Research On Identification Of Awareness Of Inside Information

Being aware of inside information is the premise of insider trading behaviors, as well as the vital and difficult points in the identification process. With the development of security market, the inside information has become more complicated in sources, more multifarious in transferring and weaker restriction in information disclosure, which makes it more difficult for the identification. Clarifying the doubtful and difficult points of identification in the practice and formulating a set of rules and standards applicable to identification will not only maintain the high regulating pressure on inside trading, and improve the efficiency of identification process, but also safeguard the procedural justice and participants’private rights in security market.Chapter I is a brief introduction of "the identification of inside information". The thesis introduces general norms of "awareness of inside information" factors at home and abroad, defines concept of "awareness of inside information", and tells the difference between "presumption of knowledge" and "presumption of using". In this way, it builds the foundation for defining the category and structure identification rules in the following context. Based on the analysis of domestic legislation and cases on insider trading in the administrative and judicial fields, the thesis comes to a conclusion of several issues which are urgent to be addressed in identification of awareness of inside information.Chapter II analyzes the legislations and practical experience on the identification of awareness of inside information in America, Europe, Hong Kong area and Taiwan area. The thesis attempts to seek solutions for domestic identification issues from identification rules, burden of proof, and identification standards, etc.After talking about the difficulties in the identification process and learning about the foreign experience, Chapter III tries to figure out an useful method applicable to domestic issues. That is, under the principle of innovation, the legitimate means to identify awareness of inside information should include proving by indirect evidence in inference rules and proving by using presumption. The thesis compares between the administrative practice and judicial practice from the aspects of grounds of applying, identification object, regulation of applying identification rules, burden of proof, and identification standards.