Crime Of Insider Trading Related Issues

By focusing on Hangxiao Steel case and Huang case,I founded that there are some unreasonable problems which are the range of the subject of insider trading and the standards of defineing insider information's price-sensitive period. Because of limited space, the paper discussed two issues only, comparing and analysising the relevant provisions of the foreign, then analyzing and discussing the two issues, and integrating them finally on this basis. About the research method, the paper is divided into three parts:The first part is introducing the cases and thinking the problems.When the Hangxiao Steel case was in the trial process, for Chen Yuxing, one of the defendants,he was not inside information officers, whether it can become a subject of the crime of insider trading? Is only the person who get the inside information illegally can become the subject of the crime of insider trading? In the Huang case, how to define insider information's price-sensitive period? When to start and when will end?The second part is discussing how to define the scope of the subject of the crime of insider trading.Introducing domestic and extraterritorial rules,Combing and discussing some theoretical controversy,analyzing strengths and weaknesses, to get a reasonable conclusion.The third part is discussing how to define the standards of the insider information's price-sensitive period. In the existing legislation, there is the law about the definition of insider information'price-sensitive period, the paper first briefly describes the relevant existing provisions,and then in the second quarter, analyzing the standards of formation time of inside information and the standards of disclosing inside information,then integrating the issue.In this paper,anyone who knows the inside information and use it to deal will become the subject of the crime of insider trading. Divided into three categories: Traditional insider; Quasi-insiders and the other people who know the inside information and use. About the definition insider information' price-sensitive, inside information should include four elements:materiality,non-publicity,preciseness and relevant.Judge that it is inside information or not and when it become; about the disclosure inside information,the paper argues that combining with the form of open standards and the real open standards. Not only be disclosed to the public by the law,but also taking into account the market can fully digest and absorb these newly-public information after a period of time. It can prevent some people insider trade in the time which form the disclosure to the market to fully digest and absorb for make profits or avoid losses. Such behavior's endanger is the same to insider trading's.