Research On The Civil Liability Of Insider Trading In Securities

After 20 years development,China’s securities market has become the important place for investors to investment, corporate finance. It also become an important force for promoting economic and social development.But with the prosperous development of the securities market, the phenomenon of insider trading become more and more serious.This kind of behavior caused great damage, not only harm the good order of the securities market, also hit the investor confidence of the securities market, At the same time also caused the investors’ losses.So to governance the insider trading behaviour, maintain the order of the securities market, protect the interests of investors has become an urgent problem. The most effective behavior to safeguard the interests of the investors, the most beneficial thing to restore investor losses is make the inside trading person be liable for damages of civil duty. In 2015,The Shanghai Intermediate People’s Court trailed the case of”Guangda securities ngligence action event”,affirmed existed inside trading behavior,and made the case in favour of investors,also made the inside trading person be liable for damages of civil duty.But in the case, also reflects we lack of laws and regulations to governance the insider trading behavior,we can only be reference to other laws. Aiming at the problems in the judicial practice of civil liability of insider trading in securities,combine with the ”Guangda securities ngligence action event” case,analsis the insider trading civil liability related theory. In addition to the introduction, this artical divided into five parts, the concrete content as follows:The first part, first of all, combing the domestic and abroad theory of insider trading,fully demonstrates the harm of insider trading and the meaning of ruling for it, and at the same time, it has been clear about the article writing ideas and methods.The second part mainly introduces the basic theory of the civil liability of insider trading. First of all, from the perspective of the insider trading, we introduces the connotation and characteristics of the insider trading. Then combing the basic theory of civil liability of insider trading from five aspects, Include the concept and value of insider trading civil liability、the nature of insider trading civil liability、the components of the insider trading civil liability 、 the imputation principle and compensation range of the insider trading civil liability.The third part mainly combed the causation theory and compensation range and calculation method of insider trading civil liability of the United States and Japan.Compared different standards of the causal relationship between insider trading, the influence on insider trading civil litigation between both parties, at the same time the author analyses the different method of damage compensation for calculation of insider trading, In comparison the pros and cons of different standards and methods, accordingly provides our country the reference model to resolve the problem.The fourth part mainly analyzes the problem existing in the insider trading civil liability. Mainly manifested in the imputation principle 、constitutive requirements、the scope of civil compensation three aspects.The fifth part combines the article third part, according to the problems summarized form the fourth part, combining the current situation of our country, from the angle of reducing the burden proof of the investors, protecting the interests of investors and cracking down on insider trading behavior, playing the function of insider trading civil liability, putting forward to solve the problems existing in insider trading civil liability.