【內容提要】

　　在金(jin)(jin)融產(chan)品(pin)交(jiao)易(yi)(yi)活動中，國(guo)家工(gong)作(zuo)人員利(li)用(yong)(yong)職(zhi)務便利(li)，通(tong)過私(si)募金(jin)(jin)融公(gong)(gong)司(si)虛增(zeng)交(jiao)易(yi)(yi)環節，造成(cheng)國(guo)有公(gong)(gong)司(si)交(jiao)易(yi)(yi)成(cheng)本增(zeng)加，侵吞國(guo)有資產(chan)的，構成(cheng)貪污罪；金(jin)(jin)融機(ji)構工(gong)作(zuo)人員利(li)用(yong)(yong)通(tong)過職(zhi)務便利(li)獲取(qu)的內幕信息以外的其他(ta)未公(gong)(gong)開信息，明(ming)示或(huo)暗示他(ta)人從事相(xiang)關金(jin)(jin)融產(chan)品(pin)交(jiao)易(yi)(yi)，未造成(cheng)國(guo)有資產(chan)損失的，構成(cheng)利(li)用(yong)(yong)未公(gong)(gong)開信息交(jiao)易(yi)(yi)罪。

　　【基本案情】

　　案例(li)一(yi)：甲(jia)(jia)，A國(guo)有(you)公(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)期(qi)(qi)貨(huo)(huo)(huo)部(bu)主任。乙(yi)(yi)(yi)，甲(jia)(jia)好(hao)友，B期(qi)(qi)貨(huo)(huo)(huo)公(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)實(shi)際控制人(ren)(ren)。2020年以(yi)(yi)來，甲(jia)(jia)與乙(yi)(yi)(yi)合謀(mou)(mou)，利(li)(li)(li)用甲(jia)(jia)能夠提(ti)前(qian)獲(huo)知A公(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)買(mai)賣(mai)期(qi)(qi)貨(huo)(huo)(huo)交(jiao)(jiao)易(yi)(yi)策(ce)略的(de)職(zhi)務便(bian)利(li)(li)(li)，在甲(jia)(jia)事先獲(huo)知A公(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)意圖(tu)買(mai)入α期(qi)(qi)貨(huo)(huo)(huo)的(de)交(jiao)(jiao)易(yi)(yi)策(ce)略后，甲(jia)(jia)指使(shi)乙(yi)(yi)(yi)操作B公(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)的(de)多個(ge)個(ge)人(ren)(ren)期(qi)(qi)貨(huo)(huo)(huo)賬戶(hu)(hu)(hu)，在極短(duan)時(shi)間內(nei)提(ti)前(qian)大(da)量低價買(mai)入α期(qi)(qi)貨(huo)(huo)(huo)，以(yi)(yi)至(zhi)于B公(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)擁(yong)有(you)了(le)市(shi)場上90%以(yi)(yi)上份額(e)(e)的(de)α期(qi)(qi)貨(huo)(huo)(huo)，隨后，乙(yi)(yi)(yi)人(ren)(ren)為(wei)(wei)操縱(zong)大(da)幅(fu)抬升(sheng)α期(qi)(qi)貨(huo)(huo)(huo)價格。在A公(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)發出交(jiao)(jiao)易(yi)(yi)指令后，A公(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)交(jiao)(jiao)易(yi)(yi)人(ren)(ren)員為(wei)(wei)規避因期(qi)(qi)貨(huo)(huo)(huo)市(shi)場行情(qing)不確定(ding)性所產生的(de)交(jiao)(jiao)易(yi)(yi)風險，大(da)量從(cong)B公(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)購(gou)買(mai)α期(qi)(qi)貨(huo)(huo)(huo)，B公(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)在短(duan)時(shi)間內(nei)將(jiang)α期(qi)(qi)貨(huo)(huo)(huo)高(gao)價賣(mai)給A公(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)，使(shi)得A公(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)額(e)(e)外(wai)付出高(gao)額(e)(e)代價。B公(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)參與A公(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)交(jiao)(jiao)易(yi)(yi)的(de)賬戶(hu)(hu)(hu)大(da)量盈(ying)利(li)(li)(li)，盈(ying)利(li)(li)(li)比例(li)高(gao)達90%以(yi)(yi)上，部(bu)分賬戶(hu)(hu)(hu)甚至(zhi)100%盈(ying)利(li)(li)(li)，而(er)在甲(jia)(jia)乙(yi)(yi)(yi)共謀(mou)(mou)前(qian)，B公(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)從(cong)未與A公(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)進行過金(jin)融(rong)交(jiao)(jiao)易(yi)(yi)。乙(yi)(yi)(yi)控制的(de)B公(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)個(ge)人(ren)(ren)賬戶(hu)(hu)(hu)與A公(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)交(jiao)(jiao)易(yi)(yi)獲(huo)利(li)(li)(li)400余萬元(yuan)，錢款甲(jia)(jia)、乙(yi)(yi)(yi)二人(ren)(ren)平分。

