The Role Orientation And System Improvement Of Regulatory Agency On The Failure Of Accountability System Of Insider Trading

As stock market crash had swept China, many senior executives had been arrested in consequence of insider trading. Therefore, insider trading draw public attention again.After author summarized 132 administrative punishment cases,35 judgment papers of criminal sentence and 3 civil sentence from 1993-2015 and analyzed budget report of China Securities Regulatory Commission,Securities And Exchange Commission, Financial Service Authority etc.At present, many system introduced to China, but just a few match Chinese circumstance. Meanwhile, many problems haven't been solved in the accountability system of insider trading. In this paper, author just discuss procedural law, instead of substantial law, in the perspective of regulatory agency. Answer the follow question:what's the theoretical basis, what's the current situation of accountability system of insider trading, what cause it, how to improve it. So author divided the paper into four chapters:Chapter One:expound four basic theory of insider trading. First of all, expound the theory of the necessity of regulate insider trading and bedding the discussion of current situation of insider trading. Second, introduce the theory of The Rise of the Regulatory State and Incomplete Law to proof the core view of this paper that administrative supervisors should be the core of accountability system of insider trading.Chapter Two:expound the current situation of accountability system of insider trading. Author expound three exhibition of the failure of accountability system of insider trading with data extracted by the official cases.Chapter Three:analyze the root of the failure of accountability system of insider trading. First of all, analyze the subjective aspect of inefficient of accountability system of insider trading:the dislocation of regulatory agency. Second, analyze the objective aspect of inefficient of accountability system of insider trading:insider is becoming more and more complex and concealment. Third, analyze the failure of current administrative punishment. Meanwhile compare with 16 counties to analyze the accountability system of insider trading.Chapter Four:propose improve advices, which is that government should be the core of accountability system of insider trading, improving current accountability system and building the converging system between administrative punishment and civil punishment, with analysis above.