跨境内幕交易与市场操纵:典型案例与执法策略
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摘要
20世纪80年代以来,以跨境内幕交易和市场操纵为典型的证券市场不当行为出现了一些新特征。美国、英国、澳大利亚和德国等国的市场监管机构采取了积极措施应对跨境违法活动,包括扩大违法犯罪活动线索来源、丰富调查执法措施和手段、善用境外监管机构监管资源、明示本国证券法域外管辖权等。在当前国内证券市场对外开放步伐日渐加快的背景下,这些有益经验和做法值得吸收和借鉴,有必要推动不当行为认定标准趋同、适当拓展证券法的域外适用、完善证券跨境执法合作协调,强化交易所一线监管职能。
Since the 1980 s, there have been a series of new changes in the global securities market. Market misconduct, such as cross-border insider trading and market manipulation, also has some new features. Securities regulators in the U.S, UK Australia and Germany have taken active measures to deal with cross-border illegal activities. These measures include expanding the sources of clues to illegal activities, enriching the means of law enforcement, utilizing the regulatory resources of overseas regulators, and clarifying the extraterritorial jurisdiction of domestic securities laws. At present, the domestic securities marke is opening up more and more rapidly. These beneficial experiences and practices are worth learning from. It is necessary for us to promote convergence of standards for the identification of improper conduct in China and abroad, appropriately expand the extraterritorial application of securities law, improve cross-border law enforcement cooperation and coordination, and strengthen the first-line supervision of exchanges.
Since the 1980 s, there have been a series of new changes in the global securities market. Market misconduct, such as cross-border insider trading and market manipulation, also has some new features. Securities regulators in the U.S, UK Australia and Germany have taken active measures to deal with cross-border illegal activities. These measures include expanding the sources of clues to illegal activities, enriching the means of law enforcement, utilizing the regulatory resources of overseas regulators, and clarifying the extraterritorial jurisdiction of domestic securities laws. At present, the domestic securities marke is opening up more and more rapidly. These beneficial experiences and practices are worth learning from. It is necessary for us to promote convergence of standards for the identification of improper conduct in China and abroad, appropriately expand the extraterritorial application of securities law, improve cross-border law enforcement cooperation and coordination, and strengthen the first-line supervision of exchanges.
引文
1.证监会成功查处首例沪港通跨境操纵案件[E B/O L].[2018.04.10].http://www.csrc.gov.cn/pub/newsite/jcj/aqfb/201611/t20161121_306275.html.
2.Bafin,Annual Report 2009,p.175.
3.SEC Charges Chinese Citizens Who Reaped Massive Profits From Insider Trading on Comcast-Dreamworks Acquisition[EB/OL].[2018.01.22].https://www.sec.gov/news/pressrelease/2017-44.html;SEC v.Shaohua(Michael)Yin[EB/OL].[2018.01.22].https://www.sec.gov/litigation/complaints/2017/comp-pr2017-44.pdf.
4.FSA,Three Turkish oil company executives fined￡1.16m for market abuse[EB/OL].[2018.01.18].http://www.fsa.gov.uk/library/communication/pr/2010/028.shtml.
5.SEC v.Madrid&Julio Ugedo[EB/OL].[2018.01.18].https://www.sec.gov/litigation/complaints/2013/comp-pr2013-138.pdf.
6.SEC v.Maillard,2014 U.S.Dist.LEXIS 56456.
7.SeeJanet Austin.Insider Trading and Market Manipulation:Investigating and Prosecuting Across Borders[M].Edward Elgar Publishing Limited,2017:156.
8.SEC v Stanko J Grmovsek[EB/OL].[2018.01.20].www.sec.gov/litigation/litreleases/2009/lr21263.htm.
9.SEC.SEC Charges 32 Defendants in Scheme to Trade on Hacked News Release[EB/OL].[2018.01.20].www.sec.gov/news/pressrelease/2015-163.html.
10.U.S.Department of Justice,Manhattan U.S.Attorney Announces Arrest of Macau Resident and Unsealing of Charges Against Three Individuals For Insider Trading Based on Information Hacked From Prominent U.S.Law Firms[EB/OL].[2018.01.20].https://www.justice.gov/usao-sdny/pr/manhattan-us-attorney-announces-arrestmacau-resident-and-unsealing-charges-against.
11.BaFin,Annual Report 2012,p.179.
