Legislations And Supervision Systems Of Insider Dealing In U.K.

U.K.'s experiences of insider dealing supervision is worth paying attention to, for it's a prejudicational country but has well-rounded statute laws on regulating insider dealing, and most of these statute laws has been adopted by EU through the form of ordinances for other memebers of EU. Besides, U.K. establishes an "all-in-one" financial supervision insititute, named "Financial Services Authority", to in charge of supervision and implement of insider dealing. The insititute ended U.K.'s history of incompact self-discipline situation on capital market, and establishes a whole new model of self-discipline. All these can be useful for China in her stock market to prevent insider dealing, both on legislation and implement parts. The essay is composed of three parts:First part is mainly to introduce the history of legislation on insider dealing and supervision systems in U.K. Early in 1967, U.K. had prohibited insider dealing in company law. The most important laws are list below, they were Company Law 1980, Company Security(InsiderDealing)Law 1985, Criminal Justice Law 1993, Insider Dealing Ordinance 1994. At present, the applied laws are Financial Market And Serviecs Act 2000, CriminalJustice Law 1993, and EU Ordinances.The second part sets forth the supervision system of U.K. on insider dealing after Financial Market And Serviecs Act 2000 came into force.In this part, the author firstly analyzes the inscapes of insider dealing in U.K., including insider information, insiders, and the conduct of insider dealing. Then, she particularly expatiates the supurvision insititute, that is, the FSA, from its dependence for coming into existence and frameworks to its processes of investigation, inquisition on questioned actions, scopes, authorities, punishment and sanction flow, and forms. At last, she recommendes on the structure and authorities of the Financial Market And Services Tribunal. The tribunal is an institute to check the decision made by FSA's deparments, and it's an court for appealing of person being regulated.The third part analyzes issues of insider dealing in China's stock market, and gives some suggestions in accordance with the first and the second parts. Firstly, to the inscapes of insider dealing, the author suggest that China shall adopt the international recapitulatory provision on the scope of insiders, added "market absorb and digest" concept on the publication of insider information, and adopt indirect evidence and inversion onus probandi provisions to relief the budern of plaintiff(or prosecutor). Secondly, on the investigation of insider dealing, she suggestes adopting the "all-in-one" regualtion system of U.K., give authority to an institute like FSA to in charge of investigation of misconducts in stock market in China. In addition, legislation on stock officers shall give them more authorities and guarantees both on investigation and sanction on those who won't obey to the activity. Thirdly, is the matter of hearing. Compared with the independent system of adminsitration judiciary, hearings in China went without a full-time compere, as a result is a less independent process. Last subpart has some opiniones on the exist sanction on insider dealing in China, sugguest that the security law give CSRC authority to in the behalf of reasonable investors who are victims of insider dealings to grant civil compesation for the misconduct, and enhance to practicable of the compesation.