【2020年12月06日】由證監(jiān)會(huì)聯(lián)合最高檢違法犯罪典型案例說開-內(nèi)幕交易系列(3)-學(xué)美國(guó)上市公司內(nèi)幕交易防范制度

小法外企幾年，反壟斷和反腐敗商業(yè)合規(guī)接觸多，兩點(diǎn)體會(huì)，一是，企業(yè)好的內(nèi)部風(fēng)控(risk control)體系很重要，比起企業(yè)出了問題后，疲于應(yīng)付執(zhí)法機(jī)構(gòu)監(jiān)管、內(nèi)耗跨部門溝通、不菲專業(yè)顧問律師費(fèi)，提前建立風(fēng)險(xiǎn)防范體系“性價(jià)比”很高！二是，借鑒歐美企業(yè)風(fēng)控制度，根據(jù)國(guó)情和企業(yè)自身經(jīng)濟(jì)實(shí)力、商業(yè)模式進(jìn)行改良，比起企業(yè)從零開始構(gòu)建制度，效率要高很多。
因此有了本內(nèi)幕交易系列第3篇。看看美國(guó)上市公司構(gòu)建的內(nèi)幕交易風(fēng)險(xiǎn)防范體系，帶給我們哪些思考和靈感。
在美國(guó)上市公司比如Apple, Google, Microsoft, Amazon SEC filings年報(bào)Code of Conduct, Ethics章節(jié)，都有披露公司內(nèi)幕交易政策(Insider Trading Policy/Guidelines), Apple披露摘抄如下:
Apple’s Insider Trading Policy prohibits Apple employees from making transactions (i.e., buying or selling) in Apple stock, including options and derivatives like puts and calls, at any time when the employee may possess material information about Apple that has not been publicly disclosed. United States securities laws dictate this policy, and it applies to all executive officers, members of the Board of Directors, employees, consultants and contractors, including members of their immediate families, and members of their households, who receive or have access to material nonpublic information regarding Apple
  
In addition, members of Apple’s Board of Directors, executive officers and other individuals with access to material nonpublic information are subject to additional restrictions on the trading of stock, including mandatory “blackout periods” during which they may not engage in any Apple securities transactions.
  
Apple employees should review Apple’s Insider Trading Policy for more information, and to determine if they are restricted from trading during blackout periods. We strongly urge all Apple employees to read the Insider Trading Policy, paying particular attention to the specific policies and the potential criminal and civil liability and/or disciplinary action for insider trading violations which may include termination of employment.

但由于完整內(nèi)幕交易政策披露并非美國(guó)證券法下強(qiáng)制要求，小法沒找到這些公司的內(nèi)幕交易政策全文。不過找到一份6頁(yè)紙Adobe公司內(nèi)幕交易政策（“Adobe政策”）全文，我們來學(xué)習(xí)下其中重點(diǎn)內(nèi)容。
英文部分（含序號(hào)）摘自原文，中文部分小法將關(guān)鍵點(diǎn)按中文閱讀習(xí)慣書寫，并對(duì)比國(guó)內(nèi)情況作點(diǎn)評(píng)，非英文內(nèi)容的直譯或意譯。可只閱讀中文部分，也可一并閱讀英文部分作全面了解。

1. Overview
SEC is the federal agency charged with enforcing insider trading laws in the United States. The SEC vigorously pursues insider trading violations and can detect violations using advanced technologies. The SEC’s authority to initiate insider trading investigations includes the ability to obtain Adobe’s employee and consultant records, to access individual’s bank accounts and phone records, to obtain broker’s records, etc. An SEC investigation can be triggered through a variety of actions, including by an individual’s unusual trading activity, trading volume, the timing of trades that coincide with important company changes, or simply an anonymous tip to the SEC.

SEC通過高科技手段調(diào)查異常交易行為，以發(fā)現(xiàn)內(nèi)幕交易違法行為。SEC有權(quán)力獲取個(gè)人銀行流水單、電話記錄等，以追查個(gè)人股票交易記錄。SEC啟動(dòng)調(diào)查可能起因于異常交易行為、異常交易量、或與公司重大事件在時(shí)間上不謀而合的交易，或僅僅起因于匿名舉報(bào)。
這點(diǎn)與國(guó)內(nèi)情形類似，在本系列(2)文章中提到的那宗犯罪案例，證監(jiān)會(huì)認(rèn)為的典型意義是：“根據(jù)內(nèi)幕交易行為的特征，圍繞內(nèi)幕信息知情人員與內(nèi)幕交易行為人之間的密切關(guān)系、聯(lián)絡(luò)行為，相關(guān)交易行為與內(nèi)幕信息敏感期的時(shí)間吻合程度、交易背離程度、利益關(guān)聯(lián)程度等證明要求，全面收集交易數(shù)據(jù)、行程軌跡、通訊記錄、資金往來、社會(huì)關(guān)系等相關(guān)證據(jù)，對(duì)各類證據(jù)進(jìn)行綜合分析判斷。”

Adobe has worked hard to establish a reputation as a leader for its ethical conduct and business practices, and violations or perceived violations of insider trading laws could subject the Company to reputational harm, as well as civil or criminal liability if it does not implement reasonable measures to prevent insider trading.

