Research On Subject Of Securities Insider Trading Crime

Insider trading has a history as long as securities market,which isconsidered to be―cancer‖and―stubborn disease‖of securitiesmarket.Insider trading has great harm,which against the basic principlesof the market,damage the fundamental cornerstone of the market.It isurgent to crack down on Insider trading for maintain the healthydevelopment of securities market.However,there is a huge gap betweenthe investigation case quantity and the actual case quantity.The dilemmaof the judicial practice because the legal provision is hysteretic、dim eveninadequate.In the first part of this paper, the author brings in the problems andthinking in indentifying insider by the first official insider tradingcase——LiuBaoChun insider trading case‖, which the author participatein.The second part reviews the development process of the theory ofresponsibility.And then,puts forward the point of view that we shouldestablish an open、changeable system based on learning from Equalaccess theory、Fiduciary theory and so on.In the third part,the author through the compasion research betweenthe domestic and foreign legislation,points out the problem of theprovisions of the insider in our country.And then the author points out thetype of the subject is special subject from the aspects of legislativetechnology, principles of interpretation, legal provisions, the purpose ofcriminal law.The author takes empirical analysis method to find the mainpart of the subject and their’s characteristics,lays a foundation forresearching on the practice of the subject. The fourth part is the main emphasis of this article.The authorcalculate insider imformation should be unpublished、price sensitive、relevance and tangible, the work responsibility should be able to obtain oraccess to insider imformation,the shore proportion should maintainvirtual criterion,the issue of indentity change should base on the time ofmens rea generation. The author calculate we take the method ofcombining illegal means standard with illegal identity standard, analyzesthe characters of illegal means、the range of close relatives and closepersonnel.Through the research, the author proposes some suggestions for ourcountry’s insider legislation further improvement.