　　案例二：丙(bing)，國(guo)有C基(ji)(ji)金(jin)(jin)管理公(gong)(gong)(gong)(gong)司基(ji)(ji)金(jin)(jin)經理，C公(gong)(gong)(gong)(gong)司管理股票型C公(gong)(gong)(gong)(gong)募(mu)(mu)基(ji)(ji)金(jin)(jin)，丙(bing)負責該(gai)基(ji)(ji)金(jin)(jin)的(de)運營和投(tou)資決策。丁(ding)(ding)，丙(bing)好友，D私募(mu)(mu)基(ji)(ji)金(jin)(jin)公(gong)(gong)(gong)(gong)司經理，通過該(gai)私募(mu)(mu)基(ji)(ji)金(jin)(jin)從事證券(quan)交(jiao)(jiao)易(yi)。丙(bing)與(yu)丁(ding)(ding)在日常(chang)交(jiao)(jiao)往(wang)中頻(pin)繁交(jiao)(jiao)流證券(quan)投(tou)資信息(xi)。丙(bing)利用(yong)擔任(ren)公(gong)(gong)(gong)(gong)募(mu)(mu)基(ji)(ji)金(jin)(jin)經理的(de)職務便(bian)利，要求團隊對相關股票進(jin)行調研(yan)(yan)并(bing)形成基(ji)(ji)金(jin)(jin)投(tou)資計劃(hua)的(de)研(yan)(yan)究報告(gao)，丙(bing)在與(yu)丁(ding)(ding)交(jiao)(jiao)流過程中，多(duo)次(ci)將包括基(ji)(ji)金(jin)(jin)投(tou)資計劃(hua)的(de)研(yan)(yan)究報告(gao)結論告(gao)訴丁(ding)(ding)，丁(ding)(ding)“心領神(shen)會”，知道(dao)該(gai)研(yan)(yan)究報告(gao)結論就是(shi)C公(gong)(gong)(gong)(gong)募(mu)(mu)基(ji)(ji)金(jin)(jin)的(de)投(tou)資決策、動向交(jiao)(jiao)易(yi)信息(xi)，便(bian)使(shi)用(yong)其控(kong)制(zhi)(zhi)的(de)賬(zhang)戶(hu)進(jin)行股票交(jiao)(jiao)易(yi)。2020年以來，丁(ding)(ding)控(kong)制(zhi)(zhi)的(de)個人賬(zhang)戶(hu)及D基(ji)(ji)金(jin)(jin)證券(quan)賬(zhang)戶(hu)與(yu)C公(gong)(gong)(gong)(gong)募(mu)(mu)基(ji)(ji)金(jin)(jin)賬(zhang)戶(hu)采用(yong)相近似的(de)交(jiao)(jiao)易(yi)策略，在公(gong)(gong)(gong)(gong)開(kai)市場(chang)上趨同交(jiao)(jiao)易(yi)多(duo)只股票，丁(ding)(ding)獲利500余萬元。

　　【分歧意見】

　　上述案例中，對甲、丙的(de)行為(wei)如何(he)定(ding)性，存(cun)在兩種不同意(yi)見。

　　第一(yi)種意見認為(wei)(wei)：甲(jia)、丙(bing)構成為(wei)(wei)親(qin)友非法牟利(li)罪。甲(jia)、丙(bing)所在的(de)(de)(de)國有公司僅(jin)作為(wei)(wei)金融(rong)交易平(ping)臺，乙(yi)(yi)、丁控制的(de)(de)(de)公司系合法成立的(de)(de)(de)金融(rong)期貨公司或(huo)金融(rong)公司，實(shi)施一(yi)定的(de)(de)(de)金融(rong)行為(wei)(wei)，甲(jia)、丙(bing)利(li)用職務便利(li)，為(wei)(wei)乙(yi)(yi)、丁控制的(de)(de)(de)公司經營提供幫助，甲(jia)、丙(bing)構成為(wei)(wei)親(qin)友非法牟利(li)罪。

