Research On Judicial Determination Of The Crime Of Manipulation Of Securities Market

With nearly 30 years of rapid development,the securities market has become an important part of Chinese economy.However,manipulation of the securities markets occurs frequently.In the early stages of the securities market,the means adopted by manipulators are dull and simple.With the development of the financial markets,they become more sophisticated and covert.What's more,to a certain degree,securities markets manipulation and speculative behavior have some similarities which makes it become harder to tell them apart.Therefore,in judicial practice,it brings challenges to the determination of manipulative behavior,making it difficult to regulate such cases via the criminal law.Based on the above reasons,this paper combines the trend of emerging securities market and the characteristics of new kinds of manipulation of securities market to elaborate the judicial determination of the crime of manipulation of securities market,which strives to grasp the connotation of the provisions accurately and solve the problem of in judicial determination.In the objective aspect,this paper clears some key points concerning the judicial determination of manipulation of the securities market,such as what is the information advantage,how to define continuity,and how to apply miscellaneous provisions and so on.In the subjective aspect,this crime can only be direct intention,and the purpose of manipulation is not an essential factor of this crime.Then,this paper expounds what is the “gravity of the circumstances”,demonstrates the difference among the crime of manipulation of securities market,the crime of securities insider trading and the crime of inducing investors to buy or sell securities.At last,this paper explicitly analyzes the performance of manipulation of securities market in the unfinished form.