12.SEC v.Curshen et al.[EB/OL].[2018.01.21].www.sec.gov/litigation/complaints/2011/comp21862.pdf.
13.SEC v.Nagaicevs[EB/OL].[2018.01.21].www.sec.gov/litigation/complaints/2012/comp22238.pdf;SEC v.Nagaicevs,2013U.S.Dist.LEXIS 98577.
14.Mercury Capital和Richard V.Rizzo并非经SEC注册的证券商,而是利用其他证券商提供的市场直连服务进行证券交易。SECADMINISTRATIVE PROCEEDING File No.3-14719[EB/OL].[2018.01.21].https://www.sec.gov/litigation/admin/2012/34-66248.pdf;SEC ADMINISTRATIVE PROCEEDING File No.3-14718[EB/OL].[2018.01.21].https://www.sec.gov/litigation/admin/2012/34-66247.pdf.
15.ASIC,15-209MR Proceeds of crime seized following account hacking[EB/OL].[2018.01.21].http://asic.gov.au/about-asic/mediacentre/find-a-media-release/2015-releases/15-209mr-proceeds-ofcrime-seized-following-account-hacking/.
16.London Stock Exchange,DIRECT MARKET ACCESS[EB/OL].[2018.01.22].http://www.londonstockexchange.com/pricesand-markets/stocks/tools-and-services/direct-market-access/directmarket-access.htm.
17.Canada Inc Swift Trade Inc and Peter Beck v FSA[2013]UKUTB2(TCC)(23 January 2013).
18.See Charles R.Korsmo.High-Frequency Trading:A Regulatory Strategy[J].University of Richmond Law Review,2014:523-610;Edgar Orteg Barrales.Lessons from the Flash Crash for the Regulation of High-Frequency Traders[J].Fordham Journal of Corporate and Financial Law,2012:1195-1262.
19.FCA,FCA fines US based oil trader US$903K for market manipulation[EB/OL].[2018.01.22].https://www.fca.org.uk/news/press-releases/fca-fines-us-based-oil-trader-us-903k-marketmanipulation.
20.United States v.Coscia,100 F.Supp.3d 653(N.D.Ill.,Apr.16,2015);United States v.Coscia,177 F.Supp.3d 1087(N.D.Ill.,Apr.6,2016);United States v.Coscia,866 F.3d 782(7th Cir.Ill.,Aug.7,2017).
21.SEC,How Investigations Work[EB/OL].[2018.01.22].https://www.sec.gov/enforce/how-investigations-work.html;ASIC,ASIC’s approach to enforcement[EB/OL].[2018.01.24].http://download.asic.gov.au/media/1339118/INFO_151_ASIC_approach_to_enforcement_20130916.pdf.
22.ASIC,13-316MR ASIC's next generation market surveillance system commences[EB/OL].[2018.01.22].http://asic.gov.au/aboutasic/media-centre/find-a-media-release/2013-releases/13-316mrasics-next-generation-market-surveillance-system-commences/.
23.Ravi Menon,Singapore FinTech Journey 2.0[EB/OL].[2018.01.22].http://www.mas.gov.sg/News-and-Publications/Speeches-and-Monetary-Policy-Statements/Speeches/2017/Singapore-FinTech-Journey-2.aspx.
24.Bafin,Annual Report 2016,p.177.
25.The Financial Conduct Authority v Da Vinci Invest Ltd[2015]EWHC 2401(Ch)(12 August 2015).
26.SEC,SEC Approves Plan to Create Consolidated Audit Trail[EB/OL].[2018.01.22].https://www.sec.gov/news/pressrelease/2016-240.html.
27.USA PATRIOT Act,Section 356“Reporting of Suspicious Activities by Securities Brokers and Dealers;Investment Company Study”。典型例子是2015年奥本海默公司(Oppenheimer&Co.Inc.)因违反可疑活动报告规则分别受到SEC、FinCEN的处罚,罚没金额合计2000万美元。SEC ADMINISTRATIVE PROCEEDINGFile No.3-16361[EB/OL].[2018.01.22].https://www.sec.gov/litigation/admin/2015/33-9711.pdf;FinCEN,IN THE MATTEROFOppenheimer&Co.,Inc.[EB/OL].[2018.01.22].https://www.fincen.gov/sites/default/files/enforcement_action/Oppenheimer_Assessment_20150126.pdf.
