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内幕信息的价格敏感期是我国证监会在行政执法过程中创制的一个我国独有的新概念。关于该概念对我国规制内幕交易的理论和实践的意义和影响,学界存在较大争议。我国《证券法》不必加入价格敏感期的法律概念,也不宜规定确定价格敏感期的法律规则。价格敏感期可以作为有关执法和司法机构调查内幕交易的期间,但必须在认定内幕交易时将其与内幕人的禁止交易期间相区别。
The price-sensitive period of insider information is a new concept unique to China created by China’s CSRC in the process of administrative law enforcement. On the concept of China’s regulation of the significance of the insider trading theory and practice and influence, academia there is a big controversy. China’s “Securities Law” does not need to join the legal concept of price-sensitive period, nor should it stipulate the legal rules for determining the price-sensitive period. Price-sensitive periods may serve as a period for investigating insider trading by law enforcement and judicial authorities, but must be distinguished from insider prohibited trading periods when determining insider trading.