An International Comparative Research On The Legal Asertainment Of Securities Insider Trading

Insider trading is a widespread phenomenon in the securities markets all over the world. Cracking down on insider trading is the common aim of all countries. Ascertaining insider trading legally and definitely is a precondition to achieve this aim. But there exists many defects in each country's related legislation,which leads to the flooding of insider trading. With the internationalization of securities markets,the consequence of these defects is becoming more and more serious. Ascertaining insider trading legally and definitely is a difficult problem that needs to be solved urgently. Many foreign countries are discussing on how to prohibit insider trading effectively by amending legislations,ascertaining insider trading is the first problem to be solved.This paper,begin with analyzing the various viewpoints from home and abroad,the status quo of the Chinese Securities Market and the problems that we meet,and the legislation history of foreign counties on ascertainment of securities insider trading,concludes that ascertainment of insider trading should be based on insider information rather than on "status relationship". The paper indicates that to judge whether there exists any insider trading,three aspects,i.e. insider information,insider and misconduct must be considered. The paper studied the related regulations of each country respectively. On the basis of comparative analysis of the advantages and disadvantages of the laws and/or rules in the each country,and according to the actual situation of our country,the paper indicates the regulations that should be adopted in our legislation. Aimed at the actual situations that there exists many differences among the laws and/rules of different countries and that transnational securities insider trading is springing up stealthily,this paper also discussed the problem of law application on ascertaining transnational securities insider trading and appeals to enact unified international rules on ascertaining and cracking down on securities insider trading in order to effectively prohibit transnational securities insider trading. In conclusion,the paper sums up the viewpoints that the paper points out and suggests amending our national legislation and to enacting unified international regulations.