違法內(nèi)幕交易會(huì)給Adobe帶來聲譽(yù)損害以及民事、刑事責(zé)任。這點(diǎn)與國(guó)內(nèi)規(guī)定類似，不僅僅是個(gè)人，企業(yè)也是國(guó)內(nèi)證券法和刑法下的法律責(zé)任主體。

2. Policy
If you are aware of Insider Information related to Adobe, you may not directly, or indirectly through Family Members or other persons or entities:

• Engage in transactions in Adobe securities, except as otherwise specified in this Policy;
  
• Recommend the purchase or sale of any Adobe securities;
  
• Disclose Insider Information (e.g. “tipping”) to persons within the Company whose jobs do not require them to have that information, or outside of the Company to other persons; or
  
• Assist anyone engaged in the above activities.
  
  
  

Adobe政策禁止的行為包括：不得自行交易、推薦他人交易、泄露內(nèi)幕信息、協(xié)助他人交易。這點(diǎn)與國(guó)內(nèi)規(guī)定類似，國(guó)內(nèi)證券法規(guī)定的禁止行為是：“不得買賣或者建議他人買賣該公司的證券、或泄露該信息”，刑法規(guī)定是：“從事或者明示、暗示他人從事或者泄露內(nèi)幕信息”。

2.1. Scope
This Policy applies globally regardless of location or nationality, and applies to all officers of the Company and its subsidiaries, all members of the Company’s Board of Directors, and all regular employees, Adobe-paid temporary employees, contingent workers (including agency temporary employees, independent contractors, and vendor employees), and interns of Adobe, and any Adobe group company. This Policy also applies to Family Members, other members of a person’s household and entities controlled by a person covered by this Policy, as described below.

Adobe政策適用于Adobe美國(guó)和全球所有子公司。適用于董事、全球所有雇員、兼職員工、派遣員工、外包員工、甚至實(shí)習(xí)生、分包商和供應(yīng)商員工；以及前述人員的近親屬、家庭成員。

2.2. Responding to Outside Inquiries
Adobe employees may not answer inquiries of stock analysts concerning Adobe securities or provide general market or industry observations to stock analysts or researchers, except in accordance with Adobe’s Investment and Financial Community Disclosure Policy. In the event you receive an inquiry from someone outside of the Company, such as a stock analyst, you should refer the inquiry to Adobe’s Investor Relations Department.

專業(yè)的事情交給專業(yè)的人做，當(dāng)Adobe員工被公司外部人士例如證券分析員詢問Adobe股票交易事宜時(shí)，應(yīng)該聯(lián)系公司投資者關(guān)系部門來回應(yīng)，而不是自行回應(yīng)。
這一點(diǎn)很重要，在公司反壟斷和反商業(yè)賄賂合規(guī)體系中，往往有類似規(guī)定，員工不是專業(yè)人士，擅自回答可能會(huì)給公司后期跟進(jìn)處理此事，帶來很多不必要麻煩。此外，在國(guó)內(nèi)現(xiàn)行法律下，員工對(duì)于此類外部問詢，拒絕回答并不違法任何法律，即，有拒絕回答的權(quán)利。

2.4. Transactions by Entities that You Influence

This Policy applies to any entities that you influence or control, including but not limited to any corporations, partnerships, limited liability companies or trusts (collectively referred to as “Controlled Entities”), and transactions by these Controlled Entities should be treated for the purposes of this Policy and applicable securities laws as if they were for your own account.

對(duì)于前述第2.1條所述人員所能施加影響或控制的實(shí)體，Adobe政策也適用。從這點(diǎn)看，Adobe政策已竭盡所能把能想到的人都寫進(jìn)來了。

2.5. Insider Information - Other Companies
You may not trade in the securities of any other company while aware of material, nonpublic information concerning that company if you acquired that information in the course of your Adobe duties, as the authorities view that as “misappropriating” the material, nonpublic information and therefore may hold you liable for insider trading based on that action.