28.FinCEN SAR Electronic Filing Requirements[EB/OL].[2018.01.22].https://bsaefiling.fincen.treas.gov/docs/FinCENSARElectr onicFilingRequirements.pdf.
29.Jamal El-Hindi,Remarks at the Parliamentary Intelligence Security Forum[EB/OL].[2018.01.23].https://www.fincen.gov/news/speeches/prepared-remarks-fincen-deputy-director-jamal-el-hindidelivered-parliamentary.
30.SEC and FinCEN Sign Information Sharing Agreement[EB/OL].[2018.01.23].https://www.sec.gov/news/press/2006/2006-217.htm.
31.EU Market Abuse Regulation,Article 16.2.
32.SEC,2017 Annual Report to Congress:Whistleblower Program[EB/OL].[2018.01.23].www.sec.gov/files/sec-2017-annual-reportwhistleblower-program.pdf.
33.Bafin,Contact point for disclosures about violations of supervisory law[EB/OL].[2018.01.23].https://www.bafin.de/EN/Aufsicht/Uebergreifend/Hinweisgeberstelle/hinweisgeberstelle_node_en.html.ASIC,Whistleblowing[EB/OL].[2018.01.23].http://asic.gov.au/about-asic/asic-investigations-and-enforcement/whistleblowing/.
34.Bafin,Annual Report 2016,p.54.
35.17 Code of Federal Regulations§202.5、§203.1-203.8。
36.ASIC,ASIC’s approach to enforcement[EB/OL].[2018.01.24].http://download.asic.gov.au/media/1339118/INFO_151_ASIC_approach_to_enforcement_20130916.pdf.
37.See Janet Austin.Insider Trading and Market Manipulation:Investigating and Prosecuting Across Borders[J].Edward Elgar Publishing Limited,2017:126.
38.Ibid,p.127.
39.SEC,Enforcement Manual,§5.6“Informal Referrals from Enforcement”.
40.SEC,Enforcement Manual,§5.2.1“Parallel Investigations”.
41.Mary Jo White,All-Encompassing Enforcement:The Robust Use of Civil and Criminal Actions to Police the Markets[EB/OL].[2018.01.25].https://www.sec.gov/news/speech/2014-spch033114mjw.
42.美国《1934年证券交易法》第21(d)(1):“证券交易委员会发现任何人从事或者即将从事的行为或者做法违反本法、本法项下规则、条例……的,可以酌情在美国有关地区法院、美国哥伦比亚特区法院、美国任何管辖区或者受美国管辖的其他地方的美国法院起诉,以禁止该行为或者做法;经适当陈述后,法院应当签发永久、临时禁制令或者限制令,不准保释”。
43.SEC v.Unifund Sal,910 F.2d 1028(2d Cir.1990).
44.法院同时也认为,行为人借助美国证券商的分支机构进行的内幕交易活动,这一情节并不直接导致法院对该案具有管辖权
45.SEC v.Lek Secs.Corp.,2017 U.S.Dist.LEXIS 46862.
46.The Financial Conduct Authority v Da Vinci Invest Ltd[2015]EWHC 2401(Ch)(12 August 2015).
47.美国国会于1990年通过《1990年证券法律修正案》(Securities Acts Amendments of 1990),其中包括了《1990年国际证券执法合作法》(International Securities Enforcement Cooperation Act of 1990),在《1933年证券法》《1934年证券交易法》中增补了SEC与境外监管机构进行监管合作的内容。有关的立法目的可参见美国国会众议院、参议院立法报告House Report No.101-240 to accompanyH.R.1396,International SecuritiesEnforcement Cooperation Act of1989,101st Congress,September 12,1989;Senate Report No.100-461to accompanyS.2544,International SecuritiesEnforcement Cooperation Act of 1988,100th Congress,August 8,1988.
48.Bafin,Annual Report 2016,p.177.
49.SeeRoberta S.Karmel&Claire R.Kelly.The Hardening of Soft Law in Securities Regulation[J].Brooklyn Journal of International Law,2009:883-952;Junsun Park.Enforcement of Securities Law in the Global Marketplace:Cross-Border Cooperation in theProsecution of Transnational Hedge Fund Fraud[J].Brooklyn Journal of International Law,2014:231-268.
