SECURITIES (INSIDER DEALING) ORDINANCE ——附加英文版
Hong Kong
SECURITIES (INSIDER DEALING) ORDINANCE
(CHAPTER 395)
ARRANGEMENT OF SECTIONS
ion
I PRELIMINARY
hort title
nterpretation
pplication
Connected with a corporation"
ossession of relevant information obtained in privileged
capacity
Dealing in securities"
Take-over offer"
Relevant information"
II INSIDER DEALING
hen insider dealing takes place
Certain persons not to be held insider dealers
Trustees and personal representatives
Exercise of right to subscribe for or acquire securities
Duty of officers of corporation
Insider dealing not void or voidable
III INSIDER DEALING TRIBUNAL
Constitution of Tribunal Inquiries by Tribunal
Inquiries into insider dealing
Powers of Tribunal
Further powers of Tribunal to obtain information
Incriminating answers
Offences
Privileged information Report and orders of Tribunal
Report of Tribunal following inquiry
Orders etc. of Tribunal
Order against officer of corporation
Limitation on aggregate amount of penalties
Witnesses' expenses
Expenses of investigation and inquiry
Form and proof of order of Tribunal
Order of Tribunal may be registered in Court
Offence
IV APPEALS
Appeal to Court of Appeal
Powers of the Court of Appeal on appeal
Stay of execution on appeal
V MISCELLANEOUS
Offences by corporation, etc.
Limitation on commencement of proceedings
Chief Justice may make rules
44. (Omitted)
Whole document:
dule.
rdinance to amend the law relating to insider dealing in
securities;
for connected purposes.
eptember 1991] L. N. 269 of 1991
PART I PRELIMINARY
hort title
Ordinance may be cited as the Securities (Insider Dealing)
Ordinance.
nterpretation
In this Ordinance, unless the context otherwise requires--
ociate", in relation to a person entitled to exercise or control
the
cise of voting power in relation to a corporation, means--
that person's spouse, reputed spouse, person co-habiting
with that
on as a spouse, that person's brother, sister, parent,
step-parent,
d (natural or adopted) or step-child;
any corporation of which that person is a director;
any person who is an employee or partner of that person;
if that person is a corporation--
any director of that corporation;
any related corporation of that corporation; and
) any director or employee of any such related corporation; and
if that person has with any other person an agreement or
arrangement
respect to the acquisition, holding or disposal of shares or
other
rests in that corporation or under which they undertake
to act
ther in exercising their voting power in relation to it, that
other
on;
k or other document" includes--
books of a banker;
cheques, orders for the payment of money, bills of
exchange, and
issory notes in the possession or under the control of a banker;
securities in the possession or under the control of a banker,
whether
ay of pledge or otherwise;
any document or record used in the ordinary course of business
of a
;
any record so used which is kept otherwise than in a legible form
and
apable of being reproduced in a legible form; and
any accounts or deeds;
mission" means the Securities and Futures Commission
established by
Securities and Futures Commission Ordinance (Cap. 24);
pany" means a company as defined in section 2 (1) of the
Companies
nance (Cap. 32);
troller", in relation to a corporation, means any person--
in accordance with whose directions or instructions the
directors of
corporation or of another corporation of which it is a subsidiary
are
stomed to act; or
who, either alone or with any associate, is entitled to exercise,
or
rol the exercise of, more than 33% of the voting power at
general
ings of the corporation or of another corporation of which it
is a
idiary, and references in this Ordinance to "control"
shall be
trued accordingly; "corporation" means any company or
other body
orate or an unincorporated body, incorporated or formed either
in Hong
or elsewhere;
ector" includes--
any person occupying the position of director, by
whatever name
ed; and
any person in accordance with whose directions or
instructions the
ctors of the corporation are accustomed to act;
ument" includes any register, book, record, tape recording, any
form
omputer input or output, and any other document or similar
material
ther produced mechanically, electrically, or manually, or by any
other
s whatsoever);
h Court" means the High Court of Justice;
ding company" means a corporation which is a holding company
within
meaning of section 2 of the Companies Ordinance (Cap. 32);
uiry" means an inquiry instituted under section 16;
ider dealer" means a person who perpetrates any act which
is an
der dealing within the meaning of section 9 and also means a
person
is to be regarded as an insider dealer under section 16 (6);
ider dealing" means an insider dealing within the meaning of
section
ted securities" means securities that are listed on the
Unified
ange at the time of any insider dealing in relation
to those
rities;
icer" in relation to a corporation includes a director,
manager or
etary, and in relation to an unincorporated body includes every
member
he governing body thereof; "related corporation", in relation
to a
oration, means--
any corporation that is that corporation's subsidiary or
holding
any or a subsidiary of that corporation's holding company;
any corporation a controller of which is also a controller of
that
oration; "relevant share capital" means a corporation's issued
share
tal of a class carrying rights to vote at general meetings
of the
oration;
urities" means any shares, stocks, debentures, loan stocks,
funds,
s, or notes of, or issued by, any body, whether
incorporated or
corporated, or of any government or local government authority,
and
udes--
rights, options, or interests (whether described as
units or
rwise) in or in respect of any of the foregoing;
certificates of interest or participation in, or temporary or
interim
ificates for, receipts for, or warrants to subscribe to or
purchase,
of the foregoing; or
any instruments commonly known as securities;
sidiary" means any corporation which is a subsidiary
within the
ing of section 2 of the Companies Ordinance (Cap. 32);
bunal" has the meaning given to it in section 15;
fied Exchange" means the stock market established under section
27 of
Stock Exchanges Unification Ordinance (Cap. 361).
