A Comparative Study Of System Identification And Prevention Of Insider Trading In China And Japan

The regulation system of insider trading in China in advance is relatively weak,because of insider trading behavior has the characteristics of c oncealment and sudden,in legal practice in the existing m ainly take the ex post punishm ent,improper trading practices related to the lim ited role of deterrence and stop.Japan in the newly revised laws and regulations on the internal information management and insider trading prevention provides guidance and norms,and gradually improper trading behavior in the m atter,after the investigation into a pre stop.In the corporate governance structure and the construction of the inform ation management system to i mprove,in order to deal with m ore intense competition in the micro,in the macro level to build a more equitable capital market.Identified in the insider trading,Japanese law set up for a “basket” clause shows its progressiveness in the definition of insider information,and the case as a legal basis in fact of the penalty,and actively explore the show m ade it to deal with different situations.The main body of asset m anagement is an im portant part of the securities m arket,because of the low ris k of illegal and la x supervision of the securities market,the assets o f the operation of the main body of improper trading practices occur.It has been added a lar ge number of regulation of the m ain body of inve stment trusts and the contents of the pure Holding Company in the recent amendments in Japan,it also offered guidance in the field of regulation for our country.In the prevention of insider trading,the in troduction of “obedience” system in the management of listed companies,resulting in the transfer process,to link all possible leaks and improper use of suppression of the inside r information,and through staff training,set up information management responsibility and other means comprehensive prevention of insider trading.In addition to the “T he Belt and Road construction”,China needs to learn from Japan and its overseas capital operation ex perience of foreign companies to en ter the domestic capital market management,the overseas branch of the establishment,abide by local laws and regulatio ns,promote a great ref erence value of bilateral and multilateral economic and trade exchanges and cooperation in ot her fields.In addition,it is also one of the effective means to prevent insider trading in the process of due diligence.In the process of corporate listing,m ergers and acquisitions and capital management,as the subject of due diligence,the agency will co nduct a co mprehensive and in-dep th review of the relevant information to control risk.From Japan's experience,the review of the historical data,management background and capital flow control can ef fectively prevent insider trading behavior in the securities market.