50.如前文所述,SEC如需冻结相对人的财产时,需要向法院申请TRO。而根据我国《证券法》第180条的规定,“对有证据证明已经或者可能转移或者隐匿违法资金、证券等涉案财产或者隐匿、伪造、毁损重要证据的,经国务院证券监督管理机构主要负责人批准,可以冻结或者查封”。
51.其中的典型例子是,2014年国际四大会计事务所的中国分支机构拒绝向SEC提供审计底稿而引起争议。SEC援引中美双方MoU以及根据IOSCO的MMOU要求中国提供相关信息,未果。
52.SEC v.Certain Unknown Purchaser,1985 U.S.Dist.LEXIS22474;Charles v.Keaton,1988 U.S.App.LEXIS 22162.
53.外交部.我国对外缔结司法协助及引渡条约情况[E B/OL].[2018.01.26].http://www.fmprc.gov.cn/web/ziliao_674904/tytj_674911/wgdwdjdsfhzty_674917/t1215630.shtml.
54.《中华人民共和国和大不列颠及北爱尔兰联合王国关于刑事司法协助的条约(中文本)》[EB/OL].[2018.01.26].http://www.npc.gov.cn/wxzl/gongbao/2015-11/10/content_1951893.htm.
55.ISG,Organizational Overview[EB/OL].[2018.01.24].https://www.isgportal.org/isgPortal/public/home.htm.
56.CESR,Multilateral Memorandum of Understanding on the Exchange of Information and Surveillance of Securities Activities[EB/OL].[2018.01.26].https://www.esma.europa.eu/sites/default/files/library/2015/11/05_335.pdf.
57.IOSCO于2012年对该多边谅解备忘录进行了修订[EB/OL].[2018.01.26].http://www.iosco.org/library/pubdocs/pdf/IOSCOPD386.pdf.
58.FSA Final Notice 2006:Philippe Jabre[EB/OL].[2018.01.29].https://www.fca.org.uk/publication/final-notices/jabre.pdf.
59.Jabre&Financial Services Authority(Decision on Market Abuse)v Financial Services Authority[2006]UKFSM FSM036(10 July 2006).
60.与该案相类似的是2011年S.E.C.v.Compania Internacional Financiera S.A.案,该案涉及一家瑞士公司的实际控制人从卢森堡券商处得知一家纽约证券交易所上市公司的并购案后,利用公司账户和个人账户从伦敦证券交易所买入该公司的差价合约,分别获利465万美元、17万美元。法院最终认定,行为人虽然是以买入与纽交所上市公司股票相连接的伦交所差价合约的方式参与了内幕交易,但毋庸置疑这一欺诈行为涉及(involved)到美国本土交易所的上市证券。在2017年Securities and Exchange Commission v.Revelation Capital Management,Ltd.案中,美国纽约南区联邦地区法院在对前案加以引述时,进一步将这一关联关系阐述为“这一金融工具触发了在国内证券交易所的相对应的交易活动。换句话说,被告所交易的境外金融工具与国内上市证券之间构成了‘资金关系’(financial relationship)”。
61.Canada Inc Swift Trade Inc and Peter Beck v FSA[2013]UKUT B2(TCC)(23 January 2013);7722656 Canada Inc&Anor v The Financial Conduct Authority&Ors[2013]EWCA Civ 1662(19December 2013).
62.The Financial Conduct Authority v Da Vinci Invest Ltd[2015]EWHC 2401(Ch)(12 August 2015).
63.SEC v.Berger,322 F.3d 187(2003).
64.Morrison v.Nat'l Austl.Bank Ltd.,547 F.3d 167(2008);Morrison v.Nat'l Austl.Bank Ltd.,561 U.S.247(2010).
65.Yuliya Guseva,Extraterritoriality of Securities Law Redux:Litigation Five Years after Morrison v.National Australia Bank,Columbia Business Law Review,Vol.2017,Issue 1(2017),pp.199-279.
66.United States SEC v.A Chi.Convention Ctr.,LLC,961 F.Supp.2d 905.
67.245 F.Supp.3d 1275(2017).
68.Asadi v.G.E.Energy(USA),LLC,2012 U.S.Dist.LEXIS89746;Liu Meng-Lin v.Siemens AG,763 F.3d 175(2014).
69.961 F.Supp.2d 905(2013).
70.677 F.3d 60(2012).
71.2013 U.S.Dist.LEXIS 176998(S.D.N.Y.,Dec.16,2013).
72.In re Volkswagen"Clean Diesel"Mktg.,Sales Practices,&Prods.Liab.Litig.,2017 U.S.Dist.LEXIS 1109.
