On The Legal System Of Disgorging The Profits Of Short-swing Trading By Insiders

Insider trading is the obstacle of the development of securities markets all over the world. On the basis of legislation and judicial practice in all countries, the legal system of disgorging the profits of short-swing trading by insiders is an important part of the legal system of prohibiting insider trading. It can prevent the insiders from misusing inside information to engage in security trading and consequently can build the confidence of investors to securities markets.By comparing with the legislation of America, Japan and Taiwan and consulting the theories of many famous scholars, this thesis makes systematical researches on the legal system of disgorging the profits of short-swing trading by insiders according to Article 47 of the Securities Law of the People's Republic of China. The author hopes that this thesis could do some help to perfect this legal system.Chapter One introduces the legislation of the legal system of disgorging the profits of short-swing trading by insiders in other countries and its basic principles in USA from the view point of legislation comparison. Then the author analyzes the theoretical arguments of the legal system of disgorging the profits of short-swing trading by insiders. At the end of this chapter the author points out that the legislative value of this legal system lies in making up the deficiency of the legal system of prohibiting insider trading and maintaining the confidence of investors to securities markets.Chapter Two analyzes the three constitution components of short-swing trading,...