　　第二種(zhong)意(yi)見認為：甲構(gou)成貪污(wu)罪，丙(bing)構(gou)成利用(yong)未(wei)公(gong)(gong)(gong)開(kai)信(xin)息(xi)交(jiao)(jiao)易(yi)(yi)罪。案例一中，甲安排乙控(kong)制(zhi)的(de)(de)B公(gong)(gong)(gong)司，介入金(jin)融交(jiao)(jiao)易(yi)(yi)環節與(yu)國(guo)有(you)公(gong)(gong)(gong)司進行(xing)(xing)交(jiao)(jiao)易(yi)(yi)，低買(mai)高賣侵占(zhan)國(guo)有(you)公(gong)(gong)(gong)司利益(yi)，使(shi)B公(gong)(gong)(gong)司獲利，甲幫助B公(gong)(gong)(gong)司參與(yu)國(guo)有(you)公(gong)(gong)(gong)司交(jiao)(jiao)易(yi)(yi)環節的(de)(de)行(xing)(xing)為與(yu)正常市場交(jiao)(jiao)易(yi)(yi)行(xing)(xing)為形成的(de)(de)利潤不(bu)同(tong)，屬于(yu)(yu)非法(fa)占(zhan)有(you)公(gong)(gong)(gong)共(gong)財物，甲與(yu)乙共(gong)同(tong)構(gou)成貪污(wu)罪。案例二中，丙(bing)為丁控(kong)制(zhi)的(de)(de)D公(gong)(gong)(gong)司經(jing)營(ying)提(ti)供利用(yong)職務便(bian)利獲取的(de)(de)未(wei)公(gong)(gong)(gong)開(kai)基金(jin)投(tou)資決策信(xin)息(xi)，為丁經(jing)營(ying)謀取利益(yi)，由于(yu)(yu)丙(bing)不(bu)具有(you)非法(fa)占(zhan)有(you)目的(de)(de)，亦未(wei)造成國(guo)有(you)資產損失，不(bu)構(gou)成貪污(wu)罪或為親友非法(fa)牟利罪，因(yin)其明知該信(xin)息(xi)屬于(yu)(yu)未(wei)公(gong)(gong)(gong)開(kai)信(xin)息(xi)，仍(reng)明示或暗(an)示丁從事(shi)相關金(jin)融交(jiao)(jiao)易(yi)(yi)，構(gou)成利用(yong)未(wei)公(gong)(gong)(gong)開(kai)信(xin)息(xi)交(jiao)(jiao)易(yi)(yi)罪。

　　【意見分析】

　　筆者同意(yi)第二種意(yi)見，甲構成(cheng)貪污(wu)罪(zui)，丙構成(cheng)利用未公(gong)開信息交易罪(zui)。

　　一、貪污、為親(qin)友非法牟利、利用未公(gong)開信息交易罪的區分

　　我國刑法第三百(bai)八(ba)十(shi)二(er)條規定(ding)了(le)貪污罪(zui)，是(shi)指國家工(gong)(gong)作人(ren)員利(li)(li)用職務(wu)(wu)上的(de)(de)便(bian)利(li)(li)，侵吞、竊取、騙(pian)取或者(zhe)(zhe)以(yi)其他(ta)(ta)手段(duan)非法占有(you)公(gong)(gong)共財物的(de)(de)行(xing)(xing)為。刑法第一(yi)百(bai)六(liu)十(shi)六(liu)條規定(ding)了(le)為親(qin)友(you)(you)(you)非法牟利(li)(li)罪(zui)，是(shi)指國有(you)公(gong)(gong)司(si)(si)、企業、事業單(dan)位(wei)(wei)的(de)(de)工(gong)(gong)作人(ren)員，利(li)(li)用職務(wu)(wu)便(bian)利(li)(li)，將本單(dan)位(wei)(wei)的(de)(de)盈利(li)(li)業務(wu)(wu)交(jiao)由自(zi)(zi)己(ji)的(de)(de)親(qin)友(you)(you)(you)進(jin)行(xing)(xing)經(jing)營(ying)；以(yi)明顯(xian)高于市(shi)場(chang)的(de)(de)價格向自(zi)(zi)己(ji)的(de)(de)親(qin)友(you)(you)(you)經(jing)營(ying)管(guan)理(li)的(de)(de)單(dan)位(wei)(wei)采(cai)購(gou)商(shang)(shang)(shang)品(pin)、接(jie)受(shou)服務(wu)(wu)或者(zhe)(zhe)以(yi)明顯(xian)低于市(shi)場(chang)的(de)(de)價格向自(zi)(zi)己(ji)的(de)(de)親(qin)友(you)(you)(you)經(jing)營(ying)管(guan)理(li)的(de)(de)單(dan)位(wei)(wei)銷售(shou)商(shang)(shang)(shang)品(pin)、提供服務(wu)(wu)；向自(zi)(zi)己(ji)的(de)(de)親(qin)友(you)(you)(you)經(jing)營(ying)管(guan)理(li)的(de)(de)單(dan)位(wei)(wei)采(cai)購(gou)、接(jie)受(shou)不(bu)合(he)格商(shang)(shang)(shang)品(pin)、服務(wu)(wu)，致使國家利(li)(li)益(yi)遭受(shou)重大損失的(de)(de)行(xing)(xing)為。第一(yi)百(bai)八(ba)十(shi)條規定(ding)了(le)內(nei)幕(mu)交(jiao)易(yi)、泄(xie)露內(nei)幕(mu)信(xin)(xin)息(xi)罪(zui)和利(li)(li)用未公(gong)(gong)開(kai)(kai)信(xin)(xin)息(xi)交(jiao)易(yi)罪(zui)，其中利(li)(li)用未公(gong)(gong)開(kai)(kai)信(xin)(xin)息(xi)交(jiao)易(yi)罪(zui)是(shi)指，證(zheng)券(quan)(quan)交(jiao)易(yi)所(suo)、期貨(huo)交(jiao)易(yi)所(suo)、證(zheng)券(quan)(quan)公(gong)(gong)司(si)(si)、期貨(huo)經(jing)紀公(gong)(gong)司(si)(si)、基(ji)金管(guan)理(li)公(gong)(gong)司(si)(si)、商(shang)(shang)(shang)業銀行(xing)(xing)、保險公(gong)(gong)司(si)(si)等金融機構的(de)(de)從業人(ren)員以(yi)及有(you)關監管(guan)部門或者(zhe)(zhe)行(xing)(xing)業協會的(de)(de)工(gong)(gong)作人(ren)員，利(li)(li)用因職務(wu)(wu)便(bian)利(li)(li)獲(huo)取的(de)(de)內(nei)幕(mu)信(xin)(xin)息(xi)以(yi)外(wai)的(de)(de)其他(ta)(ta)未公(gong)(gong)開(kai)(kai)的(de)(de)信(xin)(xin)息(xi)，違反規定(ding)，從事與該(gai)信(xin)(xin)息(xi)相關的(de)(de)證(zheng)券(quan)(quan)、期貨(huo)交(jiao)易(yi)活(huo)動，或者(zhe)(zhe)明示、暗示他(ta)(ta)人(ren)從事相關交(jiao)易(yi)活(huo)動，情節嚴重的(de)(de)行(xing)(xing)為。

