The Research On Mosaic Theory And Inside Information Identification

Since 2017,the National Financial Work Conference,the 19th Party Congress,and the Central Economic Work Conference have been held one after another.The conference has always emphasized that the capital market must adhere to the fundamental direction of serving the real economy,persist in deepening the fundamental requirements of reform,and adhere to prevent and control systemic financial risks.The fundamental bottom line is to uphold the fundamental mission of protecting the legitimate rights and interests of investors.As the most active sector in the capital market,the securities market needs to shoulder this glorious mission.The development of the securities market is inseparable from the supervision of prohibited behaviors.Taking the supervision of insider trading as an example,the identification of inside information is its top priority.This paper intends to introduce the "mosaic theory"under US law to analyze the identification of inside information in the context of fragmented public information and nonmaterial nonpublic information,and to review and reflect on the current domestic and international existing standards for identifying inside information,with a view to introducing theory and to improve the criteria for identifying inside information.This article can be divided into three parts,including introduction,main text and conclusion,and the main text consists of four chapters:The first chapter is an overview of "Mosaic Theory".First of all,according to the existing research results at home and abroad,summarize its connotation and characteristics.Second,it traces the history of the theory and its development in the field of securities finance.Finally,combining the theory with the latest practice in the US case of insider trading,it analyzes and discusses its future development possibilities.The second chapter is an analysis of the advantages and disadvantages of "Mosaic Theory"-combined with the inside information of American law.Continuing with the issue of legality in the development process discussed in the previous section,this paper analyzes in depth the advantages and disadvantages of the theory in practice,and uses its connotation as an entry point to combine the provisions of the United States Securities Law to analyze the theory's identification of inside information,especially the difficulties in identifying significant and open standards.The third chapter is a review of the standards for the identification of inside information in China.The first part examines the criteria for the identification of inside information in China's securities law.The second part,combined with the connotation of the theory,the author will reflect on the problems existing in China's inside information identification standards from both the overall and partial(significant standards and non-open standards).The fourth chapter is the critique of mosaic theory in the field of China's inside information recognition.In order to demonstrate the necessity of introducing this theory in the field of identification of inside information in China,based on the pros and cons analysis of the previous US law practice,combined with the insufficiency of China's inside information assertion,it proposes targeted measures and strives to improve the standards for the identification of inside information in China while introducing new theories.