| The securities market is a capital allocation market, and it also a market seeking equity, fairness and openness. Increasing insider trading cases deviate from these principles, and also discomfort to the good faith not only does it jeopardize the interests of investors, but also diminish the investors’ confidences on securities market. Administrative, civil and criminal penalties can play a deterrent role on insider trading. However, since insider trading is becoming much more harmful to society with professional criminals, and difficult to investigate, effective and timely monitoring system in law becomes more important. The ruling of insider trading in securities market is one of important tasks for every nation.This study attempts to put forward my own views on improving China’s securities insider trading regulatory regime from the perspective of economic law, with Scientific Outlook on Development. A solid theoretical foundation of legal regulation of securities insider trading is provided by correct summary on the essence, constitutive elements and harm of insider trading in securities; through the study on the its past, present and future in the world, as well as its specific social environment conditions and evolvement characteristics in China, the suggestions about effective prevention and control of insider trading in securities are offered; moreover, a lots of thoughts and more specific path and measures are provided through the analysis and summary on the status quo of the regulation of securities insider trading laws, in order to comprehensively improve the legal regime system of insider trading regulation, to strengthen the coordination of legislation and enforcement, and to promote the normalization and harmonious development of China’s securities market.Based on the globalization of economy and finance, this thesis uses legal hermeneutics in the theoretical study section to define the basic theory of insider trading and the basic framework of the insider trading laws and its regulatory system. International comparison and analysis combining with the present situation of China is employed to compare regulation laws of securities insider trading of China with that of countries and regions with relatively developed and rich regulatory experience, such as United States, Germany, Britain, Japan and Hong Kong SAR. A number of recommendations to improve the legal system of securities insider trading regulation are put forward. In the section of analysis of the present China, a combination of methods of social investigation and analysis of system is mainly used to fully analyze of the current regulation of securities insider trading legal system, and to put forward further suggestions concentrated to historical materialism vision. Based on both horizontal and vertical comparison, the main body of this thesis is divided into five parts:The Introduction chapter describes the necessity for insider trading regulation in every nation. Based on the frequent insider trading behaviors in China’s securities market, this chapter describes the properties and hazards of insider trading to provide the necessary background information for the discussion of the central issue, and to explain the meaning of the insider trading laws, the regulatory system, and the focus and scope of this study.The first chapter is the basic theory of the securities insider trading. Comparative and legal hermeneutics analyses are offered to define the concept, the constituent elements, the legal nature and the impact of securities insider trading, in order to provide a theoretical basis for the later.The second chapter gives a comparative analysis on the regulatory system and legal system in the world. From comparing the ruling system of insider trading laws between China and developed securities market, such as United States, Germany, Britain, Japan, which is more mature, the inspiration for improvement of legislation on China’s is drawn by learning useful theory and practices and combining with China’s actual situation.The third chapter analyzes the legislation defects in China’s securities regulation laws of insider trading at present. This part is mainly from the perspective of the laws, administrative regulations, judicial interpretation, departmental rules and regulation, to explore the strengths and weaknesses of the current legislation, and to explore to improve the securities insider trading regulatory legislation, to further reinforce the fundament of the harmonious development of the securities market.The fourth chapter studies the enforcement problems of China’s securities insider trading regulation laws. Firstly, this part analyzes the current regulation system of China’s securities insider trading, and studies its problems. Secondly, specific data and examples are used to summary and analyze the securities insider trading in China in recent years, and analyze administrative problems in the regulation and law enforcement.The fifth chapter put forward improvement views of China’s securities insider trading regulation laws. On the basis of the previous chapters, we put forward these views to further improve the legal system and legislation, enforcement coordinated development of China’s securities insider trading regulation.In a word, the principles of "equality, fairness and openness" are the basic principles for the legislation and operation of securities laws. High regards for the regulatory regime to China’s securities insider trading is the only path for regular development of our securities market in the market economy, which are also necessity to realize the principles of "equality, fairness and openness". Therefore, the clarification of constitutive elements and definitions of securities insider trading, the enhancement of feasibility of the regulatory system in securities insider trading, together with the legislation of operation rules for each institution and further quantification of the criteria, high regard to the legal liability of insider trading institution in securities laws, recognition that civil liability, administrative liability and criminal liability of insider trading should be given equal attention are among the important issues that we shall notably recognize and analyze. |
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