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A Study On Civil Compensation System Of Insider Trading In China

Posted on:2016-03-31Degree:MasterType:Thesis
Country:ChinaCandidate:Y J LiuFull Text:PDF
GTID:2206330461499859Subject:Economic Law
Abstract/Summary:PDF Full Text Request
On August 16, 2013, Everbright Securities Co., Ltd occurs fat finger, when investors don’t understand the cause of the stock index changes, everbright securities use the knowledge of inside information short risk aversion, then the CSRC decided, violated the principle of fair trade market, insider trading behavior, and concurrently was punlished 523 million yuan. On December 2.Then investors Baojufen filed to the Shanghai second intermediate people’s court of securities insider trading civil compensation lawsuit. But at present insider trading civil compensation system has a lack of clear judicial interpretation, rely mainly on administrative and criminal measures for insider trading behavior, less involve the civil compensation part, so investors in case of any violation of insider trading rights activist, still faces the difficult position of civil claim.Refers to the securities insider trading civil compensation system, the investors in the securities market are at the disadvantage of asymmetric information, because of insider trading behavior suffer economic losses, in accordance with the requirements of insider trading violator corresponding civil compensation system.The claim right of Insider trading civil compensation system based on lawful property rights and interests of the investors for insider trading behavior after the loss of civil relief rights. Insider trading is equal to illegal income, in essence, belong to improper interests, insider trading is behavior person to violate prohibitive obligation, on the premise of using the knowledge of inside information, and avoid unreasonable risk to get extra income, is bound to pose a threat to the lawful rights and interests of the other participants in the market. So, insider trading civil compensation system of the most fundamental requirement is that using inside information from the offender, for insider trading losses for investors to give certain economic compensation. In addition, due to the unique trading rules and the way to trade in the securities market, insider trading behavior affected by the victims are often large, widely involved, the jurisdiction of the court is not clear, using the rules of difficult, insider trading behavior and the causal relationship between damage results confirmed not clear, scope of compensation and the amount of money is hard to calculate. Therefore, the ordinary civil procedure does not apply to the securities insider trading civil compensation cases, must build civil compensation lawsuit of the procedures in accordance with the securities and exchange characteristics. But from the current situation of legislation in China, the current "securities law" for securities insider trading civil compensation lawsuit of the rules are too principled, no specific operating conditions, many theoretical difficulties. Such a principle of securities insider trading civil compensation system, cause there is no effective way for the civil liability of insider trading behavior person, aggrieved investors to seek the judicial relief way is not clear. For insider trading behavior of investors so there is no precedent for civil compensation,.To sum up, this article is divided into four chapters altogether, the first based on the current insider trading civil compensation system in our country the status quo, combined with China’s securities market legal environment, draw lessons from the advanced experience of foreign securities market developed areas and good system, and then from two aspects of procedure and substantive law, clarify the perfection of the system path, perfect the system of insider trading civil compensation in our country. Truly from the perspective of legal safeguard investors’ legitimate rights and interests in the securities market, insider trading behavior, protect investors’ legitimate rights and interests in the securities market, promote the benign development of securities market in China, in order to achieve the essence of "openness, fairness and justice.
Keywords/Search Tags:Insider trading, Tort liability, Civil compensation lawsuit
PDF Full Text Request
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