论内幕交易罪中“内幕信息”的界定

内幕信息的界定是认定某交易行为能否构成内幕交易罪的关键所在，对于内幕信息的判断问题，各国法的规定并不相同，但一般都认为内幕信息应当具有重要性（实质性或价格敏感性）、未公开性、相关性的特征，欧盟指令还指出内幕信息应具有准确性的特征。美国判例关于实质性、相关性的证明方式，日本法中关于重要信息的分类列举方式，欧盟法中的“准确性”标准等对于中国法的相关问题都具有相当的借鉴意义。

About the"Insider Information" of the Crime of Insider Trading

The insider information is very important for the judgment about the crime of insider trading, it should have four characters: importance (materiality or price sensitivity), confidentiality, correlation and certainty. To judge the importance, we should use the theory about "Materiality" and "Correlation" from American cases. About the precision, we should use the methods of the directive of European Union.On the question about the range of insider information, according to the difference of it, Japanese law...