　　貪污(wu)罪(zui)(zui)與(yu)為(wei)(wei)(wei)親(qin)(qin)(qin)友(you)非(fei)法(fa)牟(mou)利(li)罪(zui)(zui)均屬(shu)于國(guo)(guo)家工(gong)作(zuo)人員利(li)用職(zhi)(zhi)務便(bian)利(li)實(shi)施(shi)的化公為(wei)(wei)(wei)私、損公肥私型犯罪(zui)(zui)。為(wei)(wei)(wei)親(qin)(qin)(qin)友(you)非(fei)法(fa)牟(mou)利(li)罪(zui)(zui)在客(ke)觀方(fang)面有(you)多種表現形式，容(rong)易(yi)與(yu)貪污(wu)罪(zui)(zui)發生混淆之(zhi)處主(zhu)(zhu)要在于，國(guo)(guo)有(you)公司人員利(li)用職(zhi)(zhi)務便(bian)利(li)將其(qi)親(qin)(qin)(qin)友(you)或(huo)親(qin)(qin)(qin)友(you)經營(ying)管理的單(dan)位設置為(wei)(wei)(wei)國(guo)(guo)有(you)公司交(jiao)易(yi)活(huo)動的對(dui)手或(huo)中介，使親(qin)(qin)(qin)友(you)從中謀取非(fei)法(fa)利(li)益(yi)的行為(wei)(wei)(wei)。區分二者一(yi)般主(zhu)(zhu)要看非(fei)法(fa)獲(huo)利(li)者即親(qin)(qin)(qin)友(you)是否實(shi)施(shi)一(yi)定的實(shi)際經營(ying)行為(wei)(wei)(wei)，為(wei)(wei)(wei)親(qin)(qin)(qin)友(you)非(fei)法(fa)牟(mou)利(li)罪(zui)(zui)以國(guo)(guo)有(you)公司人員利(li)用職(zhi)(zhi)務便(bian)利(li)讓親(qin)(qin)(qin)友(you)實(shi)施(shi)一(yi)定的經營(ying)行為(wei)(wei)(wei)賺(zhuan)取非(fei)法(fa)利(li)潤(run)為(wei)(wei)(wei)特(te)征，貪污(wu)罪(zui)(zui)則以直接讓親(qin)(qin)(qin)友(you)非(fei)法(fa)占有(you)公共財物為(wei)(wei)(wei)特(te)征。

