Mergers And Acquisitions In The Identification Of Criminal Insider Trading

insider trading offenses in china appeared not long, is a new type of crime, such crimeis different from the traditional criminal offenses, not only to the “Criminal Law”applies,but also to use the “Securities Law”and other financial law requires judicial personnel havelegal capacity and related financial knowledge. China’s “Criminal Law Amendment Seven”and “On the handling of insider trading, disclosure of inside information on a number ofcriminal cases, the specific application of legal interpretation”(hereinafter referred to as“insider trading judicial interpretation”) were introduced, shows that our emphasis oninsider trading offenses, hoping to curb the power of criminal law such crimes, it isconsidered a crime of such judicial officers unavoidable issue. The merger restructuringinsider trading cases is the hardest hit of insider trading cases, bias and error appears on theShanghai court on insider information and price sensitive period considered in adjudicatingXie Fenghua insider trading case, a reflection of the insider trading crime legislation is stillrelatively primitive and rough, there are many flaws. Xie Fenghua author analyzes insidertrading case basis, summarizes merger restructuring insider trading case the basic principlesfor determining the theoretical basis, in order to make our judiciary helpful in practice.The first part is a case brief introduces the basic facts Xie Fenghua insider trading case.Case pleadings disagreement between the two sides: first, whether the defendant XieFenghua Insider; Second, Tianbao Mining and Whwj contact information on contact matterswhether insider information; Third, the case when starting price sensitive period. The focusof this article is disputed: First, the court held that the defendant Xie Fenghua belong Insidersecurities regulatory authority under the State Council is reasonable, the court’ sinterpretation of the terms are reasonable; secondly, whether the content of insiderinformation is accurate, identified as standard, which should have the characteristics ofinsider information; third, the sensitive period of mergers and acquisitions class whetherinsider trading cases from both sides said the starting date of the contact, and how such casesshould be calculated price sensitive period.The second part is the theoretical analysis: First, the subject of insider trading crimeanalysis should be based on insider information to get insider information office personnel; characteristic of the second analysis of insider information, insider information should have a“price-sensitive”,“objectivity”,“confidentiality”; third, the calculation of theprice-sensitive insider information insider information should be combined with thecharacteristics identified.The third part is the analysis and conclusions of the case: first, Xie Fenghua belong toinsider information; Second, the case of insider information should be provided to formTianbao Mining “Asset Assessment Report” to Xie Fenghua time; Third, the case ofprice-sensitive on the morning of May18should Tianbao Mining to provide“assetevaluation report”to Xie Fenghua starting.The fourth part is the case revelation: First, you should define the nature of insiderinformation because of his access to inside information officer; second characteristic ofinsider information should be " price impact " of “objectivity”,“confidentiality”; third, theidentification of sensitive insider information should be combined with the characteristics ofinsider information.