For the purpose of the definition of "controller", where a
person is
tled to exercise or control the exercise of 33% or more of the
voting
r at general meetings of a corporation and that
corporation is
tled to exercise or control the exercise of any of the voting power
at
ral meetings of another corporation ("the effective voting
power")
the effective voting power at general meetings of
that other
oration is taken as exercisable by that person.
A person shall not be deemed to be a person in accordance with
whose
ctions or instructions the directors of a corporation are
accustomed
ct by reason only that the directors of the corporation act on
advice
n by him in a professional capacity.
In this Ordinance securities are deemed to be listed on the
Unified
ange notwithstanding that dealings in such securities
have been
ended.
In this Ordinance a reference to an interest in securities is
to be
as including an interest of any kind whatsoever in the
securities;
accordingly there are to be disregarded any restraints or
restrictions
hich the exercise of any right attached to the interest
may be
ect.
pplication
Ordinance shall not have effect with respect to an insider dealing
in
tion to the listed securities of a corporation which has taken
place
re the commencement of this Ordinance.
Connected with a corporation"
A person is connected with a corporation for the purposes of
section 9
being an individual--
he is a director or employee of that corporation or a
related
oration; or
he is a substantial shareholder in the corporation or a
related
oration; or
he occupies a position which may reasonably be expected to give
him
ss to relevant information concerning the corporation by virtue
of--
any professional or business relationship existing between
himself (or
employer or a corporation of which he is a director or a firm of
which
s a partner) and that corporation, a related corporation or an
officer
ubstantial shareholder in either of such corporations; or
his being a director, employee or partner of a
substantial
eholder in the corporation or a related corporation; or
he has access to relevant information in relation to the
corporation
irtue of his being connected (within the meaning of paragraph (a),
(b)
c)) with another corporation, being information which relates
to any
saction (actual or contemplated) involving both those
corporations or
lving one of them and the listed securities of the other or to
the
that such transaction is no longer contemplated; or
he was at any time within the 6 months preceding any
dealing in
tion to listed securities within the meaning of section 9 a
person
ected with the corporation within the meaning of paragraph (a),
(b),
or (d).
A corporation is a person connected with a corporation
for the
oses of section 9 so long as any of its directors or employees
is a
on connected with that other corporation within the
meaning of
ection (1).
In subsection (1), "substantial shareholder" in
relation to a
oration means a person who has an interest in the relevant
share
tal of that corporation which has a nominal value equal to or
more
10% of the nominal value of the relevant share capital of
that
oration.
ossession of relevant information obtained in privileged
capacity
A public officer or a member or employee (whether such
member or
oyee is temporary or permanent, paid or unpaid) of any body
referred
n subsection (2), who in his capacity as such receives
relevant
rmation concerning a corporation shall be deemed to be a
person
ected with that corporation for the purposes of section 9.
The bodies referred to in subsection (1) are--
the Executive Council;
the Legislative Council;
the Futures Exchange Company, Stock Exchange Company or any
clearing
e;
any board, commission, committee or other body appointed by
or on
lf of the Governor or the Governor in Council under any Ordinance;
any body corporate established or incorporated by Ordinance; and
any body corporate specified by the Financial Secretary by
notice
ished in the Gazette.
