On The Crime Of Insider Trading And Disclosure Of Inside Information

ABSTRACT Transaction of securities & futures behind the scenes and leaking inside information are generally strictly prehibited by laws in the world. This article firstly probes into the basic theory of banning transactions of securities futures behind the scenes. Mainly focusing on deep analysis from economy and jurispnidence point-of-view, then, a brief introduction is made to the legal provisions of this crime in USA, Japan, UK, Germany, Italy and other countries or areas. Finally, attaching much emphasis, the author introduces the legal system of our country in forbidding transaction of securities and futures behind the scenes. According to the penal code in china, securities & futures transaction insiders or those who illegally get inside information, offend the related laws and regulations with serious effects, to buy or sell securities, or to be engaged in futures transaction which closely relates to inside information, or to leak the inside information, before information is publicized which may severely influences the prices of securities and futures, are all of crime. The article discusses the four major components of this crime, that is, the object, objective contents, the subject and subjective contents of this crime. To judge this crime, we should firstly distinguish crime from non-crime, within existing criminal law in China. Since seriousness is the key to decide this crime, and no uniformal ?- standard of seriousness is reached, the author pmposes some advises lii consideiing �'enousness? The forms and ntunbers of this crime are also discussed. The article finally offers some suggestions on penalization of this ciime after analysing the relation and difference between this crime and other similar crimes.