【2020年12月06日】由证监会联合最高检违法犯罪典型案例说开-内幕交易系列(3)-学美国上市公司内幕交易防范制度

胡星律师

小法外企几年，反垄断和反腐败商业合规接触多，两点体会，一是，企业好的内部风控(risk control)体系很重要，比起企业出了问题后，疲于应付执法机构监管、内耗跨部门沟通、不菲专业顾问律师费，提前建立风险防范体系“性价比”很高！二是，借鉴欧美企业风控制度，根据国情和企业自身经济实力、商业模式进行改良，比起企业从零开始构建制度，效率要高很多。
因此有了本内幕交易系列第3篇。看看美国上市公司构建的内幕交易风险防范体系，带给我们哪些思考和灵感。
在美国上市公司比如Apple, Google, Microsoft, Amazon SEC filings年报Code of Conduct, Ethics章节，都有披露公司内幕交易政策(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.

但由于完整内幕交易政策披露并非美国证券法下强制要求，小法没找到这些公司的内幕交易政策全文。不过找到一份6页纸Adobe公司内幕交易政策（“Adobe政策”）全文，我们来学习下其中重点内容。
英文部分（含序号）摘自原文，中文部分小法将关键点按中文阅读习惯书写，并对比国内情况作点评，非英文内容的直译或意译。可只阅读中文部分，也可一并阅读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通过高科技手段调查异常交易行为，以发现内幕交易违法行为。SEC有权力获取个人银行流水单、电话记录等，以追查个人股票交易记录。SEC启动调查可能起因于异常交易行为、异常交易量、或与公司重大事件在时间上不谋而合的交易，或仅仅起因于匿名举报。
这点与国内情形类似，在本系列(2)文章中提到的那宗犯罪案例，证监会认为的典型意义是：“根据内幕交易行为的特征，围绕内幕信息知情人员与内幕交易行为人之间的密切关系、联络行为，相关交易行为与内幕信息敏感期的时间吻合程度、交易背离程度、利益关联程度等证明要求，全面收集交易数据、行程轨迹、通讯记录、资金往来、社会关系等相关证据，对各类证据进行综合分析判断。”

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.

违法内幕交易会给Adobe带来声誉损害以及民事、刑事责任。这点与国内规定类似，不仅仅是个人，企业也是国内证券法和刑法下的法律责任主体。

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政策禁止的行为包括：不得自行交易、推荐他人交易、泄露内幕信息、协助他人交易。这点与国内规定类似，国内证券法规定的禁止行为是：“不得买卖或者建议他人买卖该公司的证券、或泄露该信息”，刑法规定是：“从事或者明示、暗示他人从事或者泄露内幕信息”。

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政策适用于Adobe美国和全球所有子公司。适用于董事、全球所有雇员、兼职员工、派遣员工、外包员工、甚至实习生、分包商和供应商员工；以及前述人员的近亲属、家庭成员。

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.

专业的事情交给专业的人做，当Adobe员工被公司外部人士例如证券分析员询问Adobe股票交易事宜时，应该联系公司投资者关系部门来回应，而不是自行回应。
这一点很重要，在公司反垄断和反商业贿赂合规体系中，往往有类似规定，员工不是专业人士，擅自回答可能会给公司后期跟进处理此事，带来很多不必要麻烦。此外，在国内现行法律下，员工对于此类外部问询，拒绝回答并不违法任何法律，即，有拒绝回答的权利。

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.

对于前述第2.1条所述人员所能施加影响或控制的实体，Adobe政策也适用。从这点看，Adobe政策已竭尽所能把能想到的人都写进来了。

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政策要求其员工在履行Adobe工作职责过程中知悉的其他公司内幕信息，也要遵守相关规定。
这一点很重要，在本系列(2)分享的案例中，吉某信托公司董事长高某利用上市公司客户的内幕信息进行上市公司客户的股票交易，证监会处罚吉某信托公司没收违法所得4373万，并处4373万罚款。在听证过程中，吉某信托公司申辩：“相关交易行为是高某个人行为，不应认定为单位违法。”，但证监会认为“高某波在违法行为期间实际履行吉某信托公司董事长职责，其交易决策系职务行为。”可见，并不是只有内幕交易本公司股票，才会被罚。

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

Adobe政策禁止交易的产品包括股票、期权、衍生品等。美国金融产品与国内不一样，企业可自行调整禁止交易的产品。在国内证券法下，禁止的内幕交易行为并不限于股票交易，公司债券和其他证券交易亦适用。

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政策对离职员工亦适用。在国内企业实务中，也可操作，不同于员工离职后的竞业限制，企业需要支付竞业限制金，对离职员工限制内幕交易，企业无额外成本，而员工若有违法，企业可据此追索损害赔偿，加这一条何乐而不为。

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安排有专门合规官负责执行内幕交易政策。小法觉得，对于这么专业的事情，企业如果真要控制风险，很有必要安排专人跟进的。否则，内幕交易政策就会变成一纸空文。内幕交易被处罚风险，与聘请专人的费用，企业可自行掂量轻重。

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.

知晓内幕信息的人，无论是否在窗口期，都不能交易Adobe股票。不知晓内幕信息的人，在窗口期可交易Adobe股票，窗口期关闭期间，不得交易股票。
窗口期起算日，是上季度财报披露日满至少24小时后首个交易日；窗口期关闭日，是本季度季报披露日前4周。窗口期关闭日之后的期间，是敏感期，需多加留意。这个很好理解，这4周敏感期是季报披露前夕，多少持有内幕信息的人蠢蠢欲动着呢。

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.

在反商业贿赂合规体系中，有时企业会考虑“安全港”，比如给消费者小额礼品等，以便在“控制风险”与“保持公司商业活力”之间取得一定平衡。但在内幕交易风控中，没有“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.

员工持股计划等可作为窗口期关闭期间禁止交易之例外。细节这里不展开了。

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.

这章节三个要点：
1）美国法律下违反内幕交易法规的处罚很严格，可能处以高昂罚金和最高20年监禁；
2）内幕信息防范措施做得不到位的公司，可能被予以处罚；
3）通风报信者(tipping)可能面临民事、刑事责任，即使被通风报信者未进行交易或交易未获利。
这点与国内情形类似：
1）新《证券法》规定的上限是10倍违法所得罚款，刑法上限是10年（将来应该会进行修改，上限会提高，与新《 证券法》的行政责任尺度相适配），可看到国内法律下对内幕交易处罚也是很严格的；
2）在本系列(2)文章中，证监会典型案例吉某信托公司案，我们也可看到，公司未采取有效措施防范，董事长高某行为被认定职务行为，公司最后被罚；
3）通过内幕消息获得经济利益，并不是违法构成要件，即，即使未实际获利，仍可能违反了证券法的规定。

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.

这一点实务中很重要，很多情况下举报者不希望自己身份泄露，所以企业要考虑多种可以匿名举报的途径，比如信函、电邮、电话、网站。由独立第三方供应商作为匿名举报者的联络窗口，会更让举报者安心，虽然企业会有额外成本。

6. Definitions
Adobe政策在定义章节对“Adobe证券”、“家庭成员”、“内幕信息”的范围做了详细界定。虽然国内证券法对“内幕信息”做了定义（点上篇温习 内幕交易系列(1)-几个关键词），但是企业制定内部政策时，亦有必要作更细化界定。
结语
对于有意搭建内幕交易风控体系的国内上市公司，Adobe政策有很好的可参考性，当然考虑企业自身情况，制定可供执行的政策，是更重要的。

本文仅作讨论，不构成律师法律意见。若转载，请得到作者事先同意。


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