A Study On The Civil Liabilities Of Securities Insider Trading

Fair competition and fair deal are the basic norm of behavior in security market. Insider staff seeks profit through the unpublished inside information during insider dealing. However, for the other investors in security market, they deal in the case of unsymmetrical information and part of the investors got the loss just because of insider dealing. Considering of upholding the profit of vast investors and compensating the relative investors, therefore, we should inquire into civil compensation liabilities of insider staff so as to protect legal profit of legitimate investors. There are no more relative legal regulations in China which can be helpful to solve such the problems as causation of insider dealing and damage, the calculation of damage compensation. Thus, the essay intends to set about an analysis of the nature of civil liability in inside trading in the investigative method of comparative analysis, case analysis and example analysis. It probes into the problem of perfecting civil liability system in inside trading so as to benefit for legislation and practice.First of all, the essay has defined some relative basic concepts about civil liability in inside trading and probed into the problem of responsibility theory of insider dealing.Secondly, though the introduction of three theories about the nature of civil liability in inside trading and analysis to the defects of each theory, the essay defined that the nature of civil liability in inside trading should be a special kind of compensation liability for tort.Moreover, the essay analyses the documents of civil liability in insider dealing on the basis of the definition of special compensation liability for tort, and divides the documents into four parts: the subject of liability, subjective documents, objective documents and law-breaking documents according to the four important documents system, and then set the author's views separately.Finally, the essay paid more attention to discuss the two hard problems of perfecting our civil liability system in insider dealing. It suggested that we should limit the scope of civil liability in insider dealing in the form of balance compensation and give the damage compensation for the persons who got loss in the form of related compensation.