Study Of The Crime Of Trading On Nonpublic Information

In recent years, our country’s financial service industry development speed is very fast, at the same time, in the field of securities investment, a serious violation of national financial management order and infringing the interests of investors events emerge in an endless stream, such as the fund industry" Mouse Storehouse" behavior, fund practitioners in the management of funds to buy a stock before, first with practitioners of individuals or their relatives and friends money buying low the stock positions, the fund company funds amount is relatively large, the capital has a strong buying effect, according to the general economy rule (price to some extent determined by supply and demand), the stock price will be enhanced, and when the stock reached high positions, behavior person will own a stock before the fund sold, in order to gain huge profit. According to the serious social harm, only relying on civil penalties apparently cannot fully meet the penalty purpose. In view of this, our country in February28,2009through the" PRC Criminal Law Amendment (seven)", the article180th of the criminal law was revised, with fourth sections, the use of undisclosed information trading and serious behavior into the category of criminal regulation. That article place says " use of undisclosed information transaction crime". However, in the judicial practice after legislation field, use of undisclosed information transaction behavior has not been curbed, fund investors legitimate rights still did not get reasonable protection, many use of undisclosed information transactions serious behavior also can not enter the Criminal Justice program, and only two cases have judgment sentence is too light, not punishment when incrimination. So, you must pass through the use of undisclosed information transaction crime are lawful and reasonable explanation, when necessary even by amendment to criminal law and relevant judicial interpretations on the amendment, in order to better use the crime to the judicial practice.In this paper, the author based on the basic principle of criminal law interpretation theory, compares the prior to the relevant literature, with the judicial practice problems in view of various theories of rationality, and adhere to the rules of interpretation of criminal law in the sense explained as the highest, followed by the interpretation of system, for the purpose of explaining the rules again, would be associated with the use of undisclosed information transaction crime related counts were a typological analysis, and as the foothold of this theoretical viewpoint and final home.In this paper, besides the preface and conclusion, the text is divided into four chapters. The first chapter on the use of undisclosed information transaction conduct’s social harmfulness are introduced, then the domain about the behavior of extraterritorial legislation were simply stated, to illustrate the use of undisclosed information transaction act criminalized the necessity. The second chapter is the use of undisclosed information crime subject and subjective factor, defines what the main body to be the special subject, the units can compose this crime, the general principal conditions under which can compose this crime, negligent crime, this crime whether can constitute illegal cognition problems. The third chapter describes the use of undisclosed information transaction crime object and objective conditions in the presence of various issues, including:the crime and violations of the specific law, how to define the " public information", how to define" by taking advantage of his position,"" express, implied others engaged in trading activities, not as " would constitute a crime can compose this crime problems. The fourth chapter is the use of undisclosed information transaction crime similar to the crime, including the insider trading, divulging inside information, the difference with the manipulation of the securities and futures market, the difference between the crime, the crime of breach of entrusted property difference between this crime and the crime of infringement of commercial secrets, the distinction between this crime and, the difference between the crime of illegal use of the funds.