Research On Crime Of Insider Trading

In 2012, the supreme people’s court and the supreme people’s procuratorate issued "on the handle criminal cases of insider trading and divulging inside information" the explanation of the concrete application of law for the conviction and punishment of the insider trading is full. But the theory and practice is still with the charges related to the topic is controversial. Insider trading behavior because of its high professional, concealment, the harm of securities and futures market in China is extremely serious, if you can’t clear insider trading behavior, this behavior to impose severe penalties, so in the long term it will have severe consequences for China’s economic development and social stability.Is precisely in this situation, this article from the "huang insider-trading case" and "Dong Zhengqing insider-trading case", researches on the controversial focus on two cases, mainly analyses the definition of the cognizance of insider information, price sensitive period, "use" behavior belongs, the rules of burden of proof and related behavior qualitative problems. Then draws the following conclusions:(1) determine the insider information should meet not open at the same time, significant and relevant conditions;(2) the price sensitive interim regulations on form, should be more flexible, the relevant definition of publication shall take substantial public standards;(3) "using" behavior should not serve as the components of the insider trading, but the deals clear about the constitutive requirements of the anomaly belongs;(4) insider trading of the burden of proof shall take the burden of proof inversion principle;(5) and special "no profit" behaviour was "advice behavior" should be punished by the criminal law.Finally, some Suggestions on the above conclusion, embodied in:(1) in the rational use of insider trading put forward clear price sensitive period defined standards, clear related transactions obvious abnormality was about the behavior of the constitution of crime, the specific advice about the onus probandi inversion principle;(2) in the aspect of this crime criminal law to perfect the subject put forward for different crime punishment strength should be treated differently, clearly define the fines of insider trading standards, clear to insider trading in applicable advice of injunction;(3) in strengthening insider trading prevention are put forward to strengthen self-discipline, insiders suggest report related supervision mechanism, strengthen the securities and futures commission power.In this paper, hope that through this article analysis and recommendations can provide guidance for judicial practice, so as to effectively promote the healthy development of securities market in our country, accelerate the process of construction of the socialist rule of law in an all-round way.