Research On Controversial Issues Of The Crime Of Insider Trading In Securities

The capital market is an important component of China’s market economy, while thestock market plays a crucial role in the capital market. The healthy operation of thesecurities market but a country’s economy, the steady development of social healthprotection. Therefore, an important function of the executive and the judiciary of the worldsecurities market regulation. Securities insider trading, disclosure of the crime of insiderinformation is to focus on charges of criminal behavior in the regulation of securitiestrading market, the study of this crime, the disputed issue of whether the improvement ofacademic theory, or the operation of the judicial practice has great significance.The paper is divided into four parts.The first part of the Crime of Insider Trading Overview explore in this part of theconcept of the Crime of Insider Trading, reviewed the legislative history of the majorforeign national securities insider trading charges, see that the national legislation on theCrime of Insider Trading from the rough to detailed, from loose to strict. China is with thesecurities market and have the legal regulation of insider trading, insider trading behavior toincriminate the1997Criminal Law.The second part of the main theory of the crime of insider trading in securities, firstreviewed at home and abroad, especially abroad, on the main body of this crime theory,classical special relationship theory, the theory of information disclosure, misappropriationtheory. Based on the above theory, I think For should, however, the main body of the crime,including three categories: first, the integrity of persons in relation with the company ortrading shareholders, commonly known as insider. Including: the company’s internal staff,business with staff supervision of personnel, the company’s securities business activitieswith the relevant securities activities; Second, information disclosure and informationrecipients. Above the main insider information to inform the other without the knowledge ofstaff, under the premise of knowing the former breach of fiduciary duty to use thisinformation for securities trading, the former information disclosure constitutes disclosureof inside information, which that information recipients constitute insider trading. Third, thetheft of information."Misappropriation" as understood in a broad sense, that is, using avariety of illegal means to obtain insider information, the use of insider trading. At the same time, the theft should also have the active pursuit of subjective mental attitude to achievethe purpose of access to insider information.The third part of the insider information theory, this part of the first analyzes thedefinition of foreign insider information "insider information" should have the importance,not openness and clarity characteristics. I believe that insider information is a significantimpact on certain information: the relationship between supply and demand of a particularcompany’s business, financial condition or specific securities not yet open the possibility ofrational investors.The fourth part of the securities insider trading offenses theory,"The proposed act ornot to incriminate" The proposed act "constitute the crime of the key is that the judgmenthas been suggested that the subjective understanding to recommend the proposal containsinsider information, and recognize that, to constitute the crime, and vice versa does notconstitute; identified the need to identify the "insider information" constitute the crime.From the prosecution the burden of proof is difficult to consider the presumption of fault"and" burden of proof upside down "model to deal with this problem is the best option.Third, with regard to the disclosure of inside information behavior of three minor problems.First of all leak and then behavior should constitute the crime; followed by the disclosure ofinformation does not affect the conviction, the behavior of the disclosure of information toset up mining the meaning of said doctrine; again, even if the behavior leaked insiderincomplete information may constitute the crime of leaking inside information.