Adobe政策要求其員工在履行Adobe工作職責(zé)過程中知悉的其他公司內(nèi)幕信息，也要遵守相關(guān)規(guī)定。
這一點(diǎn)很重要，在本系列(2)分享的案例中，吉某信托公司董事長(zhǎng)高某利用上市公司客戶的內(nèi)幕信息進(jìn)行上市公司客戶的股票交易，證監(jiān)會(huì)處罰吉某信托公司沒收違法所得4373萬(wàn)，并處4373萬(wàn)罰款。在聽證過程中，吉某信托公司申辯：“相關(guān)交易行為是高某個(gè)人行為，不應(yīng)認(rèn)定為單位違法。”，但證監(jiān)會(huì)認(rèn)為“高某波在違法行為期間實(shí)際履行吉某信托公司董事長(zhǎng)職責(zé)，其交易決策系職務(wù)行為?！笨梢?，并不是只有內(nèi)幕交易本公司股票，才會(huì)被罰。

2.6. Prohibited Transactions
(A) Short Sales.
(B) Publicly Traded Options.
(C) Hedging Transactions.
(D) Margin Accounts and Pledged Securities.

Adobe政策禁止交易的產(chǎn)品包括股票、期權(quán)、衍生品等。美國(guó)金融產(chǎn)品與國(guó)內(nèi)不一樣，企業(yè)可自行調(diào)整禁止交易的產(chǎn)品。在國(guó)內(nèi)證券法下，禁止的內(nèi)幕交易行為并不限于股票交易，公司債券和其他證券交易亦適用。

2.8. Post-Termination Transactions
This Policy continues to apply to transactions in Adobe securities even after termination of your service (whether as an employee, consultant or other service provider) to the Company. If you are in possession of Insider Information when your service terminates, you may not trade in Adobe securities until that information has become public or is no longer material.


Adobe政策對(duì)離職員工亦適用。在國(guó)內(nèi)企業(yè)實(shí)務(wù)中，也可操作，不同于員工離職后的競(jìng)業(yè)限制，企業(yè)需要支付競(jìng)業(yè)限制金，對(duì)離職員工限制內(nèi)幕交易，企業(yè)無(wú)額外成本，而員工若有違法，企業(yè)可據(jù)此追索損害賠償，加這一條何樂而不為。

3. Procedures
Company Assistance. If you have any concerns about whether you are in possession of Insider Information or if you are in a sensitive position within Adobe, you should contact the Trading Compliance Office before you buy or sell Adobe securities.

Adobe安排有專門合規(guī)官負(fù)責(zé)執(zhí)行內(nèi)幕交易政策。小法覺得，對(duì)于這么專業(yè)的事情，企業(yè)如果真要控制風(fēng)險(xiǎn)，很有必要安排專人跟進(jìn)的。否則，內(nèi)幕交易政策就會(huì)變成一紙空文。內(nèi)幕交易被處罰風(fēng)險(xiǎn)，與聘請(qǐng)專人的費(fèi)用，企業(yè)可自行掂量輕重。

3.1Trading Window
Company-Wide Trading Window. All employees, executive officers, directors, and other employees and agents of Adobe, as well as their Family Members and Controlled Entities, are prohibited from engaging in transactions involving Adobe securities when the Company-wide trading window (the “Trading Window”)is closed each quarter.
The Trading Window opens each quarter at the start of the first trading day that is at least 24 hours following the date of public disclosure of the financial results for the previous fiscal quarter. The Trading Window closes four weeks prior to each quarter end.
The period following the closure of the Trading Window is a particularly sensitive time for transactions involving Adobe due to the fact that, during this period, individuals may often possess or have access to Insider Information relevant to the expected financial results for the quarter.

知曉內(nèi)幕信息的人，無(wú)論是否在窗口期，都不能交易Adobe股票。不知曉內(nèi)幕信息的人，在窗口期可交易Adobe股票，窗口期關(guān)閉期間，不得交易股票。
窗口期起算日，是上季度財(cái)報(bào)披露日滿至少24小時(shí)后首個(gè)交易日；窗口期關(guān)閉日，是本季度季報(bào)披露日前4周。窗口期關(guān)閉日之后的期間，是敏感期，需多加留意。這個(gè)很好理解，這4周敏感期是季報(bào)披露前夕，多少持有內(nèi)幕信息的人蠢蠢欲動(dòng)著呢。

No “Safe Harbors.” There are no unconditional “safe harbors” for trades made at particular times, and all persons subject to this Policy should exercise good judgment at all times.

