The Study Of The Crime Of Inside Exchange And Divulgence Of The Inside Information

Inside exchange and divulgence of the inside information crime refers to the serious action that the insiders who know the stocks and futures inside information or the people who get such information illegally buy or sell the related stocks or futures before the information which is about stock issue or stock and futures deal is made public or before other important information which will influence the price of stocks or futures is made public.There are altogether three parts in this paper: the study of the constructional features of inside exchange and divulgence crime; the study of its judicial confirmation; the study of the legislative defects and perfections.In the first part I analyze and study the constructional features of inside exchange and divulgence crime. The object of the inside exchange and divulgence crime is a complex one. This crime makes the stock and futures exchange management disordered and infringes other investors' legal rights and interests. The objective aspect of this crime is the deed of inside exchange and divulgence. There are two kinds of deeds: one is the action that before the information which is about stock issue and stock and futures deal or will influence the stock and futures' price is made public, they buy or sell this stock or do the related stock exchange; the other is divulgence of the inside information. They inform those who shouldn't know it. The condition that it must be "serious circumstance" is quite necessary when we judge such crime. Only when it is "serious circumstance" can the deed of dealing stock and futures exchange with the related inside information be judged to be a crime. The subject of this crime is a special one. Whether the subject of some crime is a common one or a special one is determined by the fact whether there are some special rules in the criminal laws about such criminal subject. If there are such special rules, it must be a special subject; and vice versa. The people who get the inside information illegally can be also judged as a special subject, which is not against the concerted principle of rights and obligation. Because these people are not insiders, but once they get the inside information, they have taken advantages which could be only taken by the insiders; or we may say they have enjoy the rights, so it is quite natural that they should take the corresponding obligation. From this sense they have become special subjects as the insiders. The subjective aspect of this crime is the deliberation. To judge whether the criminal subject does it on purpose or not, the key point is we need to analyze the criminal laws and understand the original purpose of the criminal legislation. Because the crime in stocks is a new type of crime, only when the circumstance is very serious can the actor be judged to be guilty. Analyzing from this sense, the inside exchange and divulgence crime mentioned in the criminal laws only refers to the deliberate action and negligence is not included here. " The criminal of the unpremeditated crime should take criminal responsibility on condition that it has been stipulated in the laws." The only possibility is that the subject of this crime does it purposely. Namely actor knows it quite well that the information he knows or gets is the inside information and that he has made use of this inside information or has divulged it. This kind of deliberation is usually a direct one in the practice. Moreover, this deliberation is done for the purpose of getting profits or reducing the loss. In the aspect of the subject, another disputed issue is how to deal with the fact that the actor divulges the wrong information. If the actor does divulge the wrong information, usually he won't be judged to be guilty.The second part is about the study of the judicial confirmation of inside exchange and divulgence crime. The key point in judging this crime lies in the bound of being guilty and not guilty. We should know the process of inside exchange clearly and scientifically. Firstly, exchange did happen; secondly,...