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On Civil Liabilyties Of Securities Insider Trading In China

Posted on:2015-07-31Degree:MasterType:Thesis
Country:ChinaCandidate:H X TangFull Text:PDF
GTID:2296330422971693Subject:Law
Abstract/Summary:PDF Full Text Request
Insider trading is an illegal act which is out of control in stock exchange. Itjeopardizes the interests of investors and slows down the sound development of stockexchange. In China, the restriction of insider trading started in1990, after twenty yearsof development, it becomes more and more standard. The provisional regulations onstock issuance and transaction management in1993and the securities law of thepeople’s republic of China in2005gave a clear definition that the aggrieved investorscan enjoy the right of civil damages. But there’re no specific rules about realization ofcivil liabilities of insider trading, making insider trading civil liability judicial lack ofpractical operability. Therefore, at present, there are no successful cases on civilliabilities of insider trading in China. In this paper, the nature of the insider trading civilliability, the principle of liability fixation, constitutive requirements and defense and thesituation of insider trading in China were analyzed, combined with the practice of civilliability of insider trading, the paths about the realization of the insider trading civilliability mechanism in China were put forward. The article will be divided into threeparts except preface and conclusion.The first part is about analyzing the fundamental problem of the insider tradingcivil liability. Firstly, the author analyzes the nature of the insider trading civil liabilityand imputation principle, Also, we think the insider trading civil liability is a special tortliability, we should distinguish different entities to implement different imputationprinciple. Then, the thesis analyzes the components of the insider trading civil liabilityand the defenses.In the second part, the author analyses the present situation of insider trading civilliability in China by using empirical analysis method. On the basis of the data statistics,the paper analyses the present situation and punishment of insider trading, reveals thepresence of the current regulatory status of administrative responsibility and criminalpenalties that punishment has many defects such as the loss of the investors can not bemaking up, small probability, lags, lack of strictness and so on. Then we obtain the mainreason why insider trading civil liability is always vacant is that the absence of insidertrading civil liability mechanism and analyses the performance about lack of insidertrading civil liability mechanism. Then, analyzes the practical significance for theachievement of insider trading civil liability. Propose insider trading civil liability mechanisms possess the significance of making up investors damage, detering andpreventing insider trading, aiding government execute the law and regulate market.The third part is about the path to achieve civil liability for insider trading, one isbuilt right to damages insider trading regime, the other is to improve the implementationmechanism of action of insider trading civil liability. On the construction of insidertrading in the right to claim damages system, we throw out a suggestion from the personwho has the right to claim damages, the obligation of reparation, the scope and amountof compensation, the statute of limitations. In the implementation mechanism of actionof insider trading civil liability, we offer a proposal that set pre-set programs, improvethe system of representative litigation, a reasonable allocation of the burden of proof aswell as specific recommendations jurisdictional litigation.
Keywords/Search Tags:Insider Trading, Civil Liability, Compensation for Damages
PDF Full Text Request
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