In this section--
aring house" means a clearing house within the meaning of section
2
of the Commodities Trading Ordinance (Cap. 250) or authorized
under
other Ordinance to carry on business as a clearing house in
respect of
rities;
ures Exchange Company" means the Exchange Company within the
meaning
ection 2 (1) of the Commodities Trading Ordinance (Cap. 250);
ck Exchange Company" means the Exchange Company within the
meaning of
ion 2 (1) of the Stock Exchanges Unification Ordinance (Cap. 361).
In the case of a body referred to in subsection (2) which
has no
ers the reference in subsection (1) to a member shall be construed
as
ference to a member of the governing body thereof.
Dealing in securities"
the purposes of this Ordinance, a person deals in securities if
ther as principal or agent) he buys, sells, exchanges or
subscribes
or agrees to buy, sell, exchange or subscribe for, any securities
or
ires or disposes of, or agrees to acquire or dispose of, the right
to
sell, exchange or subscribe for, any securities.
Take-over offer"
his Ordinance, "take-over offer for a corporation" means an offer
made
ll the holders (or all the holders other than the person making
the
r and his nominees) of the shares in the corporation to acquire
those
es or a specified proportion of them, or to all the holders (or
all
holders other than the person making the offer and his nominees)
of a
icular class of those shares to acquire the shares of that class
or a
ified proportion of them.
Relevant information"
his Ordinance "relevant information" in relation to a
corporation
s specific information about that corporation which is not
generally
n to those persons who are accustomed or would be likely to deal
in
listed securities of that corporation but which would if
it were
rally known to them be likely materially to affect the price of
those
rities.
PART II INSIDER DEALING
hen insider dealing takes place
Insider dealing in relation to the listed securities of a
corporation
s place--
when a person connected with a corporation who is in
possession of
rmation which he knows is relevant information in relation to
that
oration deals in any listed securities of that corporation (or
in the
ed securities of a related corporation) or counsels or
procures
her person to deal in such listed securities knowing or
having
onable cause to believe that such person would deal in them;
when a person who is contemplating or has contemplated making
(whether
or without another person) a take-over offer for a corporation
and
knows that the information that the offer is contemplated or
is no
er contemplated is relevant information in relation
to that
oration, deals in the listed securities of that corporation (or
in the
ed securities of a related corporation) or counsels or
procures
her person to deal in those listed securities, otherwise than for
the
ose of such take-over;
when relevant information in relation to a corporation is
disclosed
ctly or indirectly, by a person connected with that
corporation, to
her person and the first-mentioned person knows that the
information
elevant information in relation to the corporation and knows
or has
onable cause for believing that the other person will make use
of the
rmation for the purpose of dealing, or counselling or
procuring
her to deal, in the listed securities of that corporation (or in
the
ed securities of a related corporation);
when a person who is contemplating or has contemplated making
(whether
or without another person) a take-over offer for a corporation
and
knows that the information that the offer is contemplated or
is no
er contemplated is relevant information in relation
to that
oration, discloses that information, directly or
indirectly, to
her person and the first-mentioned person knows or has
reasonable
e for believing that the other person will make use of the
information
the purpose in dealing, or in counselling or procuring
another to
, in the listed securities of that corporation (or in the
listed
rities of a related corporation);
when a person who has information which he knows is
relevant
rmation in relation to a corporation which he received
(directly or
rectly) from a person--
whom he knows is connected with that corporation; and
whom he knows or has reasonable cause to believe
held that
rmation by virtue of being so connected,
s in the listed securities of that corporation (or in the
listed
rities of a related corporation) or counsels or procures
another
on to deal in those listed securities;
when a person who has received (directly or indirectly) from a
person
he knows or has reasonable cause to believe is contemplating or
is no
er contemplating a take-over offer for a corporation,
information to
effect and knows that such information is relevant
information in
tion to that corporation, deals in the listed securities
of that
oration (or in the listed securities of a related
corporation) or
sels or procures another person to deal in those listed
securities.
An insider dealing in relation to the listed
securities of a
oration also takes place when a person who is knowingly in
possession
elevant information in relation to that corporation in any
of the
umstances described in subsection (1) --
counsels or procures any other person to deal in the listed
securities
hat corporation (or in the listed securities of a related
corporation)
he knowledge or with reasonable cause to believe that, that
person
d deal in those listed securities outside Hong Kong on any
stock
ange other than the Unified Exchange; or
discloses that relevant information to any other person
in the
ledge or with reasonable cause to believe that, that or some
other
on will make use of that information for the purpose of dealing,
or of
selling or procuring any other person to deal, in
the listed
rities of that corporation (or in the listed securities of a
related
oration) outside Hong Kong on any stock exchange other
than the
ied Exchange.
