碳排放权内幕交易规制的必要性与制度设想OA北大核心CHSSCDCSSCICSTPCD

In the context of financialization of the carbon market,the issue of insider trading in carbon emission rights has not yet received sufficient attention in legal framework development.There is also disagreement regarding whether the financial(or securities)regulatory paradigm should be applied.Whether carbon emission rights are classified as financial products,whether they are traded through call auctions,and whether there is abundant empirical data on related insider trading,are all insufficient to negate the necessity of regulation.Currently,many of the fundamental theories about the risks of insider trading in carbon emissions rights lack explanatory power.It should be treated as an act of unfair competition and regulated on the principle of fair competition.However,the theory centered on insider information derived from the stock market is difficult to apply to the specific identification of carbon emission rights trading.It should be considered to introduce a competition enforcement paradigm,transforming the recognition of the materiality and non-disclosure of information into a judgment of the legitimacy of information advantage and access behavior.At the same time,it should be considered to establish a collaborative mechanism with ecological and environmental regulatory authorities as the unified enforcement entity,active support by financial regulatory authorities,and each carbon exchange as the main self-regulatory organization,to unify self-disciplinary penalties,clarify administrative responsibilities,and explore the introduction of criminal sanctions when appropriate.