在反商業(yè)賄賂合規(guī)體系中，有時(shí)企業(yè)會(huì)考慮“安全港”，比如給消費(fèi)者小額禮品等，以便在“控制風(fēng)險(xiǎn)”與“保持公司商業(yè)活力”之間取得一定平衡。但在內(nèi)幕交易風(fēng)控中，沒有“安全港”。

4. Exceptions
The quarterly Trading Window closures and event-driven trading restrictions do not apply to those transactions described below.
4.1. Transactions under Company Plans
(A) Stock Option Exercises for Cash.
(B) Restricted Stock Units and Performance Shares.
(C) Employee Stock Purchase Plan.

員工持股計(jì)劃等可作為窗口期關(guān)閉期間禁止交易之例外。細(xì)節(jié)這里不展開了。

5. Violations
Federal and state laws prohibit the purchase or sale of securities while aware of Insider Information, or the disclosure of Insider Information to others who then trade in the Company’s Securities. The SEC, U.S. Attorneys and State authorities vigorously pursue insider trading violations. Punishment for insider trading violations is severe, and could include significant fines and imprisonment.
While the regulatory authorities concentrate their efforts on the individuals who trade, or who tip inside information to others who trade, federal securities laws also impose potential liability on companies and other “controlling persons” if they fail to take reasonable steps to prevent insider trading by company personnel.
Tipping can result in the same civil and criminal penalties as insider trading, even if the individual who“tipped” did not trade or benefit personally from another’s trading.

這章節(jié)三個(gè)要點(diǎn)：
1）美國(guó)法律下違反內(nèi)幕交易法規(guī)的處罰很嚴(yán)格，可能處以高昂罰金和最高20年監(jiān)禁；
2）內(nèi)幕信息防范措施做得不到位的公司，可能被予以處罰；
3）通風(fēng)報(bào)信者(tipping)可能面臨民事、刑事責(zé)任，即使被通風(fēng)報(bào)信者未進(jìn)行交易或交易未獲利。
這點(diǎn)與國(guó)內(nèi)情形類似：
1）新《證券法》規(guī)定的上限是10倍違法所得罰款，刑法上限是10年（將來應(yīng)該會(huì)進(jìn)行修改，上限會(huì)提高，與新《 證券法》的行政責(zé)任尺度相適配），可看到國(guó)內(nèi)法律下對(duì)內(nèi)幕交易處罰也是很嚴(yán)格的；
2）在本系列(2)文章中，證監(jiān)會(huì)典型案例吉某信托公司案，我們也可看到，公司未采取有效措施防范，董事長(zhǎng)高某行為被認(rèn)定職務(wù)行為，公司最后被罰；
3）通過內(nèi)幕消息獲得經(jīng)濟(jì)利益，并不是違法構(gòu)成要件，即，即使未實(shí)際獲利，仍可能違反了證券法的規(guī)定。

5.1. Reporting Violations
Any report of violations or suspected violations of this Policy may also be submitted anonymously by letter to the Trading Compliance Officer or, by an anonymous phone call to Adobe’s Ethics Hotline or by accessing our Integrity@ Adobe website. The Ethics Hotline is administered by an independent third-party service provider.

這一點(diǎn)實(shí)務(wù)中很重要，很多情況下舉報(bào)者不希望自己身份泄露，所以企業(yè)要考慮多種可以匿名舉報(bào)的途徑，比如信函、電郵、電話、網(wǎng)站。由獨(dú)立第三方供應(yīng)商作為匿名舉報(bào)者的聯(lián)絡(luò)窗口，會(huì)更讓舉報(bào)者安心，雖然企業(yè)會(huì)有額外成本。

6. Definitions
Adobe政策在定義章節(jié)對(duì)“Adobe證券”、“家庭成員”、“內(nèi)幕信息”的范圍做了詳細(xì)界定。雖然國(guó)內(nèi)證券法對(duì)“內(nèi)幕信息”做了定義（點(diǎn)上篇溫習(xí) 內(nèi)幕交易系列(1)-幾個(gè)關(guān)鍵詞），但是企業(yè)制定內(nèi)部政策時(shí)，亦有必要作更細(xì)化界定。
結(jié)語(yǔ)
對(duì)于有意搭建內(nèi)幕交易風(fēng)控體系的國(guó)內(nèi)上市公司，Adobe政策有很好的可參考性，當(dāng)然考慮企業(yè)自身情況，制定可供執(zhí)行的政策，是更重要的。

本文僅作討論，不構(gòu)成律師法律意見。若轉(zhuǎn)載，請(qǐng)得到作者事先同意。


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