　　利(li)(li)用未公(gong)(gong)(gong)開信(xin)(xin)息交易罪(zui)是為(wei)了(le)懲(cheng)戒金(jin)融機構工作人(ren)員違背信(xin)(xin)義義務的(de)(de)(de)(de)行(xing)(xing)(xing)為(wei)，只要利(li)(li)用了(le)因(yin)職(zhi)務便利(li)(li)獲取的(de)(de)(de)(de)非(fei)公(gong)(gong)(gong)開信(xin)(xin)息，違反規定(ding)從事(shi)(shi)與(yu)該信(xin)(xin)息相關的(de)(de)(de)(de)證券、期貨交易活(huo)動(dong)，或(huo)者(zhe)明示、暗示他人(ren)從事(shi)(shi)相關交易活(huo)動(dong)就侵犯了(le)本罪(zui)的(de)(de)(de)(de)法益，至(zhi)于(yu)行(xing)(xing)(xing)為(wei)人(ren)是否真正獲利(li)(li)，并非(fei)入(ru)罪(zui)唯一(yi)標(biao)準(zhun)。但如果行(xing)(xing)(xing)為(wei)人(ren)以非(fei)法占有(you)為(wei)目的(de)(de)(de)(de)，通(tong)過利(li)(li)用相關未公(gong)(gong)(gong)開信(xin)(xin)息，增(zeng)設交易環節(jie)，使用個人(ren)控(kong)制賬戶買入(ru)或(huo)賣出金(jin)融產(chan)(chan)品(pin)的(de)(de)(de)(de)方式與(yu)國(guo)(guo)有(you)公(gong)(gong)(gong)司交易，造(zao)成國(guo)(guo)有(you)公(gong)(gong)(gong)司交易成本提高，使本應(ying)歸屬(shu)國(guo)(guo)有(you)公(gong)(gong)(gong)司的(de)(de)(de)(de)利(li)(li)益被行(xing)(xing)(xing)為(wei)人(ren)占有(you)，導致國(guo)(guo)有(you)資(zi)產(chan)(chan)受損(sun)的(de)(de)(de)(de)，則涉(she)嫌貪(tan)污罪(zui)。如果行(xing)(xing)(xing)為(wei)人(ren)將利(li)(li)用職(zhi)務便利(li)(li)獲取的(de)(de)(de)(de)未公(gong)(gong)(gong)開證券產(chan)(chan)品(pin)投(tou)(tou)資(zi)意(yi)向信(xin)(xin)息，交由親友(you)實(shi)(shi)際經(jing)營的(de)(de)(de)(de)金(jin)融中(zhong)介(jie)公(gong)(gong)(gong)司開展真實(shi)(shi)投(tou)(tou)資(zi)中(zhong)介(jie)業務，親友(you)公(gong)(gong)(gong)司從中(zhong)獲利(li)(li)，國(guo)(guo)有(you)資(zi)產(chan)(chan)遭受重大損(sun)失的(de)(de)(de)(de)，行(xing)(xing)(xing)為(wei)人(ren)涉(she)嫌為(wei)親友(you)非(fei)法牟利(li)(li)罪(zui)。

　　二、期貨交(jiao)易中，國(guo)(guo)家工作人員(yuan)利用職務(wu)便利，通過私募(mu)金融公司虛增交(jiao)易環節(jie)，造成國(guo)(guo)有公司交(jiao)易成本增加，侵吞國(guo)(guo)有資產的，構成貪污罪

　　金(jin)融(rong)(rong)公(gong)(gong)司(si)(si)介入交(jiao)易(yi)(yi)環節并獲利(li)的行(xing)(xing)為，與(yu)貪污罪中(zhong)常見(jian)的直接侵吞、竊取、騙取本單(dan)位(wei)公(gong)(gong)共(gong)財產(chan)的表現(xian)不(bu)同(tong)，但無論行(xing)(xing)為人采取何(he)(he)種手段(duan)，表現(xian)形(xing)式(shi)(shi)如何(he)(he)，判斷是(shi)否構成貪污罪，需緊(jin)緊(jin)把握(wo)是(shi)否利(li)用(yong)(yong)職(zhi)務便利(li)非(fei)法占(zhan)有公(gong)(gong)共(gong)財物的實(shi)質。在(zai)金(jin)融(rong)(rong)活動中(zhong)，為投(tou)資(zi)(zi)人進行(xing)(xing)金(jin)融(rong)(rong)產(chan)品投(tou)資(zi)(zi)、金(jin)融(rong)(rong)產(chan)品募(mu)集與(yu)銷售(shou)、金(jin)融(rong)(rong)產(chan)品投(tou)資(zi)(zi)管(guan)理與(yu)運營等是(shi)金(jin)融(rong)(rong)從業(ye)人員的主要業(ye)務，管(guan)理人員除約(yue)定的管(guan)理費(fei)用(yong)(yong)外，不(bu)應從中(zhong)獲取利(li)益(yi)。在(zai)投(tou)資(zi)(zi)過程中(zhong)，對于使用(yong)(yong)欺騙、隱瞞等方式(shi)(shi)與(yu)國有公(gong)(gong)司(si)(si)開展(zhan)不(bu)正當(dang)(dang)交(jiao)易(yi)(yi)，利(li)用(yong)(yong)職(zhi)務便利(li)截(jie)留相關(guan)財物非(fei)法占(zhan)為己有，將本應屬(shu)于國有公(gong)(gong)司(si)(si)的利(li)益(yi)輸(shu)送給(gei)個人的，實(shi)質都(dou)是(shi)占(zhan)有公(gong)(gong)物的行(xing)(xing)為，應當(dang)(dang)以貪污罪追究刑(xing)事責(ze)任。

