Research On Legal Regulation And Improvement Of Insider Trading In China's Securities Market

In China,strict investigation of insider trading has long been a consensus,in the securities-related laws on the insider trading subject,insider information,insider trading behavior also provides,but insider trading cases are still repeated.This status quo and the legal system itself is imperfect,the provisions of the different understanding,limited punishment and other related.According to the relevant laws and regulations and the scope of its operation,the author analyzes the theory and operation of insider trading legal regulation in the United States,Britain,Europe and America and other countries and regions,and combines with the actual situation of our country.The relevant rules of our country to interpret and make suggestions for improvement.The article is divided into four parts: the introduction of the author for the author of this article,around the theme of the literature review,and the article innovation and shortcomings of the summary.The first chapter mainly analyzes the legal principles of insider trading,including its concept and characteristics,as well as the principle of regulation of insider trading,summed up our legislation on the insider trading legislation for the "anti-fraud" and "market integrity" Out of the existing civil liability system and other existing problems.The second chapter is the normative analysis of insider trading,that is,constitute the four elements of insider trading,object requirements refers to the insider information,there are two major characteristics of the importance and non-openness;main elements of the insider trading subject,and analysis of the two identified insider The main elements of the transaction,that is,the main manifestation of insider trading behavior,divided into their own acts of insider trading,disclosure of insider information transactions and the proposed behavior of others to implement insider trading;The subjective elements of insider trading analyze the main differences between the recognition model and the use of the recognition model,and think that China adopts the subjective elements of the insider trading by using the recognition model.The third chapter analyzes the problems existing in the regulation of insider trading in our country,including the lack of civil liability,the lack of object requirements and the main requirements of insider trading,and the imperfect supervision system of insider trading.Good and other issues.The fourth chapter puts forward the countermeasures and suggestions for the third chapter.In the aspect of perfecting the civil liability system of insider trading,it is proposed to construct civil affairs from the three aspects of introducing the principle of inversion of burden of proof,confirming the responsibility subject and the compensation scope and determining the responsibility standard The system of responsibility system,the importance of identifying the insider information in the abstract mode,and the proposal of judging the main body of the insider transaction by the general subject determination method in the substantive public disclosure as the standard of the insider information disclosure in the relevant legal norms of the insider trading composition;Measures,it is recommended to strengthen the internal trade precautionary mechanism,and proposed from the social supervision to improve the information disclosure system of listed companies,while strengthening the securities related personnel education and guidance.