Legal Research On Disgorgement Of Short-swing Trading

Insider trading is detrimental to securities markets and investors,which is key object of many countries' regulators of securities markets. Short-swing trading denotes that the profits obtained through short-swing trading belongs to the company,which aims at preventing insider trading. It has effect on preventing and hitting insider trading due to its strict doctrine of liability fixation. America was the initiator of formulating and implement of system of the right to disgorge short-swing trading, and then other countries and regions has followed.The right to disgorge short-swing trading is provided at 47 th terms of China's "Securities Act".However it has a poor implementation for its simple statements and ambiguous standards. Study on short-term trading disgorgement and guarantee a good legal effect are significant for achieving the purpose of legislation of prevention of insider trading. The thesis deconstructs short-term trading disgorgement into many elements from its constitute elements angle, demonstrate the points of dispute, and combined with actual cases to discuss the rationality of certain practices. Proposing advisable amendments for China's "Securities Act".The thesis is divided into four parts.The first part uses several actual cases as baits, reflecting a number of issues related to short-term trading disgorgement in legislation and law enforcement presence, providing logical clues for the following parts.The second part discusses the main subject, object and content of short-term trading, analyzing the constituent elements of short-swing trading.Through a comparative study of the relevant provisions in China and outside, discovering the improved space of China's relevant provisions. Analyzing mismatching area of the relevant provisions and enforcement practices combining with actual judicial and law enforcement cases, then put forward and expound the views of the writer.The third part includes the way of exercising of the right of disgorgement. The thesis discusses the nature of the right of disgorgement, analyze and then compare similarities and differences between the subjects and proceeding of the system in China and other countries, put forward the inadequacy of the current provisions in our country, and recommends for improvement by reasoning. On the calculation of earnings, the writer recommends the most popular and easiest method by comparing several ways.The fourth part summarizes on the basis of the previous parts, and redeclaresthe views of the writer. Purposing advices to "Securities Act" for improving China's current short-term trading system.