摘要：

内幕交易执法司法中的广泛争议令我们有必要思考对内幕交易的类型作一体系性重构。反欺诈论主张内幕交易责任产生于行为人基于特定身份或特定行为而对内幕信息财产的欺诈性侵害。从信息获取角度，内幕交易可分为合法获取型、非法获取型和泄露型。合法获取者包括依职务获取内幕信息的上市公司内部人和收购上市公司者的工作人员；与知情人共同生活的家属视为准知情人；个别合法获取内幕信息者的责任应建立在自我承诺之上。非法获取者应限于采用非法手段获取信息者。泄露指内幕信息占有人故意将信息告知他人，且知道或应当知道后者将据之交易。在泄密人对之有明确的施惠意图时，受密人才应担责。非依职务偶然、非主动、未采取非法手段获取内幕信息的人对信息所有者并无义务，要求其保密或戒绝交易无法理基础，否则法律遵循或执行成本过高。异常交易可成为执法入手点，但应注意区别合法和非法获取，泄露型交易应从泄密人的违法性开始推导，按情境厘定类型。

关键词: 内幕交易, 内幕信息, 证券执法, 证监会

Abstract:

A New Classification of insider trading is desirable to clarity the system and to reduce controversies.Insider trading can be classified into three types：legally procurement，illegally procurement and tipping.Legae procurers are able to get the inside information through their jobs or life style.They include corporate insiders and particular outsiders，family members of these persons.Persons getting information ad hoc are only liable for insider trading when they break a promise.Illegal procurers only include those obtaining information by illegal means.Tipping means information holders disclose information to another，knowing or should know that the latter will trade on that.But the tippee is liable only when the tipper intends to give the former such benefit.Persons having inside information by chance are under no obligation to the information owners and thus owe no duty to keep the secret or abstain from trading.Otherwise，the cost of compliance and enforcement would be too high.According to the above theories，CSRC erred in expanding the scope of persons legally obtaining inside information with a legal basis，presuming persons possessing inside information without a legal title as illegal procuring，neglecting the intention of alleged tipper or the content of information conveyed，and including negligence as a qualified mental statehood.Abnormal trading could be the clue for enforcements under the guidance of classification here argued.Tipping liability should be derived from the illegality of tippers.The concrete contexts should be studied carefully for the determination of a proper type.

Key words: Insider Trading, Inside Information, Securities Enforcement, CSRC