New Trend Of Insider Trading In The Current Chinese Securities Market And Its Legal Countermeasures

With the fulfillment of reform of split-share structure since 2005, there has been the bull market for Chinese securities market. In this case, the relatives of senior executives of listed companies speculate in stocks, "rat account" practice, "abnormal shares" and "bull shares" repeatedly appear in the securities market, and insider trading and suspected insider trading is becoming increasingly serious, which has been a hot issue in the society. In Chinese judicial practice, there are laws and criteria to abide by for criminal and administrative responsibilities for insider trading, but how to bear the civil responsibility is a problem and we need to perfect regulations on insider trading.In view of this, to begin with the related concepts of insider trading, the essay points out the new trend of insider trading and analyses the imperfection in legal regulations on insider trading, by combining with Chinese securities market situation of insider trading, Then the author tries finding out the relationship between the new trend and legislation, supervision and right-safeguarding, and puts forwards some legal countermeasures for solving the new trend of insider trading.The essay is divided into three parts.Chapter One, summarizes the situation of insider trading by comparing the eighteen cases which have been punished in Chinese securities market, and the new trend of insider trading in present securities market and in trial practice, that is, diversity of subjects' scope, high-tech methods of stealing of inside information, complexity of forms of insider trading, new types of cases of insider trading, large amount of illegal gains in insider trading and expansion of places for insider trading.Chapter Two, through analyzing behavior patterns and legal consequence, points out the imperfection in insider trading, such as too narrow subjects' scope for insiders, inadequate definition in different sources of inside information, shortness of extent for regulating insider trading, too few ways of investigating and punishing insider trading, lack of supervision on new type of insider trading and too light legal responsibility for insider tradingChapter Three gives the legal countermeasures for solving the new trend of insider trading: perfecting legal systems of insider trading, constructing comprehensive supervision system at all levels and establishing right-safeguarding system to have a better solution to problems of insider trading in theory and in practice.