Studies On The Crime Of False Disclosure Of Important Information

The security market couldn't operate normally without the exact and equivalent information disclosure. But the information nonequivalence is the natural occurrence following the security market, thus it's very urgent for us to establish the system of compulsory information disclosure which plays more important role in the Chinese burgeoning security market. In recent years, more and more illegal informal disclosure come out with the highly development of our security market. The serious consequences, the people and the amount of money involved show a marked ascending trend. As the adjust and control measures of public order, the Administrative Law, the Civil Law and the Criminal Law make the relevant stipulations. But the author holds that the stipulation of the Criminal Law is too rough and the related Amendment is too farfetched to regulate the system of information disclosure. Facing with this problem, the author proposes and analyzes the assumption of reconstruction of crime of false disclosure of important information. Furthermore, the author wants to learn from everyone with the hope to provide inspiration for the judiciary practice.The whole paper consists of four parts.Part One: The theoretical and practical analysis of crime of false disclosure of important information. This part introducs the concept of "information" and the criteria of "importance" of disclosed information as requested based on the theoretical level firstly. Then it probes into the theoretical basis and fundamental principles of system of information disclosure. Furthermore through the analysis of action of illegal information disclosure, this part leads to the concept and way of action of false statement. At last, this part foreshadows the necessities of crime of illegal information disclosure based on the practical statistical data and theoretical harmfulness.Part Two: The evolution process of crime of false disclosure of important information. This part firstly traces back to the historical evolution and states the constructive requirements of crime of providing false financial and accounting reports stipulated as the Article 161 in the Criminal Law. Based on this, this part emphatically introduces the practical obstacles of this crime, such as the over-narrowed subject limitation, the sole objective stipulation of financial and accounting reports, the obstacles of criminal constitution etc. Then it educes the necessities of modified this crime into the crime of false disclosure of important information and makes a objective analysis of this modification in the Amendment. Besides, it affirms the positive significances both in the subjective and objective aspects and the change from the result-oriented to the action-oriented deserves praise especially.Part Three: The foreign comparative studies on the crime of false disclosure of important information.This part mainly studies the basic stipulations which related to the crime of false disclosure of important information in some weighted countries, such as America, England, and Japan etc. The comparative studies may give us some enlightenment to reconstruct our criminal stipulation on the crime of false information disclosure.Part Four: The perplexity and perfection of the crime of false disclosure of important information. This part is the core of the whole paper. It firstly discusses the perplexity of the role of this crime, that is through the discussion of the historical reasons why it belongs to the cooperate crimes, the author points out that this crime should move into the securities crimes. Then the paper questions the stipulated subjectof this crime——"the company and enterprise which owe disclosure duty" . On onehand, the paper holds that the stipulated scope is too narrow. On the other hand, the paper points out that it's also not scientific to stipulate just as "the company and enterprise" and it's better to stipulate that the company and enterprise in the securities market have the burden to disclose the information, such as the listed company. At the same time, the author states the perplexity of the subjective aspects of this crime and proposes own opinion, which is to cancel the crime of Inveiglement into buying or selling securities. Then this part overturns the outstanding regulations of providing false financial and accounting reports in the crime and reconstructs the objective requirements which lay the most important step in the reconstruction of this crime. During the discussion of sentencing after the conviction, the author points that it's better to introduce the double penalty rather than the single one. Besides, in order to prevent crimes and punish criminals, the sentence standard should be enhanced. But this is not mean to increase the kinds of punishment blindly so that the author holds that it needs the further discussion, such as qualification-penalty.