Research On Civil Compensation System Of Securities Insider Trading

At present,China's Securities Law is in the revision period,the terms of civil compensation of insider trading is also discussed and in the amendment.During the revision of the draft,this article discusses the civil compensation system of insider trading,and it emphasize on the analysis of Article 92 of the revised Securities Law,which has certain theoretical significance.On the other hand,investors win a lawsuit in the case of lodging a complaint about civil compensation of insider trading of Everbright Securities,and it has injected new vitality into the study of civil compensation system for insider trading and promoted the development of judicial practice of civil compensation for insider trading.Based on the Securities Law revised draft article 92,the essay expounds the necessity of improving the compensation system of insider trading,given the practice and theoretical problems of civil compensation in domestic insider trading.Article 92 of the draft draws on the experience of the relevant laws of the United States and Taiwan.It just copied the appearance and did not comprehend the essence.Therefore,the essay discusses and analyzes the civil compensation system of insider trading in the United States,Taiwan and Japan.Above all,the third part is significant on the essay.The value and interests of all parties should be balanced by the compensation system of domestic insider trading.We should rational civil compensation terms of insider trading on the basis of this.It should be learnt that civil compensation of insider trading infringes the law of "fair trade rights" rather than of"right to learn the information".Based on the logic of this,the author analyzed the deficiencies of the article 92 of Securities Law revised draft,which contains about four issues including value imbalance,obvious defect of damage compensation calculation method,invalid upper limit of indemnity and irrational application punitive indemnity.In response to the above-mentioned issues,Article 92 of the revised Securities Law was reconstructed.The essay argues that insider trading civil compensation for the plaintiff with insider traders at the same time reverse the investors.The application of the "principle of simultaneous trade" should strictly limit the concept of "simultaneous"."Simultaneously" should be the period of the start of insider trading to the end of insider trading.The illegal income should be set as the compensation limit.Referring to false statements,the calculation method of damage compensation should be diversified.The exemption should be set up.