| In recent years, China's continued economic prosperity, the stock market has also ushered the golden years of "bull" and prosperity. As new financial instruments - securities investment fund industry is the public offering in the context of such birth and prosperity. At the same time, "Rat Trading" events in the fund industry frequently appears. This led to the voice of doubt and condemnation on fund industry and the professional ethics. This commonly known as "Rat" illegal transactions, seriously departured from the statutory fiduciary duties of financial professionals, and undermined the public's right to fair trade, against the credibility of financial asset institution. It also has shaken the foundation of the stock market. Its harmfulness is no less than crimes against insider trading and manipulation of the securities and futures markets and other common securities crimes. Especially after the incident of Tang Jian and Wang Limin's "Rat Trading", it could only be imposed a life of its securities market exclusion of the administrative penalty. Criminal law in the face of such evil manifestations of aphasia caused people's deep pondering. It drives the author to study the issue. Therefore Criminal Law Amendment 7 set the Use of Undisclosed Information Dealing Crime. However, the legislation itself needs to define clearly where there are still many. In addition, judicial practice has not yet broken on the first case of this crime. The author providing interpretation in-depth with the legislative and judicial practices to resolve possible problem, starts writing this thesis.The author collected the data and information through the key words like"use of undisclosed information dealing crime","because of position","express or imply of others to deal", got more than ten thesis as the references, besides, there are also some professional books about this issue. The body of this article consists of four chapters.Chapter 1: summarizes the legislative background and theoretical basis, including the economic theory and legal theory. It defines concepts of the "Rat Trading", "Fund Rat", "crime of use of undisclosed information" and their relationship. To give the introduction of economic theory - Information Asymmetry, the author analyses the causes of crime and deals with criminal law the need for remediation. It makes the criminal law on the use of undisclosed information transactions be strictly monitored and the strong punishment is imperative.Chapter 2: puts focus on the elements of crime acts in the objective characteristics of the elements. The author analyses the relationship between this crime and the crime of insider trading. Its core should be reflected in 3 elements: "because of position", "undisclosed information" and "dealing". This part mainly analyses these three elements.Chapter 3: puts focus on subjective aspects of sin characteristic elements. The author considers crime of this can only be intentional. It further studies involving intentional crime matter of concerning the other two issues: the issue of dealing with "Recognizing of error" and the issue of the criterion of "Knowingly".Chapter 4: defines and discusses several problems of judgement of this crime. It includes the issue of to constitute the crime or not, the boundaries between crimes, standard of proof, and other justice identified issues. The author expects to play the function of legislation and enforcement of this crime to maintain and protect the stable development of capital markets. |