73.王得源.大众再陷“排放门”丑闻[EB/OL].[2018.01.27].http://paper.people.com.cn/mszk/html/2015-09/21/content_1618156.htm.
74.参见黄川.民事诉讼管辖研究:制度、案例与问题[M].中国法制出版社,2001:298.
75.“当法院面对的是主要涉及境外交易的案件时,必须设法决定国会是否希望美国法院和执法机构宝贵的资源花费在这些案件上,而不是把问题留给外国”。Bersch v.Drexel Firestone,Inc.,519F.2d 974(1975).
76.参见蔡奕.内幕交易的特殊行为形态分析--兼议《证券法》内幕交易相关规范的修订[J].证券法苑,2011,(02):1136-1156.
77.在2015年杨剑波与中国证券监督管理委员会处罚决定上诉案中,当事人杨剑波曾主张,光大证券的对冲行为并不属于证券法规定的内幕交易行为,“(证监会)将交易信息认定为内幕信息,与列举性条款所确立的内幕信息仅包含发行人自身信息的性质相背离”。参见北京市高级人民法院(2015)高行终字第943号行政判决书。
78.参见杨峰.我国证券法域外适用制度的构建[J].法商研究,2016,33(01):166-176.
2.Bafin,Annual Report 2009,p.175.
3.SEC Charges Chinese Citizens Who Reaped Massive Profits From Insider Trading on Comcast-Dreamworks Acquisition[EB/OL].[2018.01.22].https://www.sec.gov/news/pressrelease/2017-44.html;SEC v.Shaohua(Michael)Yin[EB/OL].[2018.01.22].https://www.sec.gov/litigation/complaints/2017/comp-pr2017-44.pdf.
4.FSA,Three Turkish oil company executives fined￡1.16m for market abuse[EB/OL].[2018.01.18].http://www.fsa.gov.uk/library/communication/pr/2010/028.shtml.
5.SEC v.Madrid&Julio Ugedo[EB/OL].[2018.01.18].https://www.sec.gov/litigation/complaints/2013/comp-pr2013-138.pdf.
6.SEC v.Maillard,2014 U.S.Dist.LEXIS 56456.
7.SeeJanet Austin.Insider Trading and Market Manipulation:Investigating and Prosecuting Across Borders[M].Edward Elgar Publishing Limited,2017:156.
8.SEC v Stanko J Grmovsek[EB/OL].[2018.01.20].www.sec.gov/litigation/litreleases/2009/lr21263.htm.
9.SEC.SEC Charges 32 Defendants in Scheme to Trade on Hacked News Release[EB/OL].[2018.01.20].www.sec.gov/news/pressrelease/2015-163.html.
10.U.S.Department of Justice,Manhattan U.S.Attorney Announces Arrest of Macau Resident and Unsealing of Charges Against Three Individuals For Insider Trading Based on Information Hacked From Prominent U.S.Law Firms[EB/OL].[2018.01.20].https://www.justice.gov/usao-sdny/pr/manhattan-us-attorney-announces-arrestmacau-resident-and-unsealing-charges-against.
11.BaFin,Annual Report 2012,p.179.
12.SEC v.Curshen et al.[EB/OL].[2018.01.21].www.sec.gov/litigation/complaints/2011/comp21862.pdf.
13.SEC v.Nagaicevs[EB/OL].[2018.01.21].www.sec.gov/litigation/complaints/2012/comp22238.pdf;SEC v.Nagaicevs,2013U.S.Dist.LEXIS 98577.
14.Mercury Capital和Richard V.Rizzo并非经SEC注册的证券商,而是利用其他证券商提供的市场直连服务进行证券交易。SECADMINISTRATIVE PROCEEDING File No.3-14719[EB/OL].[2018.01.21].https://www.sec.gov/litigation/admin/2012/34-66248.pdf;SEC ADMINISTRATIVE PROCEEDING File No.3-14718[EB/OL].[2018.01.21].https://www.sec.gov/litigation/admin/2012/34-66247.pdf.
15.ASIC,15-209MR Proceeds of crime seized following account hacking[EB/OL].[2018.01.21].http://asic.gov.au/about-asic/mediacentre/find-a-media-release/2015-releases/15-209mr-proceeds-ofcrime-seized-following-account-hacking/.
16.London Stock Exchange,DIRECT MARKET ACCESS[EB/OL].[2018.01.22].http://www.londonstockexchange.com/pricesand-markets/stocks/tools-and-services/direct-market-access/directmarket-access.htm.
