Study Of The Crime Of Trading On Non-public Information

That often occur in the financial market in a violation of the rules of financial transactions rat behavior, this behavior will make many retail investors lose confidence to invest in the financial markets, will damage the financial market order, leading to the property interests of the investors are serious damage. Moreover, the violation of the financial market development order is very common in the financial market. So, in order to ensure China’s financial market order and fair trading environment, to eliminate the rat behavior.This article from two cases of MA cases and Zhang case as the breakthrough point, triggered by these two cases, combined with the two cases about the crime of judicial practice problems, further analysis of our country in such cases involving some practical questions. Despite the use of undisclosed, the behavior of the transaction information in the specification of the criminal law of the People’s Republic of China have the clear a regulation, but in the judicial practice operation is more complex, some fuzzy place or the burden of proof, still need the law further defined.First, there is no definition of the connotation of undisclosed information in our country law. This article explains the meaning of undisclosed information from the definition of the scope of insider information and the common points and differences between them. Undisclosed information does not matter to the company’s most essential content, but it will cause a lot of volatility in the market price of the transaction. Public information has its own unique nature, of course, it also has a common and insider information, which will be described in this article one one. Second, about what exactly is identified using because of his position to facilitate access, which in the judicial practice has many ways to identify, the author through the analysis and comparison of Hong Kong, Taiwan and other countries, is proposed in terms of the burden of proof, prosecution as long as they can put forward the perpetrator is before the information has not yet been announced, by the convenience of its duties obtain the relevant information and the perpetrator implementation of the selling or buying of financial transactions. It may constitute the crime of using information not publicly traded, unless the crime can prove that he and not on the basis of these undisclosed information to engage in financial transactions, then it can be he is does not constitute the crime of identification. Third, in China’s criminal law of the crime of insider trading in the crime of serious circumstances of the basic scope of the sentence and the circumstances of particularly serious sentencing. However, the use of undisclosed information trading in the end is the existence of a basic level of sentencing, or the existence of the two sentencing range, we have different views. The author believes that the use of undisclosed information transaction crime should be the existence of basic and increase the two sentencing range.