| Insider trading is a byproduct during the process of securities exchange and generally refers to those securities dealings made by the person precribed by the law for the purpose of obtaining benefits or decreasing economic loss according to the information not yet publicized by issuers but significant enough to influence prices of securities he possesses or made others do so .It was bitterly hated and cursed from its first appearance. In the last centuries, governments all over the world have taken various measures to stop insider trading and how to put it under most control ,remain the nucleus of the concern of various governments.This paper presents a general and comparative exposition of insider trading .It firstly relates the basic theoretical problems such as the definition, the legal characteristics, the component parts, the theory of liability of fixation if insider trading ,among which the component parts consist of the main body of insider trading, insider information, subjective aspect, behaving modes. Reasons for regulation and restriction are also commented in the context of practice for the angle of jurisprudence. The theories of liability fixation are catergorized into five types, namely, the theory of disclosure or abstain, the theory of trustee's duties, the theory of stealing, the theory of divulging information, and the theory of temporary insider personnel. Then the thesis makes a comparative analysis of for foreign legislation on insider trading .The background information of the legislation of insider trading is firstly introduces, which includes the legislative origin and relevant laws and rules of insider trading .Next, the paper comparatively analyses the system of preventing insider trading. Including information publicity, including its definition, content, form, and international cooperation in the field. Then it proposes that insider trading has done great damage to the investor.confidence disturbed the normal order of securities exchange, and hence legal sanction is called for, which mainly includes cival, administrative and creminal liability. In the end of the paper put forth several propositions of China's legislation on insider trading including the current situation, comments on the provisions of the present Securities law on insider trading ,andcertain ideas about how to improve the legislation on insider trading .The paper proposes that complete civial liability system be established ,the system of the right to include short-swing trading be improved ,the mechanism of China Wall be established, and the powers and rights of securities supervision administrative committee be improved. |
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