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1、自从买了车之后,在心中一再告诫自己：成为有车一族了，好歹也算是个有钱人了(与骑电动车和自行车的人相比,参加环法自行车赛的人例外)，不要动不动就为交通违章罚款的事情耿耿于怀了，就当是为交管部门捐点款吧，顶多当成出门被偷了或被抢了几百元钱，不值得生气，更不值得像秋菊那样非要寻个理或法的什么，既耽误时间，又伤了身心。
2、可惜呀，全国的开车人却很少有我这样良好的心态。这不，又被2012年8月21日公安部部长办公会议通过《机动车驾驶证申领和使用规定》搞得心神不宁。别看那是个关于驾驶证的部门规章，但好歹也是公安部部长办公会议通过的，尽管不如全国人大或人大常委会那么具有立法权威，但那些饱经沧桑的部长们搞个管理全国开车人的规章也还是名正言顺的，不值得大家说三道四吧？至于袁裕来律师“煽动”说“人民法院虽然不能直接宣告公安部123令相关条款违法、无效，但可以选择不予适用。”那就更加高看了人民法院与公安部对局时的姿态和气度了，且不谈公安部123令是否违法还是问题，即使违法了，最高法院及其统领下的全国法院系统，有必要为一个闯黄灯扣6分这样一个小问题与公安部对着干吗？何况公安部123令才颁布正有效着，哪个基层法院的法官自狂到敢不适用公安部123令？笑话！
3、在我看来，不但公安部部长办公会议通过《机动车驾驶证申领和使用规定》根本不违法,而且公安部有关负责人关于闯黄灯适用《机动车驾驶证申领和使用规定》扣6分的解释也不违法。
4、《中华人民共和国道路交通安全法》第二十六条：“交通信号灯由红灯、绿灯、黄灯组成。红灯表示禁止通行，绿灯表示准许通行，黄灯表示警示。”第二十四条：“公安机关交通管理部门对机动车驾驶人违反道路交通安全法律、法规的行为，除依法给予行政处罚外，实行累积记分制度。公安机关交通管理部门对累积记分达到规定分值的机动车驾驶人，扣留机动车驾驶证，对其进行道路交通安全法律、法规教育，重新考试；考试合格的，发还其机动车驾驶证。”
5、国务院颁布的《中华人民共和国道路交通安全法实施条例》第三十八条 机动车信号灯和非机动车信号灯表示：
(一)绿灯亮时，准许车辆通行，但转弯的车辆不得妨碍被放行的直行车辆、行人通行；
(二)黄灯亮时，已越过停止线的车辆可以继续通行；
(三)红灯亮时，禁止车辆通行。
6、《机动车驾驶证申领和使用规定》（公安部令第123号）附件2《道路交通安全违法行为记分分值》“二、机动车驾驶人有下列违法行为之一，一次记6分：（二）驾驶机动车违反道路交通信号灯通行的；”
7、《机动车驾驶证申领和使用规定》对“驾驶机动车违反道路交通信号灯通行的”行为记6分，完全合法，尽管公安部把这种行为的记分由3分增加到6分，但根据《中华人民共和国道路交通安全法》二十四条，公安部有权实行累积记分制度，其有权对累积记分制度中的分值进行调整。而且这种累积记分制度不是行政处罚，其达到12分后“扣留”驾驶证的行为是否属于行政处罚中的“暂扣”驾驶证行为还值得探讨。但无论如何，公安部还是有权对某种行为的记分的分值进行调整的。因此，《机动车驾驶证申领和使用规定》（公安部令第123号）完全合法。
8、公安部交管局相关负责人对闯黄灯扣分的解释，与其说是对《机动车驾驶证申领和使用规定》的解释，不如说是对国务院颁布的《中华人民共和国道路交通安全法实施条例》第三十八条的解释。尽管公安部交管局相关负责人的解释触犯众怒，但应该看到，该负责人对《中华人民共和国道路交通安全法实施条例》第三十八条的解释是正确的。“黄灯亮时，已越过停止线的车辆可以继续通行；”这句话能否解释成“黄灯亮时，未越过停止线的车辆禁止继续通行”？
