A Study of the Securities Market Manipulation - Focusing on Wash Sales and Matched Orders
| Autor: | Huang, Chang-Chun, 黃章峻 |
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| Rok vydání: | 2018 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 106 The legislative purpose of the Securities Exchange Act of Taiwan is “developing the national economy” and “the safeguard investment”. The important function of Securities Exchange Market, is the formation of fair prices, which means that the value of the securities in the securities exchange market is based on the consensus of the Department of the buyers and sellers of securities and a certain supply and demand relationship and decided on transaction prices. As a result, Acts of market manipulation, would distort the market price, its own need to be prohibited in order to avoid the manipulation, and showed the hypocrisy of the transaction or the illusion of a price, and then lured the investable public trading compromised, disrupting financial order, thereby affecting the development of the national economy. In this regard, most of the countries in the world have relative regulations, and our country also inputs Article 155, so called "Anti-Manipulation Provisions", in the Securities and Exchange Act. In the Anti-Manipulation Provisions, there are 6 subparagraphs for 6 kinds of manipulations (Subparagraph 2 was deleted), and Subparagraph 7 is a general regulation in order to prevent the loopholes. Among them, Subparagraph 3 and 5 are regulations for “Match orders” and “Wash sales”. In theory, these two manipulations are under the category of “fictitious transaction”. They are quite common in practicing, too. However, both of them have a same dispute that the subjective constituent elements “intention” is not clearly, while the subject constituent elements are not perfect as the same time. Moreover, people who violate Article 1 of the Anti-Manipulation Provisions should burden the liability for damages. Yet, there isn’t a unified opinion in courts regarding the judgement for causal relation, burden of producing evidence, and even calculation for damages, which often derivate dispute in practicing. In view of this, the article will be compiling legislative instances of market manipulation behavior in United States and Japan, in order to compare of our Securities and Exchange Act, and will be analyzing the theories and judicial opinions as a form of reference for amendments on relevant provisions regarding manipulations. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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