17.Canada Inc Swift Trade Inc and Peter Beck v FSA[2013]UKUTB2(TCC)(23 January 2013).
18.See Charles R.Korsmo.High-Frequency Trading:A Regulatory Strategy[J].University of Richmond Law Review,2014:523-610;Edgar Orteg Barrales.Lessons from the Flash Crash for the Regulation of High-Frequency Traders[J].Fordham Journal of Corporate and Financial Law,2012:1195-1262.
19.FCA,FCA fines US based oil trader US$903K for market manipulation[EB/OL].[2018.01.22].https://www.fca.org.uk/news/press-releases/fca-fines-us-based-oil-trader-us-903k-marketmanipulation.
20.United States v.Coscia,100 F.Supp.3d 653(N.D.Ill.,Apr.16,2015);United States v.Coscia,177 F.Supp.3d 1087(N.D.Ill.,Apr.6,2016);United States v.Coscia,866 F.3d 782(7th Cir.Ill.,Aug.7,2017).
21.SEC,How Investigations Work[EB/OL].[2018.01.22].https://www.sec.gov/enforce/how-investigations-work.html;ASIC,ASIC’s approach to enforcement[EB/OL].[2018.01.24].http://download.asic.gov.au/media/1339118/INFO_151_ASIC_approach_to_enforcement_20130916.pdf.
22.ASIC,13-316MR ASIC's next generation market surveillance system commences[EB/OL].[2018.01.22].http://asic.gov.au/aboutasic/media-centre/find-a-media-release/2013-releases/13-316mrasics-next-generation-market-surveillance-system-commences/.
23.Ravi Menon,Singapore FinTech Journey 2.0[EB/OL].[2018.01.22].http://www.mas.gov.sg/News-and-Publications/Speeches-and-Monetary-Policy-Statements/Speeches/2017/Singapore-FinTech-Journey-2.aspx.
24.Bafin,Annual Report 2016,p.177.
25.The Financial Conduct Authority v Da Vinci Invest Ltd[2015]EWHC 2401(Ch)(12 August 2015).
26.SEC,SEC Approves Plan to Create Consolidated Audit Trail[EB/OL].[2018.01.22].https://www.sec.gov/news/pressrelease/2016-240.html.
27.USA PATRIOT Act,Section 356“Reporting of Suspicious Activities by Securities Brokers and Dealers;Investment Company Study”。典型例子是2015年奥本海默公司(Oppenheimer&Co.Inc.)因违反可疑活动报告规则分别受到SEC、FinCEN的处罚,罚没金额合计2000万美元。SEC ADMINISTRATIVE PROCEEDINGFile No.3-16361[EB/OL].[2018.01.22].https://www.sec.gov/litigation/admin/2015/33-9711.pdf;FinCEN,IN THE MATTEROFOppenheimer&Co.,Inc.[EB/OL].[2018.01.22].https://www.fincen.gov/sites/default/files/enforcement_action/Oppenheimer_Assessment_20150126.pdf.
28.FinCEN SAR Electronic Filing Requirements[EB/OL].[2018.01.22].https://bsaefiling.fincen.treas.gov/docs/FinCENSARElectr onicFilingRequirements.pdf.
29.Jamal El-Hindi,Remarks at the Parliamentary Intelligence Security Forum[EB/OL].[2018.01.23].https://www.fincen.gov/news/speeches/prepared-remarks-fincen-deputy-director-jamal-el-hindidelivered-parliamentary.
30.SEC and FinCEN Sign Information Sharing Agreement[EB/OL].[2018.01.23].https://www.sec.gov/news/press/2006/2006-217.htm.
31.EU Market Abuse Regulation,Article 16.2.
32.SEC,2017 Annual Report to Congress:Whistleblower Program[EB/OL].[2018.01.23].www.sec.gov/files/sec-2017-annual-reportwhistleblower-program.pdf.
33.Bafin,Contact point for disclosures about violations of supervisory law[EB/OL].[2018.01.23].https://www.bafin.de/EN/Aufsicht/Uebergreifend/Hinweisgeberstelle/hinweisgeberstelle_node_en.html.ASIC,Whistleblowing[EB/OL].[2018.01.23].http://asic.gov.au/about-asic/asic-investigations-and-enforcement/whistleblowing/.