　　案(an)例一中，甲增設期(qi)(qi)貨(huo)(huo)(huo)(huo)交(jiao)(jiao)(jiao)(jiao)易(yi)(yi)環節獲(huo)利(li)并非(fei)正常的市(shi)場(chang)交(jiao)(jiao)(jiao)(jiao)易(yi)(yi)行(xing)為，職務行(xing)為與(yu)交(jiao)(jiao)(jiao)(jiao)易(yi)(yi)獲(huo)利(li)之間(jian)(jian)具(ju)(ju)有(you)(you)(you)(you)高(gao)(gao)(gao)度關聯性(xing)。首先，從(cong)交(jiao)(jiao)(jiao)(jiao)易(yi)(yi)模式看(kan)，甲利(li)用職務便利(li)獲(huo)知A公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)相關買(mai)入期(qi)(qi)貨(huo)(huo)(huo)(huo)的交(jiao)(jiao)(jiao)(jiao)易(yi)(yi)指令后，指使乙(yi)操(cao)(cao)作(zuo)B公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)控(kong)制的賬(zhang)(zhang)戶(hu)提(ti)(ti)前以低價(jia)(jia)買(mai)入期(qi)(qi)貨(huo)(huo)(huo)(huo)后，再高(gao)(gao)(gao)價(jia)(jia)賣給A公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)，在極(ji)短的時間(jian)(jian)內操(cao)(cao)作(zuo)A公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)賬(zhang)(zhang)戶(hu)與(yu)B公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)控(kong)制賬(zhang)(zhang)戶(hu)成交(jiao)(jiao)(jiao)(jiao)，具(ju)(ju)有(you)(you)(you)(you)時間(jian)(jian)上(shang)的緊密關聯性(xing)。其次(ci)，從(cong)交(jiao)(jiao)(jiao)(jiao)易(yi)(yi)數量看(kan)，B公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)在極(ji)短時間(jian)(jian)內提(ti)(ti)前大量低價(jia)(jia)買(mai)入α期(qi)(qi)貨(huo)(huo)(huo)(huo)，以至(zhi)于B公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)占有(you)(you)(you)(you)市(shi)場(chang)上(shang)90%以上(shang)份額(e)的α期(qi)(qi)貨(huo)(huo)(huo)(huo)，后再與(yu)A公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)交(jiao)(jiao)(jiao)(jiao)易(yi)(yi)，與(yu)正常的市(shi)場(chang)交(jiao)(jiao)(jiao)(jiao)易(yi)(yi)習(xi)慣相比(bi)具(ju)(ju)有(you)(you)(you)(you)異(yi)常性(xing)。再次(ci)，從(cong)交(jiao)(jiao)(jiao)(jiao)易(yi)(yi)盈(ying)(ying)虧(kui)看(kan)，乙(yi)人為操(cao)(cao)縱大幅(fu)抬(tai)升α期(qi)(qi)貨(huo)(huo)(huo)(huo)價(jia)(jia)格，A公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)交(jiao)(jiao)(jiao)(jiao)易(yi)(yi)人員為規避(bi)市(shi)場(chang)風險，不(bu)得不(bu)大量從(cong)B公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)購買(mai)α期(qi)(qi)貨(huo)(huo)(huo)(huo)，B公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)在短時間(jian)(jian)內將α期(qi)(qi)貨(huo)(huo)(huo)(huo)高(gao)(gao)(gao)價(jia)(jia)賣給A公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)，使得A公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)額(e)外付出高(gao)(gao)(gao)額(e)代價(jia)(jia)。乙(yi)控(kong)制的B公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)賬(zhang)(zhang)戶(hu)盈(ying)(ying)利(li)比(bi)例高(gao)(gao)(gao)達90%以上(shang)，部分賬(zhang)(zhang)戶(hu)甚至(zhi)100%盈(ying)(ying)利(li)，具(ju)(ju)有(you)(you)(you)(you)盈(ying)(ying)利(li)比(bi)例的異(yi)常性(xing)。最后，從(cong)交(jiao)(jiao)(jiao)(jiao)易(yi)(yi)對(dui)象看(kan)，在甲和乙(yi)共謀前，B公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)從(cong)未與(yu)A公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)進行(xing)金融交(jiao)(jiao)(jiao)(jiao)易(yi)(yi)，共謀后開始與(yu)A公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)有(you)(you)(you)(you)大量交(jiao)(jiao)(jiao)(jiao)易(yi)(yi)并成交(jiao)(jiao)(jiao)(jiao)，具(ju)(ju)有(you)(you)(you)(you)交(jiao)(jiao)(jiao)(jiao)易(yi)(yi)對(dui)象的異(yi)常性(xing)。

