证券交易

In buying or selling transaction products outside a stock exchange, a securities company shall open a corresponding account pursuant to relevant provisions.

第十九条证券公司从事定向资产管理业务，买卖证券交易所的交易品种，应当使用客户的定向资产管理专用证券账户；买卖证券交易所以外的交易品种，应当按照有关规定开立相应账户。

Participation in the Stock Exchange issued a notice measurement firms, the explicit reference to various types of financing margin trading and securities transfer, the customer credit account with the Securities and pin No.

在交易所发出通知参加测试的企业，明确提及融资保证金交易和证券转让各类客户的信用账户与证券及引脚号与有关保证金融资，清算资金交易的利益保证金交易结算，市场和关闭后数据接口测试，证券保证金融资机构，例如实时功能测试，6个测试的内容。

John Mauldin is a registered representative of Millennium Wave Securities, LLC,, an NASD registered broker-dealer. MWS is also a Commodity Pool Operator and a Commodity Trading Advisor registered with the CFTC, as well as an Introducing Broker.

他还是千嬉波证券有限公司的注册代表，千嬉波证券有限公司是经美国金融业管理机构注册的经纪交易公司，是经美国商品期货交易委员会注册的商品基金操作公司（Commodity Pool Operator， CPO）与商品交易顾问公司（Commodity Trading Advisor， CTA），同时也是一家中介经纪公司（Introducing Broker， IB）。

The themes of this thesis are as the following: chapterⅠdiscusses the differences between a material information and an inside information, and then points out the legislative error of the insider trading regulation in Taiwan; chapter II briefly introduces the legislative evolution of the Article 157－1 of Securities Exchange Act in Taiwan; chapterⅢ points out the source of law of the "insider trading" regulation and its punishability; chapter Ⅳ analyzes the "insider trading" regulation based on the criminal "Tatbestand" theory in Taiwan.

本文的架构如下：第一章，主要在说明重大消息与内线消息的不同，并点出现行证券交易法对於内线交易规范的立法错误；第二章，简介证券交易法第157条之1的立法沿革；第三章，探讨「内线交易」构成要件及其「可罚性」的法律依据；第四章，则是本文的重心所在，即以我国的刑事构成要件理论剖析「内线交易」构成要件，并同时以法治国刑事法的法理探讨其相关解释、适用疑义暨重新检讨其立法妥当性，乃至於提出修法建议；第五章，评析内线交易的若干实务见解；第六章，则是本文结论与内线交易相关修法建议──以刑事责任为限。

The securities registration and account balancing institutions conduct stock clearing and delivery of securities and capital, and handle the procedures of security registration and transfer ownership based on transaction results and in accordance with the rules of clearing and delivery.

第一百零五条证券公司根据投资者的委托，按照时间优先的规则提出交易申报，参与证券交易所场内的集中竞价交易；证券登记结算机构根据成交结果，按照清算交割规则，进行证券和资金的清算交割，办理证券的登记过户手续。

Data show that the trading volume on the main hot money did not show a marked decline, and on December 3, 4 significantly enlarge the volume, Shanghai and Jiangsu Guotai Junan the most obvious way to enlarge transactions, 3 amounted to 419,000,000 yuan transactions, 4 more Is 7.5 billion, two-day net buying 204 million, on the 5th of the main transactions are as follows: Chinese iron 110,000,000 yuan to buy, sell 112 million Tebian Electric 031,000,000 yuan to buy, sell 018,000,000 yuan, CITIC Securities 031,000,000 yuan to buy, sell 039,000,000 yuan, the Industrial and Commercial Bank bought 110,000,000 yuan; and as the "suicide squad leader," the Soochow Hangzhou Wenhui Road in the near future on the relatively slow growth in the volume of transactions, mainly trade: CITIC Securities 049,000,000 yuan to buy, sell 125 million, in the Second Railway Board 110,000,000 yuan to buy, sell 027,000,000 yuan, Haitong Securities 036,000,000 yuan to buy, sell 051,000,000 yuan, China Ping An bought 158,000,000 yuan .

