| Since the emergence of the securities and futures markets,the illegal and criminal behaviors of securities trading,such as securities insider trading and crimes of trading with undisclosed information,have gradually emerged,and in recent years,securities insider trading cases most prevailed.Seeing from the perspective of company operation behavior,mergers and acquisitions(m&a)as well as reorganization of listed companies are a major severely afflicted area for insider trading behavior crimes,and illegal trading cases frequently occur by taking advantage of performance information such as high transmission and major loss.Seeing from the perspective of the subjects in these cases,the crimes that insider information insiders directly traded or explicitly or implicitly suggested others to trade accounted for more than 40%,and the information leakage scope has a tendency of further expansion,including the listed companies,Party and government leaders,bank loan examiners,market brokers and so on in the places where the enterprises are located.Meanwhile,seeing from the perspective of information transmission mode,the popularity of Internet instant message tools objectively facilitates the multidirectional transmission of insider information in the circle of family members,friends,colleagues and other circles of acquaintances,thus causing a series of crime cases.According to the statistics of China Securities Regulatory Commission(CSRC),more than 25% of insider trading crime cases involved more than three people,and even seven people were investigated simultaneously.In recent years,the number of crime cases committed by using undisclosed information to trade(“Rat Trading”)is decreasing.However,several fund management personnel blatantly acted against the law,and the problem of “Rat Trading” of private equity funds became prominent.Seeing from the perspective of the involved fields,the number of “Rat Trading” crime cases committed by equity practitioners exceeded the traditional multiple fields such as public funds,insurance asset management and securities trading,etc.Judging from the perspective of illegal behaviors,they have gradually changed from the “autocratic” trading in the past to the common illegal behaviors,such as sharing information,exchanging information and conspiring to engage in illegal transactions.Meanwhile,some “Rat Trading” cases were interwoven with insider trading and illegal stock trading of employees.Judging from the perspective of the nature of illegal behaviors,some employees continued committing crime under the background of the special action of fighting against “Rat Trading” launched by the CSRC,and they even continued these behaviors during the investigation,so the nature was extremely adverse.The number of the crime cases of securities insider trading and taking advantage of undisclosed information to trade is increasing,and the amount of money is also increasing constantly,which not only destroyed the normal management order of the securities and futures market,and violated the legitimate rights and interests of investors,but also caused a certain dark figure of crime.Therefore,it is necessary to strengthen the supervision of the securities industry,promote the communication and cooperation between administrative supervision departments and the public security law enforcement departments.This thesis took the major insider trading cases as well as the cases of trading with undisclosed information handled by the investigation authorities in recent years as the research case,and at the same time,two typical cases of insider trading and criminal cases of trading with undisclosed information handled by the unit where I practiced during my internship were also regarded as the research case for an in-depth analysis.Then the investigation thinking,interrogation strategies and skills,evidence collection specification and so on conducted by the investigation authorities during the process of handling these cases were summarized and sorted out,so as to provide a theoretical basis for the investigators to handle securities insider trading and undisclosed information trading cases,and provide a great help for the investigators to determine the scope of the suspects.Meanwhile,through analyzing the sources of the clues involved in the cases,studying investigation technologies and methods,interrogation game and response,etc.,big data thinking was introduced,and early warning detection mode was advocated,in order to directly serve the practice of law enforcement.Besides the conclusion,this thesis consists of six chapters:The first chapter is an introduction,which put forward the research purpose and significance,current situation and methods.This chapter will provide the basic research framework and analysis premise for this study.Chapter two is an overview of securities insider trading crimes.First of all,this chapter put forward the concept of securities insider trading,and analyzed the causes of securities insider trading from the perspective of external factors and motivation factors of insider trading crimes,and then conducted a legislative confirmation of the crimes of insider trading and divulging insider information,as well as the using undisclosed information to trade,and finally proposed that the insider trading behavior was mainly composed of three logical elements,including insider trading subject,insider information and insider trading behavior.Both insider trading behavior and undisclosed information trading behavior are the trading conducted by the subjects of securities trading by using “information” for profit-making purposes,and the securities insider trading behavior was divided into insider trading behavior and undisclosed information trading behavior,and then the relevant legislative evolution and evolution of insider trading were sorted out and summarized.Finally,the current situation of insider trading crimes in China was analyzed and summarized.Chapter three is the investigation of insider trading crime cases.This chapter analyzed and looked back upon the insider trading behavior from the perspective of case investigation of investigation authorities in the process of handling insider trading crimes,and through taking the study and judgment of intelligence clues as the logical starting point of case investigation,the subjects of insider trading were identified and screened,and then the criminal behavior of insider trading was determined,so as to make clear the evidence specifications and sort out evidence collection thinking for the investigation authorities' investigation of evidence,and provide a theoretical basis for improving the efficiency of crime detection.Finally,based on the analysis of typical cases,the theory of case investigation of evidence summarized above was applied to the case investigation practice to directly serve the practical law enforcement team.Chapter four is the investigation of crime cases of trading with undisclosed information.The author summarized several types of “Rat Trading” cases based on the “Rat Trading” cases handled during the internship period.When the securities market supervision department uses the big data system to monitor the “Rat Trading”,it establishes the abnormal index.Once it is triggered,it will warn the occurrence of the “Rat Trading” behavior.Through the analysis of big data system,and taking the trading data as the evidence clue,the abnormal persons and events and their social relations will be excavated,thus providing important clues for the investigation authorities to determine the subjects of crime cases.The author also extracted the technological theories of investigating “Rat Trading” cases,summed up the evidence specifications,evidence collection strategies,evidence collection standards as well as evidence specifications,etc.,and then through analyzing typical cases,it provided a theoretical basis for the law enforcement working team to practice how to choose the investigation breakthrough and apply appropriate investigation measures in the actual case handling process,as well as finally improve the detection rate of such cases.Chapter five is the construction of criminal investigation mechanism of insider trading.On the basis of chapter 3 and chapter 4,this chapter emphasized that the investigators should be good at using the advantages of big data to build the investigation mechanism based on the big data of securities trading,so as to provide a theoretical guidance for the case investigation of the investigation practice department.Chapter six is the construction of prevention mechanism of insider trading crime.Based on “prevention”,and under the philosophy that crime fighting and prevention prevention coexisted and prevention predominated,the multi-layer monitoring system jointly managed by various aspects was built,the internal governance and external effective risk control system of listed companies were perfected,and the warning education of potential insider trading personnel was strengthened,so as to systemically reduce insider trading behaviors and promote the sound and orderly development of securities market. |
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