　　甲利(li)用職務便(bian)利(li)，將其管理的(de)(de)(de)A公(gong)(gong)(gong)司(si)(si)相關證(zheng)券交(jiao)(jiao)易(yi)信息告知(zhi)乙，與乙合(he)謀使B公(gong)(gong)(gong)司(si)(si)介入，A公(gong)(gong)(gong)司(si)(si)交(jiao)(jiao)易(yi)人(ren)員為了規避因期貨(huo)市場行(xing)情不確定性所(suo)產(chan)生的(de)(de)(de)交(jiao)(jiao)易(yi)風險，直接導(dao)致A公(gong)(gong)(gong)司(si)(si)以(yi)更高價格買入α期貨(huo)，造成(cheng)A公(gong)(gong)(gong)司(si)(si)交(jiao)(jiao)易(yi)成(cheng)本(ben)提(ti)高，A公(gong)(gong)(gong)司(si)(si)因交(jiao)(jiao)易(yi)成(cheng)本(ben)增加造成(cheng)實際損失。甲通(tong)過期貨(huo)交(jiao)(jiao)易(yi)侵吞(tun)國有公(gong)(gong)(gong)司(si)(si)財產(chan)，屬(shu)于侵吞(tun)國有財產(chan)的(de)(de)(de)行(xing)為。因此(ci)，甲、乙利(li)用提(ti)前(qian)知(zhi)悉的(de)(de)(de)公(gong)(gong)(gong)司(si)(si)交(jiao)(jiao)易(yi)指令和(he)操盤便(bian)利(li)，使用乙控制的(de)(de)(de)B公(gong)(gong)(gong)司(si)(si)賬戶提(ti)前(qian)買入或賣出同(tong)一期貨(huo)產(chan)品(pin)，后(hou)續與A公(gong)(gong)(gong)司(si)(si)相互(hu)交(jiao)(jiao)易(yi)獲利(li)，甲乙通(tong)過期貨(huo)交(jiao)(jiao)易(yi)侵吞(tun)國有財產(chan)，構成(cheng)貪污罪(zui)。

　　三(san)、利(li)用未公(gong)(gong)開(kai)信息(xi)，明示(shi)或暗示(shi)親友投資獲(huo)利(li)，未造成國有資產損失(shi)的(de)，不構(gou)成貪(tan)污罪，相關行為構(gou)成利(li)用未公(gong)(gong)開(kai)信息(xi)交(jiao)易(yi)罪

　　刑法第一(yi)(yi)百八十條規(gui)定了(le)(le)利用未公開(kai)信息(xi)(xi)交(jiao)(jiao)易罪(zui)，是(shi)(shi)刑法修正(zheng)案（七）新增的(de)罪(zui)名，增加(jia)該(gai)罪(zui)是(shi)(shi)為(wei)(wei)了(le)(le)懲戒金(jin)(jin)融(rong)機(ji)構工作(zuo)人(ren)(ren)(ren)員違背信義(yi)義(yi)務(wu)(wu)的(de)行(xing)為(wei)(wei)。實(shi)踐中，由于該(gai)罪(zui)具有(you)主體特殊(shu)性、行(xing)為(wei)(wei)隱蔽(bi)性、手段技術(shu)性、后果潛隱性等(deng)特點，判斷金(jin)(jin)融(rong)機(ji)構內(nei)外人(ren)(ren)(ren)員屬于正(zheng)常交(jiao)(jiao)流投資(zi)信息(xi)(xi)還是(shi)(shi)內(nei)外勾結損害國有(you)公司(si)利益，要重點審查雙方信息(xi)(xi)流向、內(nei)容(rong)、交(jiao)(jiao)易方式，特別要判斷是(shi)(shi)否有(you)利用職務(wu)(wu)便利、內(nei)外通(tong)謀等(deng)情況。實(shi)踐中一(yi)(yi)般認為(wei)(wei)，利用未公開(kai)信息(xi)(xi)交(jiao)(jiao)易罪(zui)包括兩種樣(yang)態，一(yi)(yi)是(shi)(shi)金(jin)(jin)融(rong)機(ji)構工作(zuo)人(ren)(ren)(ren)員等(deng)特殊(shu)主體本人(ren)(ren)(ren)通(tong)過利用職務(wu)(wu)便利獲取(qu)的(de)內(nei)幕信息(xi)(xi)以外的(de)其(qi)他未公開(kai)信息(xi)(xi)從事相(xiang)(xiang)關證券、期(qi)貨交(jiao)(jiao)易；二是(shi)(shi)金(jin)(jin)融(rong)機(ji)構工作(zuo)人(ren)(ren)(ren)員等(deng)特殊(shu)主體明示(shi)、暗示(shi)他人(ren)(ren)(ren)從事相(xiang)(xiang)關證券、期(qi)貨交(jiao)(jiao)易活動。

