Research On Non-disclosure And Violation Of The Provisions Of Disclosure Important Information Crime

Over the past few years,China's stock market has rapidly developed.Its economies scale and hardware have been expanding and improving.However,the regulations and the legal system of stock market lagged behind the rapid development.One of the most typical serious problems is the crime of listed companies' violation of the provisions of disclosure important information.It is a semi-open secret of the stock market that listed companies falsify accounting and collaborate with Institute of Certified Public Accountants to falsify disclosure.The information disclosed by listed companies has low credibility and the credit system of the stock market has been severely compromised.This crime seriously harms the interests of investors and disrupts the management order of the stock market and the operation mechanism of capital market.There are many questions of the legal norms which investigating the legal responsibility of Non-disclosure and Violation of the provisions of disclosure important information crime.Especially,the implementation of criminal responsibility of the crime is limited.It is one of the main reasons of serious Non-disclosure and Violation of the provisions of disclosure important information crime.Currently,strengthening the reasons analysis and theoretical study of this crime and probing the corresponding legislative improvement measures has some extent of theoretical significance and practical value to the legislation improvements and guidance of the judicial practice.There are five parts in this paper and it is constituted by nine chapters.The first part includes the introduction and the first and second chapter.It is the general elaboration of Non-disclosure and Violation of the provisions of disclosure important information crime.It includes theoretical basis,concepts,legislative overview of the crime and illustrates the existing problems of China's stock market information disclosure system. The second part is the core of the article which analyzes the constitution of this crime in details. It clearly points out that the crime object is not the financial accounting management system,but securities information continued disclosure system.And the article breaks the traditional concepts to suggest that natural person can also commit this crime,namely the directly responsible directors and other directly responsible personnel of the information disclosure obligor are also the subject of this crime.The subjective aspects of the crime include direct intent and indirect intent.Combining with the academics research results on the issue of "aware of the necessity but laissez-faire",this paper proposes that the subjective aspects of this crime should be indirect intent in most cases.The third part is the recognizing and form research of this crime,including that the difference of the crime and other crimes,as well as criminal unaccomplished form,joint crime form and quantity form.It has certain significance to address some hard problems in the judicial practice.Partâ…£focus on the demonstration of the perfect measures of criminal punishments.First of all, the deficiency of single punishments system is discussed.This part proposes to repeal of detention sentence in accordance with characteristics of this crime,increase the rate of fine penalty and establish prohibition of specific professional qualifications punishments to the directly responsible directors and other directly responsible personnel.The last part of the article is the conclusion of this paper.The paper synthesis all elaborations and proposes the briefly change program which focus on the criminal constitution and punishments.