| The securities market of People's Republic of China has experienced the unique process, of which from fanaticism to abandonment and to relatively reasonable, since its existence in 90s of 20 century. And during this progress, the securities market of PRC develops into a relatively mature market from chaos of its very beginning. There is, however, still a huge gap between USA and PRC referring to the supervisor of the securities market. Although PRC's securities market has played a important role in our country's economy, especially in the fields of raising capital, diversification of risks and optimization of resource relocation, it is also like a double-edged sword, as the losing control of it will trigger national or regional or even global depression. Thus, it is of importance to supervise the securities market, control the securities crime, which includes insider trading. On the meantime, we shall realize that insider trading as a white-collar crime has special characters such as in-visual criminal methods and unidentified victims, so it is a tough course to discovery and investigate insider trading. As a result, the insider trading that has been disposed is just a small portion of its all.Referring to the legislation of securities laws, we adopted the USA pattern. But due to the maladjustment between two different types of legal systems and lacking of experience on supervising insider trading, we hardly achieve the goal we set. In order to find out an effective way to control insider trading, this dissertation compares PRC's relative laws and regulations and their implement to those of USA, hoping that we will absorb the distillate of controlling methods of USA and embrace the down of controlling insider transaction.This dissertation consists of four parts besides the introduction and epilogue, which numbers almost 53,000 words (including the notes) and use the methods of comparison, analysis, conclusion, historian analysis. For the sake of setting forth new ideas and proposals, this dissertation researched all materials and made a all-around multi-layers comparison and analysis, thus contributes to the development of PRC's insider trading theory.The introduction retrospects the uneven process of PRC's securities market, and introduce the serious situation of insider trading control, and the reason why use USA as the object of comparison.The first chapter mainly focuses on two issues. The achievements include pointing out the deficiency in our legislation, and studying the history of insider trading theory. Advocate using special fact theory as litigation basis for the party who has been deceived in face-to-face stock trading.The second chapter insists that criminal object shall not be viewed as on of elements of crime; and the subject of insider trading shall be general subject rather than specific subject; this offence shall be constructive scienter as result of strict liability.The third chapter tries to figure out the problems existing in our current insider trading legislation; the touchstone for insider information going into public domain; the reason why relative policies shall be considered as insider information; the cognizance for criminal offence of insider trading. It holds that securities insider trading and futures insider trading shall be stipulated in different section; what is more, the insider trading shall be striped from Criminal Law; and we shall adopt a new standard of publicize insider information.The forth chapter considers that it will be very difficult to investigate and prove the criminal offence of insider trading if there is no advantaged equipment. It is very important for us to utilize the high-end technology to supervise and deter the accruement of insider trading and by doing so we may follow the trend of proactive enforcement and to build up a harmonious society. The opinions of this chapter, which based on the comparison of the securities supervision organization, mechanism and measures, are that: first, the National Supervision Organize shall be endowed to investigate the criminal offence of insider trading; second, the self-discipline organization shall play a more active role in the course of discovery and trace the insider trading; finally, we shall adopt the Competency Penalty in order to implement the special prevention function.The epilogue makes the conclusion of this dissertation and point out the right attitude towards criminal offence of insider trading.
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