34.Bafin,Annual Report 2016,p.54.
35.17 Code of Federal Regulations§202.5、§203.1-203.8。
36.ASIC,ASIC’s approach to enforcement[EB/OL].[2018.01.24].http://download.asic.gov.au/media/1339118/INFO_151_ASIC_approach_to_enforcement_20130916.pdf.
37.See Janet Austin.Insider Trading and Market Manipulation:Investigating and Prosecuting Across Borders[J].Edward Elgar Publishing Limited,2017:126.
38.Ibid,p.127.
39.SEC,Enforcement Manual,§5.6“Informal Referrals from Enforcement”.
40.SEC,Enforcement Manual,§5.2.1“Parallel Investigations”.
41.Mary Jo White,All-Encompassing Enforcement:The Robust Use of Civil and Criminal Actions to Police the Markets[EB/OL].[2018.01.25].https://www.sec.gov/news/speech/2014-spch033114mjw.
42.美国《1934年证券交易法》第21(d)(1):“证券交易委员会发现任何人从事或者即将从事的行为或者做法违反本法、本法项下规则、条例……的,可以酌情在美国有关地区法院、美国哥伦比亚特区法院、美国任何管辖区或者受美国管辖的其他地方的美国法院起诉,以禁止该行为或者做法;经适当陈述后,法院应当签发永久、临时禁制令或者限制令,不准保释”。
43.SEC v.Unifund Sal,910 F.2d 1028(2d Cir.1990).
44.法院同时也认为,行为人借助美国证券商的分支机构进行的内幕交易活动,这一情节并不直接导致法院对该案具有管辖权
45.SEC v.Lek Secs.Corp.,2017 U.S.Dist.LEXIS 46862.
46.The Financial Conduct Authority v Da Vinci Invest Ltd[2015]EWHC 2401(Ch)(12 August 2015).
47.美国国会于1990年通过《1990年证券法律修正案》(Securities Acts Amendments of 1990),其中包括了《1990年国际证券执法合作法》(International Securities Enforcement Cooperation Act of 1990),在《1933年证券法》《1934年证券交易法》中增补了SEC与境外监管机构进行监管合作的内容。有关的立法目的可参见美国国会众议院、参议院立法报告House Report No.101-240 to accompanyH.R.1396,International SecuritiesEnforcement Cooperation Act of1989,101st Congress,September 12,1989;Senate Report No.100-461to accompanyS.2544,International SecuritiesEnforcement Cooperation Act of 1988,100th Congress,August 8,1988.
48.Bafin,Annual Report 2016,p.177.
49.SeeRoberta S.Karmel&Claire R.Kelly.The Hardening of Soft Law in Securities Regulation[J].Brooklyn Journal of International Law,2009:883-952;Junsun Park.Enforcement of Securities Law in the Global Marketplace:Cross-Border Cooperation in theProsecution of Transnational Hedge Fund Fraud[J].Brooklyn Journal of International Law,2014:231-268.
50.如前文所述,SEC如需冻结相对人的财产时,需要向法院申请TRO。而根据我国《证券法》第180条的规定,“对有证据证明已经或者可能转移或者隐匿违法资金、证券等涉案财产或者隐匿、伪造、毁损重要证据的,经国务院证券监督管理机构主要负责人批准,可以冻结或者查封”。
51.其中的典型例子是,2014年国际四大会计事务所的中国分支机构拒绝向SEC提供审计底稿而引起争议。SEC援引中美双方MoU以及根据IOSCO的MMOU要求中国提供相关信息,未果。
52.SEC v.Certain Unknown Purchaser,1985 U.S.Dist.LEXIS22474;Charles v.Keaton,1988 U.S.App.LEXIS 22162.
53.外交部.我国对外缔结司法协助及引渡条约情况[E B/OL].[2018.01.26].http://www.fmprc.gov.cn/web/ziliao_674904/tytj_674911/wgdwdjdsfhzty_674917/t1215630.shtml.
54.《中华人民共和国和大不列颠及北爱尔兰联合王国关于刑事司法协助的条约(中文本)》[EB/OL].[2018.01.26].http://www.npc.gov.cn/wxzl/gongbao/2015-11/10/content_1951893.htm.
55.ISG,Organizational Overview[EB/OL].[2018.01.24].https://www.isgportal.org/isgPortal/public/home.htm.