9、《中华人民共和国道路交通安全法实施条例》可不是几个部长爷们开个办公会议就敲定的东东，而是由国务院总理温家宝签发的国务院行政法规，这是法院审判必须遵守的法律依据。要想正确解读《中华人民共和国道路交通安全法实施条例》第三十八条“黄灯亮时，已越过停止线的车辆可以继续通行；”这句话的含义，我们先来看看第三十八条“(三)红灯亮时，禁止车辆通行”这句话的含义。红灯亮时，已越过停止线的车辆可否继续通行？在2013年1月1日之前，全国很多地方交管部门不拿《中华人民共和国道路交通安全法实施条例》第三十八条“黄灯亮时，已越过停止线的车辆可以继续通行；”这句话当回事，闯黄灯不算交通违章，但当黄灯变红灯时，已经过停止线的车辆一致认为是可以继续通行的，未过停车线的车辆禁止通行。至今还有很多地方绿灯闪烁后是直接变红灯的，没有黄灯过度，红灯亮时过线的车辆可以继续通行，未过线的车辆禁止通行。因此，第三十八条“(三)红灯亮时，禁止车辆通行”这句话的含义为：“红灯亮时，已越过停止线的车辆可以继续通行,且未越过停止线的车辆禁止继续通行”。
10、从语言逻辑角度看,“ 已越过停止线的车辆可以继续通行”与“未越过停止线的车辆禁止继续通行”这两个命题并不等值。“ 已越过停止线的车辆可以继续通行”仅仅是对已越过停止线的车辆行为的规范，并没有规定没有越过停止线的车辆可以继续通行还是禁止继续通行。因此，不能以“ 已越过停止线的车辆可以继续通行”推出“未越过停止线的车辆禁止继续通行”。同理，“未越过停止线的车辆禁止继续通行”也仅仅是对未越过停止线的车辆行为的规范，并没有规定越过停止线的车辆可以继续通行还是禁止继续通行。不能以“未越过停止线的车辆禁止继续通行”推出“ 已越过停止线的车辆可以继续通行”。严格按照语言逻辑立法，“(三)红灯亮时，禁止车辆通行”这句话，应该表述为：“已越过停止线的车辆可以继续通行,且未越过停止线的车辆禁止继续通行”。
11、但是，生活往往是非逻辑的，我国的立法语言往往强调简洁而难免模糊。更重要的是停止线不是在路上的随意划的一条线，关于“停止线”这个概念，如果公安部门一旦定义为：“过线行，未过线停”（这个定义或解释完全符合2013年1月1日之前社会公众对“停止线”含义的理解），那么“红灯亮时，已越过停止线的车辆可以继续通行”与“红灯亮时，未越过停止线的车辆禁止继续通行”这两句话就等值了，可以互为推导。由此可见，公安部交管局的有关负责人从《中华人民共和国道路交通安全法实施条例》第三十八条“黄灯亮时，已越过停止线的车辆可以继续通行”推导出“黄灯亮时，未越过停止线的车辆禁止继续通行”就是正确的了，该公安部负责人的解释一点不违反《中华人民共和国道路交通安全法实施条例》。
12、有的人也许还不服气：《中华人民共和国道路交通安全法》第二十六条明明规定：“红灯表示禁止通行，绿灯表示准许通行，黄灯表示警示”，而《中华人民共和国道路交通安全法实施条例》竟然无视“警示”与“禁止通行”的区别，把黄灯的“警示”，解释成与红灯一样的“禁止通行”。我的乖乖，你们竟然敢质疑国务院行政法规的合法性！行政法规不是部门规章，不是法院参照的东东，而是法院审判的依据啊！
13、黄灯是否有警示作用？当然有。《中华人民共和国道路交通安全法实施条例》第四十二条：“闪光警告信号灯为持续闪烁的黄灯，提示车辆、行人通行时注意?望，确认安全后通过。”这里的黄灯就是典型的警示作用。问题是绿灯转黄灯时的黄灯并不闪烁哦，由绿灯转为不闪的黄灯其含义如何？按照《中华人民共和国道路交通安全法实施条例》第三十八条其含义就是“禁止通行”，其含义与红灯相同。交管部门有些人故意说不闪的黄灯就是过线还是可以进行通行，不过线禁止通行。废话！难道红灯时过线车辆不也是可以继续通行的吗？没有必要这样遮遮掩掩的，由绿灯转为不闪的黄灯其含义就是禁止通行，与红灯含义完全一样。男子汉要敢作敢为，既然对《中华人民共和国道路交通安全法》的黄灯含义作出了扩大解释，就应该敢理直气壮的宣示出来。