　　《關于辦(ban)理利(li)用(yong)(yong)未(wei)公(gong)開(kai)信(xin)(xin)息(xi)交(jiao)易(yi)(yi)刑事案(an)件(jian)適(shi)用(yong)(yong)法(fa)律若干(gan)問(wen)題的(de)(de)(de)解(jie)釋》第(di)一(yi)條規(gui)定(ding)(ding)(ding)，刑法(fa)第(di)一(yi)百八十條第(di)四(si)款規(gui)定(ding)(ding)(ding)的(de)(de)(de)“內幕信(xin)(xin)息(xi)以外的(de)(de)(de)其他(ta)未(wei)公(gong)開(kai)的(de)(de)(de)信(xin)(xin)息(xi)”，包括下列信(xin)(xin)息(xi)：（一(yi)）證(zheng)券、期貨的(de)(de)(de)投資(zi)(zi)決策、交(jiao)易(yi)(yi)執行(xing)信(xin)(xin)息(xi)；（二(er)）證(zheng)券持倉數量及變(bian)(bian)化(hua)、資(zi)(zi)金數量及變(bian)(bian)化(hua)、交(jiao)易(yi)(yi)動(dong)向(xiang)信(xin)(xin)息(xi)；（三）其他(ta)可能(neng)影(ying)(ying)響(xiang)證(zheng)券、期貨交(jiao)易(yi)(yi)活動(dong)的(de)(de)(de)信(xin)(xin)息(xi)。筆者認為，未(wei)公(gong)開(kai)信(xin)(xin)息(xi)必須具(ju)有未(wei)公(gong)開(kai)性，不(bu)為公(gong)眾知(zhi)悉，但系特(te)定(ding)(ding)(ding)人(ren)員能(neng)接觸(chu)或者獲得(de)的(de)(de)(de)信(xin)(xin)息(xi)，要具(ju)有價(jia)格(ge)影(ying)(ying)響(xiang)性，當然，不(bu)同(tong)類型的(de)(de)(de)未(wei)公(gong)開(kai)信(xin)(xin)息(xi)的(de)(de)(de)價(jia)格(ge)影(ying)(ying)響(xiang)程度要求不(bu)同(tong)。實踐中(zhong)，對于未(wei)公(gong)開(kai)信(xin)(xin)息(xi)的(de)(de)(de)認定(ding)(ding)(ding)存在爭議的(de)(de)(de)，應按照(zhao)《關于辦(ban)理利(li)用(yong)(yong)未(wei)公(gong)開(kai)信(xin)(xin)息(xi)交(jiao)易(yi)(yi)刑事案(an)件(jian)適(shi)用(yong)(yong)法(fa)律若干(gan)問(wen)題的(de)(de)(de)解(jie)釋》第(di)二(er)條規(gui)定(ding)(ding)(ding)，可以在有關行(xing)政(zheng)主（監）管部門認定(ding)(ding)(ding)意(yi)見(jian)的(de)(de)(de)基礎上，根據案(an)件(jian)事實和法(fa)律規(gui)定(ding)(ding)(ding)作(zuo)出認定(ding)(ding)(ding)。

　　案例二中，丙(bing)為丁實際控(kong)制的(de)(de)(de)D公(gong)(gong)(gong)司經(jing)(jing)營(ying)(ying)提供利(li)用職務便利(li)獲取(qu)的(de)(de)(de)未(wei)(wei)公(gong)(gong)(gong)開(kai)(kai)基(ji)金(jin)(jin)投資決(jue)策信(xin)息(xi)，為D公(gong)(gong)(gong)司經(jing)(jing)營(ying)(ying)活動(dong)(dong)牟利(li)，由于(yu)丙(bing)不具有非法(fa)(fa)占有公(gong)(gong)(gong)共財物目的(de)(de)(de)，且未(wei)(wei)造成(cheng)國有資產重大損失，不構成(cheng)貪(tan)污(wu)罪(zui)(zui)或為親友非法(fa)(fa)牟利(li)罪(zui)(zui)。丙(bing)作為公(gong)(gong)(gong)募基(ji)金(jin)(jin)經(jing)(jing)理，通過所任(ren)職的(de)(de)(de)基(ji)金(jin)(jin)公(gong)(gong)(gong)司對相關股票進行調研，并將包括基(ji)金(jin)(jin)投資計(ji)劃(hua)的(de)(de)(de)研究(jiu)報(bao)告結論告訴丁，丁“心領(ling)神會(hui)”，知道該研究(jiu)報(bao)告結論就是C公(gong)(gong)(gong)募基(ji)金(jin)(jin)的(de)(de)(de)投資決(jue)策、動(dong)(dong)向交(jiao)易信(xin)息(xi)，隨后利(li)用自(zi)己控(kong)制賬(zhang)戶大量(liang)投資。丙(bing)明知其向丁提供的(de)(de)(de)基(ji)金(jin)(jin)投研信(xin)息(xi)中包含基(ji)金(jin)(jin)公(gong)(gong)(gong)司的(de)(de)(de)投資決(jue)策，屬于(yu)未(wei)(wei)公(gong)(gong)(gong)開(kai)(kai)信(xin)息(xi)，根據(ju)專(zhuan)業(ye)知識、從業(ye)經(jing)(jing)驗，可(ke)以認定其明知利(li)用未(wei)(wei)公(gong)(gong)(gong)開(kai)(kai)信(xin)息(xi)從事交(jiao)易活動(dong)(dong)的(de)(de)(de)違法(fa)(fa)性，但仍進行交(jiao)易，構成(cheng)利(li)用未(wei)(wei)公(gong)(gong)(gong)開(kai)(kai)信(xin)息(xi)交(jiao)易罪(zui)(zui)。（白潔(jie)）