Analysis On The Offence Of Insider Dealing And Leakage Of Inside Information

Insider dealing and leakage of inside information is an offence against the principles of equity, justice, opening and good faith of the market. Persons accessed to the inside information may speculate or take the illegal profit, by using their possession of insider information, further, threaten the legitimate property rights and interests of other investors. Insider dealing and leakage of inside information will lead to the loss of the confidence of other investors on, disrupting of state regulatory order in and impeding of the healthy development of securities and futures market. In order to maintain the order of the securities and futures market, fighting against the insider dealing and leakage of inside information is always the key function of the governments in the world. The amended 1997 PRC Criminal Law has initially criminated insider dealing and leakage of inside information, and the 1999 Amendment of PRC Criminal Law broadened the scope of this offence, by extending insider dealing and leakage of inside information to both securities and futures markets. This indicates that the regulation on insider dealing and leakage of inside information has moved from administrative level to criminal level and the relevant punishment has been greatly strengthened. Comprehensive analysis has been given in this dissertation, by looking into the legislation, concepts, constitute, judicial identification, penalties and legislation of the offense in different countries and scholars' controversy over the matter concerned. Aiming at cracking down the offence of insider dealing and ensuring the healthy and proper development of the PRC securities and futures market, proposals for modifying and perfecting relevantadministrative and criminal legislation have been raised in this dissertation.This dissertation consists of 5 chapters:Chapter 1 Introduction to the Legislation of Insider Dealing and Leakage of Inside InformationIn this chapter, introduction to the general statues of legislation of insider dealing in both China and other countries will be given.Chapter 2 Concepts and constitution of insider dealing and leakage of inside informationDetailed analysis on the concept and extension of insider dealing and leakage of inside information is addressed by looking into the concepts of this offence of our laws and regulations, academic controversy over summary, features of constitutions of this offence, and corresponding regulations of other countries (areas).Chapter 3 Judicial identification of insider dealing and leakage of inside informationThe author analyzes the judicial identification of this offence, through demarcating crime and non-crime, insider dealing and leakage of inside information and manipulation of trading price of securities and futures, leakage of inside information and leakage of state secret, and leakage of inside information and infringement of commercial secret.Chapter 4 Penalties on insider dealing and leakage of inside information Comparing with criminal sanctions on insider dealing and leakage of inside information and other means of punishment on insider dealing in other countries, the author argues the rationality of the current provision on penalty in our country, and gives proposals for revision.Chapter 5 Proposals for modifying and perfecting relevant legislation on insider dealing and leakage of inside informationUpon summarizing the defects of relevant administrative and criminal legislation of our country on insider dealing and leakage of inside information, proposals for modifying and perfecting laws and regulations concerned are raised.