The Legal Interest Of The Majority

With the prosperity of Market Economy, China has made great progress in economy, the legal system also experienced a fundamental change from the reform and opening policy until now. It is agreeable to admire great efforts we have made, in the same time, we can hardly deny the defects of the mechanism has came into being. As for the Securities Market, which was set up by a number of oversea returnee elites, with their persistence, our initial Securities Market could set up at the early 90 s in the 20 th century. It is a brave attempt to draw on west world at that time.In the last two decades, it is known to all Securities Market has gone in the right way and stepped into upper stage, however, Securities Fraud is a heated topic from the very beginning. In the area of Securities Fraud, there are several kinds of unlawfully acts, such as unauthorizedissuanceof securities, misrepresentation, insider trading, rig the market, fraud on the customer. And misrepresentation has a complete system to apply for civil remedy litigation, while another type Insider Trading has not been applied by civil law in the fact. Though some people has sued the insider traders, it was in a dark corner for quite a long time, until the first relief for the plaintiff in the case“Guang Da Securities”. As is known, more than two investors, uncertain or in big numbers, are involved in insider trading civil redressing cases, the scope of plaintiff has an important impact on the proof of causation even the result of judgment. The study on the scope of plaintiff will definitely benefit the juridical practice.Study on the basis of juridical practice and furthermore make contributions on the practice is a circulation process from practice to study and to practice. This kind of study tool is dialectical materialism. It has a great impact on the social study.There are five chapters in this article, the author will clarified each chapter in orders.The first chapter is the Status quo of the plaintiff’s qualification in the insider trading. In this chapter, there are three aspects as follows: the first is juridical practice cases. The second part is current regulations of insider trading, from lengthwise regulations to crosswise regulations of misrepresentation. The third part is the existed problems from the analysis.The second chapter is the significance of differentiating the plaintiff’s qualification in the insider trading as well as the theoretical basis. The first aspect concentrates on the important role the plaintiff’squalification will play in the insider trading, and another aspect definitely pays more attention on the theoretical basis, which consists of theory plaintiff’squalification expansion and interest of claim.The third chapter is advanced experience from other areas. The author mainly describes the U.S. case law system, with longer history and more experience than us. Along sides with Japan’s attempt to cover insider trading under the circumstance of not having explicited regulations. And Taiwan can also shine light into our law system. After clarified some valuable experience, a contrast and similarities will be listed.The fourth chapter is the advice. There are three parts in this chapter. The first focuses on the discussion on legislation, and reaches the conclusion legislation is not a good way. Nevertheless, the judicial interpretation and supplementary measures is a must. The second part mainly talks about the specific standards on the differentiation of the plaintiff’s qualification. And the last part is on the class suit sophistication.The last part is summary. This article focuses on the comparisons of China and The U.S’s typical cases, figures out the current problems and digs deep into the theoretical sources of the interest within the majority, as well as the rule and development comparisons in advanced areas, which will shine a light into the dark corners of our system.