Study On The Crime Of Trading On Disclosed Information

The fast development of the capital market plays an important role in promoting the rapid development of economy and society, at the same time,security crimes that taking advantage of information emerges in an endless stream, despite repeated prohibitions. "Rat Trading" which is similar to "insider trading" is one of such security crimes. "Rat Trading" has negative effects not only on the interests of other investors,but also on the spirit of good faith to the security market.What’s more,it breaks the rule and order of the capital market. "Rat Trading" isn’t a new phenomenon, Wu Jinglian and other economists had announced the essence of "Rat Trading",since the capital market is not advanced at that time, "Rat Trading" didn’t arouse wide public concern. More and more people don’t focus on such phenomenon until "Rat Trading" has repeatedly occurred. According to the serious social harm, only relying on civil penalties and administrative penalties apparently cannot fully meet the penalty purpose. In order to punish "Rat Trading",protect other investors rights, rebuilt the confident of the public, our country set the "PRC Criminal Law Amendment (seven)," the article 180th of the criminal law was revised, with fourth sections, the use of undisclosed information trading and serious behavior into the category of criminal regulation. That article is "the crime of trading on disclosed information."As it is a new crime,related theoretical research is not so comprehensive, otherwise related judicial interpretations haven’t issued, the implementation effects have not yet been fully embodied. In view of this,it is necessary to analyze the key elements of the crime of trading on undisclosed information and discuss the problems in the judicial process deeply, in order that providing a reference to judicial application and making recommendations to legislation improvement.In this paper, besides the preface and conclusion, the test is divided into three chapters. The first chapter analyzes the key elements of the crime of trading on undisclosed information and focus on controversial problems,such as the scope of the staff in the financial institutions,the connotation of undisclosed information,the scope of the rule,the nature of leaking undisclosed information behavior,how to define using the disclosed information.Chapter two defines and discusses several problems of judgement of this crime.Combine the practice of this crime. Specifically,to be or not to be crime, its joint offence,criminal pattern and how to define illegal gain.Chapter three is legislation perfection for illegal trading based on disclosed information.Aiming at the legislation deficiencies, put forward some suggestions.For example, the specificity of the crime is not clear, so setting reasonable judicial explanations is the solution; the legal provision sets requirement of "violation of the regulation",whereas relevant financial laws and regulations are still flawed,so improve laws and regulations is the solution to this problem.on the basis of the study, the author raises some legislative suggestions.