56.CESR,Multilateral Memorandum of Understanding on the Exchange of Information and Surveillance of Securities Activities[EB/OL].[2018.01.26].https://www.esma.europa.eu/sites/default/files/library/2015/11/05_335.pdf.
57.IOSCO于2012年对该多边谅解备忘录进行了修订[EB/OL].[2018.01.26].http://www.iosco.org/library/pubdocs/pdf/IOSCOPD386.pdf.
58.FSA Final Notice 2006:Philippe Jabre[EB/OL].[2018.01.29].https://www.fca.org.uk/publication/final-notices/jabre.pdf.
59.Jabre&Financial Services Authority(Decision on Market Abuse)v Financial Services Authority[2006]UKFSM FSM036(10 July 2006).
60.与该案相类似的是2011年S.E.C.v.Compania Internacional Financiera S.A.案,该案涉及一家瑞士公司的实际控制人从卢森堡券商处得知一家纽约证券交易所上市公司的并购案后,利用公司账户和个人账户从伦敦证券交易所买入该公司的差价合约,分别获利465万美元、17万美元。法院最终认定,行为人虽然是以买入与纽交所上市公司股票相连接的伦交所差价合约的方式参与了内幕交易,但毋庸置疑这一欺诈行为涉及(involved)到美国本土交易所的上市证券。在2017年Securities and Exchange Commission v.Revelation Capital Management,Ltd.案中,美国纽约南区联邦地区法院在对前案加以引述时,进一步将这一关联关系阐述为“这一金融工具触发了在国内证券交易所的相对应的交易活动。换句话说,被告所交易的境外金融工具与国内上市证券之间构成了‘资金关系’(financial relationship)”。
61.Canada Inc Swift Trade Inc and Peter Beck v FSA[2013]UKUT B2(TCC)(23 January 2013);7722656 Canada Inc&Anor v The Financial Conduct Authority&Ors[2013]EWCA Civ 1662(19December 2013).
62.The Financial Conduct Authority v Da Vinci Invest Ltd[2015]EWHC 2401(Ch)(12 August 2015).
63.SEC v.Berger,322 F.3d 187(2003).
64.Morrison v.Nat'l Austl.Bank Ltd.,547 F.3d 167(2008);Morrison v.Nat'l Austl.Bank Ltd.,561 U.S.247(2010).
65.Yuliya Guseva,Extraterritoriality of Securities Law Redux:Litigation Five Years after Morrison v.National Australia Bank,Columbia Business Law Review,Vol.2017,Issue 1(2017),pp.199-279.
66.United States SEC v.A Chi.Convention Ctr.,LLC,961 F.Supp.2d 905.
67.245 F.Supp.3d 1275(2017).
68.Asadi v.G.E.Energy(USA),LLC,2012 U.S.Dist.LEXIS89746;Liu Meng-Lin v.Siemens AG,763 F.3d 175(2014).
69.961 F.Supp.2d 905(2013).
70.677 F.3d 60(2012).
71.2013 U.S.Dist.LEXIS 176998(S.D.N.Y.,Dec.16,2013).
72.In re Volkswagen"Clean Diesel"Mktg.,Sales Practices,&Prods.Liab.Litig.,2017 U.S.Dist.LEXIS 1109.
73.王得源.大众再陷“排放门”丑闻[EB/OL].[2018.01.27].http://paper.people.com.cn/mszk/html/2015-09/21/content_1618156.htm.
74.参见黄川.民事诉讼管辖研究:制度、案例与问题[M].中国法制出版社,2001:298.
75.“当法院面对的是主要涉及境外交易的案件时,必须设法决定国会是否希望美国法院和执法机构宝贵的资源花费在这些案件上,而不是把问题留给外国”。Bersch v.Drexel Firestone,Inc.,519F.2d 974(1975).
76.参见蔡奕.内幕交易的特殊行为形态分析--兼议《证券法》内幕交易相关规范的修订[J].证券法苑,2011,(02):1136-1156.
77.在2015年杨剑波与中国证券监督管理委员会处罚决定上诉案中,当事人杨剑波曾主张,光大证券的对冲行为并不属于证券法规定的内幕交易行为,“(证监会)将交易信息认定为内幕信息,与列举性条款所确立的内幕信息仅包含发行人自身信息的性质相背离”。参见北京市高级人民法院(2015)高行终字第943号行政判决书。
78.参见杨峰.我国证券法域外适用制度的构建[J].法商研究,2016,33(01):166-176.