖞ᧯ۖߢΔભഏኔ೭ሎ܂ڶൕ ኔᔆߡ৫ެࡳڶྤᒵٌ࣐ូԵᦞᔞشհႜٻˇ˅Ζ
38 ڶᣂ 1934 ڣᢞٌऄհ֮ױߠΚU.S. Securities and Exchange CommissionΔ http://www.sec.gov/about/laws/sea34.pdf (່৵ោᥦֲΚ10/09/2010)Ζ
39 ዊᥩᇀࠃڶࠟጟጠऄΚemeritus director א֗ honorary directorΖছृএছٚᇀࠃ࠹ᝮᖜٚྤދ ปᦞհᘬᇬՠ܂Δ।ኦࠡኙ࣍ֆհಥΙ৵ृհچۯፖছृઌۿΔฆڇ honorary director ױ ౨ਢፖֆࠠڶԫࡳᣂএ(affiliation)ۖࠠڶټඨհ؆ຝԳΖਬࠄֆឈᄎ۞೯ղ emeritus directorհጠΔ܀ڼᣊዊᥩᇀࠃڍתᝫਢᔾ۞աመװհܘԺࠀղאञ࠷৵Δᆖመਬጟ࿓ݧհ ᙇٚຏመֱ౨࠷ΖױߠΚBoard Source, http://www.boardsource.org/Knowledge.asp?ID=3.106(່
৵ោᥦֲΚ3/9/2011)Ζ
40 Louis Loss & Joel Seligman(1995), FUNDAMENTALS OF SEURITIES REGULATION, third edition, Aspen Law & Business, 573.
41 ࠏڕ 1971 ڣऱ Fort Worth National Corporation ூխΔᢞጥᄎᎁዊᥩᇀࠃᆖൄףᇀࠃᄎၲ
ᄎΔឈྤ।ެᦞΔ܀սױ౨ܓشࢬवհփᒵஒ၇ᔄैปΔਚ᥆ءයᇀࠃΙྥ 1972 ڣऱ Associated Madison CompaniesԫூխΔᢞጥᄎᎁᇠூऱֆം(members of an advisory council)ࠀآፖ ᇀࠃᄎΔڂࠡࠀྤፖֆᄐ೭Δྤ࠷փᒵஒऱᖲᄎΔਚܡࡳֆംءයࢬጠհᇀࠃΖ Ղၲூࠏհխ֮֮ױᔹΚᘸᅃ(1988)ΔπփຝԳٌ࣐ऱូԵᦞЁભഏऄऱࡳ(Ղ)ρΔτᢞࠦ
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42 ܦ܌࣑(1997)ΔτփຝԳᒵٌ࣐հऄ৳ᒤዄኔ೭ሎ܂հઔಘυΔπᢞٌᇷறρΔร 423 ཚΔ