14、在我国，最高法院和最高检察院的司法解释也好，国务院的各种实施细则的行政法规也好，常常对全国人大及全国人大常委会制定的法律进行扩大解释，甚至进行无中生有的规定。例如，新出台的最高法院关于刑事诉讼法的司法解释，其中关于证据部分，就无中生有地添加了许多规定，完全无法与新出台的刑事诉讼法条文相对应。这种司法解释与其说是解释，不如说是立法。这种情况见怪不怪，天长日久大家都适应了，也算是中国特色吧。国务院颁布的很多法律的实施细则也一样，喜欢玩第二次立法。很少人有兴趣去指责最高法院和国务院违法，再说指责了也没有什么用处，各级法院都按照最高法院的司法解释和国务院的行政法规审理案件，对于法律实务来说，最高法院的司法解释和国务院的行政法规往往比全国人大及常委会制定的法律更加重要。偶尔有几个愣头青的学者或律师跳出来指责最高法院的司法解释或国务院的实施细则越权违法，但最终都不了了之，弄得自己都没有兴趣再提起此事。在富有中国特色的司法背景下，跳出来指责《中华人民共和国道路交通安全法实施条例》第三十八条扩大解释了《中华人民共和国道路交通安全法》的黄灯含义，有意思吗？
15、从对黄灯含义的扩大解释角度来批评《中华人民共和国道路交通安全法实施条例》违法，实在不足为取，基本上是老生常谈，没有新意，更撼动不了这个国务院的行政法规作为法院审判依据的地位。作为开车人之一，我想换个角度来谈论黄灯之痛。
16、为何要在绿灯和红灯之间设置一个黄灯？有好事者翻出了一个尘封的故事：杭州人胡汝鼎（1905—1985），他早年留学美国。1927年的一天，他站在美国繁华的十字路口，他看到绿灯亮了，正要向前走，一辆汽车擦身而过，吓了他一身冷汗。后来他反复琢磨，终于想到在红、绿灯中间再加上一个黄灯，提醒人们注意危险。这可能是黄灯的警示作用的历史渊源吧。
17、法学不是文学或语言学，词语或制度的历史渊源并不重要，关键是立法者立法时的动机和目的，当然，动机和目的的合理性和善意是重要衡量标准，尽管美国佬也使用黄灯，但中国的黄灯的含义不需要非要与美国佬一致。
18、在绿灯和红灯之间设置黄灯，据说有两个目的或作用：（1）清空交叉路口。（2）在绿灯变红灯时给车辆驾驶人以制动的反应时间。
19、所谓清空交叉路口，就是在直行由绿灯变红灯之间，安插一个黄灯，让已经过停止线的车辆继续通行，没有过停止线的车辆停止通行，以免横向交叉通行的车辆在绿灯情况下与直行还没有过路口的车辆相撞。
20、这个清空交叉路口的说法，是公安部交管局一口咬定的设置黄灯的唯一目的或作用。公安部交管局负责人表示，在车辆正常行驶过程中，只要驾驶人注意力集中、与前车保持安全车距，行经交叉路口时减速慢行、谨慎驾驶，追尾事故是可以避免的。由此可见，公安部交管局不认为设置黄灯是为了在绿灯变红灯时给没有过停止线的车辆驾驶人以制动的反应时间，因为没有过停止线的车辆遇到黄灯仍然不得通行。换句话说，公安部交管局否定了（2），肯定了（1）。
21、这个似是而非的清空交叉路口的说法，真的能为设置黄灯提供合理依据吗？不设置过度性的黄灯，直行由绿灯变红灯后，规定红灯时过了停止线的车辆继续通行，不过线的车辆禁止通行，与设置黄灯，规定黄灯时过了停止线的车辆继续通行，不过线的车辆禁止通行，有实质性区别吗？
22、真的想清空交叉路口的直行车辆，明智的做法是直行绿灯变红灯后，横向交叉的红灯延迟几秒变绿灯，等直行的车辆过完后，横向交叉的红灯再变绿灯。
23、由此可见，设置过度性黄灯清空交叉路口的说法，不仅似是而非，而且很弱智。让人们不得不怀疑公安部交管局的有关负责人一口咬定设置黄灯是为了清空交叉路口这个说法时的精神状态。
