Research On The Identification Of Inside Information

With the development of the securities market,insider trading cases become more and more complex,which makes it more difficult for us to crack down on insider trading.As an important factor of insider trading,insider information has attracted much attention both in theory and in practice.To solve the problem of insider trading,we must first identify insider information.However,at present China's insider information about the legislation is not perfect,the definition of insider information and standards in practice for some whirling.Therefore,this article through the analysis of the problems in the identification of insider information,and reference to the relevant laws and regulations of the United States,Japan,Hong Kong region and Taiwan region,to absorb their advanced experience,put forward to improve China's insider information.There are six parts in this paper.The first part is the introduction.The introduction includes the background and significance of the research,the research status at home and abroad,research methods and innovation.The second part is the basic problem of insider information.Insider information is the main body of the securities market in the event of the transaction,the company's daily operations,changes in property,or the significant impact on the price of securities information.It is not publicly available information.The theoretical basis of the identification of insider information is the theory of information equality,the theory of information obligation,the theory of private rights.Insider information is an important part of insider trading,insider information clearly has important significance to better regulate the behavior of insider trading;trading in the stock market to balance the interests of all parties and regulatory agencies;information disclosure can fill the loopholes in the system.The third part is the cognizance standard of inside information.In the academic circles,there are four elements of "the theory of the two elements","the theory of the three elements" and "the theory of the four elements",The author agrees with the "four elements theory",and analyzes the cognizance standard of inside information from the perspective of "the four elements theory" : Relevance criteria,non-public standards,materiality criteria and certainty criteria.The fourth part is the legislative status quo and problems of China's insider information.The relevant legislation includes the relevant provisions of the securities law,provisions of the securities regulatory commission,provisions of the Supreme People's Court and the Supreme People's Procuratorate.The main problems appear in the definition and identification of the two aspects of the definition of insider information.The definition of insider information is mainly reflected in the narrow range of the definition of insider information involving the main body;the vague definition of the definition of insider formation;the definition of insider information is less.The main problem of the standards for the identification of insider information in the scope of the relevant standards is broad;the standard of non-public standard is general;the materiality standard is vague;and the standard of certainty is lack.The fifth part is the extraterritorial legislation on insider information and reference.This paper introduces the legislation of insider information in common law system and continental law system,and puts forward some suggestions which can be used for reference in our country,the main performance is that we should provide a reasonable digestion period in the substantive open stands,set up a method to determine the materiality standard.The sixth part is the suggestions to improve the identification of insider information.This paper puts forward some suggestions on how to improve the identification of insider information from two aspects: the definition of insider information and the standard of identification,the suggestion to improve the definition of insider information is to expand the scope of insider information;clarifying the definition of insider information;increase the definition of insider information considerations.The suggestion of improving the standard of the inside information is to limit the scope of the relevant standards;the form of the integration of open standards and the essence of open standards;clearly identify the materiality of information standards;the introduction of certainty standards.