数据显示，在主热钱交易量没有出现明显下降，12月3日，4体积显着扩大，上海，江苏国泰君安的最明显的方法扩大交易，三达4.19亿元的交易，4更多的75亿美元，为期两天的净买入2.04亿，在主要交易第五如下：中铁一一〇〇〇〇〇〇〇元购买，出售1.12亿特变电工0.31亿元购买，销售0.18亿元，中信证券0.31亿元的购买，出售0.39亿元，工商银行收购了1.1亿元，并作为"自杀班长"，东吴杭州文晖路在不久的将来，主要是贸易上的交易量增长相对缓慢：中信证券0.49亿人民币购买，出售1.25亿美元，在第二次铁路局1.10亿元购买，销售0.27亿元，海通证券0.36亿元购买，销售0.51亿元，中国平安购买一点五八零亿元。

The mechanism has many advantages, such as speciality, efficiency, agility, secrecy. The second chapter discusses about the arbitrability of securities disputes. Depend on classing securities disputes and researching arbitrable affairs, we put forward some suggestion about the arbitrability legislation of securities disputes. What can arbitrate is the securities disputes among stoke exchanges, public companies, stockjobbers, fund manager, and so on. It is beyond arbitrate ability. That the invading disputes happens because of false statement, controlling market, inside trade by public company, stockjobbers, and so on.

第二章论述了证券争议可仲裁事项问题，在对证券争议归类划分与可仲裁事项理论研究的基础上，提出了证券争议可仲裁事项的立法建议，即发生在证券交易所、上市公司、证券公司之间有关证券的争议，基金发起人、基金管理公司、基金托管机构之间有关基金的争议，以及上述主体与会计事务所、律师事务所、资信评估机构等中介机构之间发生的有关证券的争议，均可提交仲裁，但因上市公司、证券公司等主体的虚假陈述、操纵市场、内幕交易引起的证券侵权纠纷，不适用仲裁。

"Scripless Securities" means stocks, shares or other securities within the meaning of "book-entry securities" as defined in Section 130A of the Companies Act including all instruments, orders and regulations made under or deriving validity therefrom which have been listed on the SGX and which have been designated by the SGX as eligible for deposit with The Central Depository Limited and for clearance and book-entry settlement of transactions on SGX.

无纸化证券指《公司法》第130A中规定的记账证券的定义下包括的股权，股票，或其他证券。包括《公司法》下所有的金融工具，依据《公司法》制定的指令和规范，或者衍生效力。这些工具已经在新加坡证券交易所上市，并被交易所指定成为可在新加坡中央托收公司进行抵押的合格抵押物，并有资格在新加坡证券交易所进行交易清算和账簿处理。

The amended 1997 PRC Criminal Law has initially criminated insider dealing and leakage of inside information, and the 1999 Amendment of PRC Criminal Law broadened the scope of this offence, by extending insider dealing and leakage of inside information to both securities and futures markets. This indicates that the regulation on insider dealing and leakage of inside information has moved from administrative level to criminal level and the relevant punishment has been greatly strengthened.

我国1997年修订刑法首次确定了证券内幕交易、泄露内幕信息罪，1999年《中华人民共和国刑法修正案》将该罪扩大为证券、期货内幕交易、泄露内幕信息罪，这一罪名的确立标志着我国对内幕交易、泄露内幕信息行为的规制从行政领域上升到刑事领域，对其惩罚力度加大。

In the early period of China's securities market, margin trading and securities lending business already exists, but because of securities companies at the time of self-binding serious shortage of financial supervision and management abilities, margin trading and securities lending business has not carried out to achieve perfect price formation mechanism of the active market The purpose, it led to the stock market bubble, increased the financial system as a whole systemic risks.

在中国证券市场，保证金交易和证券借贷业务已经存在初期，但由于证券公司在时间自我约束力的金融监管和管理能力，保证金交易和证券借贷业务严重不足，没有进行到实现完美的价格形成机制，活跃市场的目的，这导致了股市泡沫，增加整体系统性风险的金融体系。

Do you know, i need you to come back

你知道吗，我需要你回来

Yang yinshu、Wang xiangsheng、Li decang,The first discovery of haemaphysalis conicinna.

1〕 杨银书，王祥生，李德昌。安徽省首次发现嗜群血蜱。