从美国“八爪鱼”案反观中国内幕人之认定标准

围绕我国现行证券法下内幕交易认定主体方面的疑难展开，从司法、立法、执法角度研究分析域外法律实践，认为对内幕人的界定以内涵为首要，外延在其次；内幕人应当采实质界定，即有无知悉内幕信息。而外延的展开，采概括式立法；主体界定应从对内幕信息的占有或知悉的角度展开：即知悉（possess）内幕信息的人，且其知道或应当知道该信息为内幕信息；在直接内幕人的分类下进行细分，以业务合同关系、监督管理关系、亲属及其他密切关系为标准，概括具有典型性的直接内幕人的子分类。信息受领人的范围不限于“第一受领人”。

Reviewing the standard of Insiders in China from the perspective of American ＂Octopus Case＂

Centering on the difficulties to define the Security Law, this article argues that the first priority is the by analyzing the legal practice of other countries from subjects of inside trading under current Chinese connotation of insiders, that next is the extension the perspective of legislation, jurisdiction and execution. The insiders should be defined in the substantial sense, namely judging whether the personnel know about the inside securities trading information. As to the expansion of connotative concept, legislation uses general-style provisions. Subjects＇ definition should be processed from the point of view of information occupancy or possession, which means that the subjects should be regarded as personnel who possess the inside information, and who knows or should know such information belongs to inside information. Based on the relationship of business and contract, supervision and management, as well as kinship or other intimate relationships, the direct insiders could be subdivided into subcategories in order to generalize typical subcategories of direct insiders. Besides, the scopes of information recipients are not restricted to ＂the first recipients＂.