Research On Civil Liability Insider Trading Of Securities

The securities market should be a fair,open and impartial informationmarket.Insider trading fraud violates the fair principle of securities trading,which strikes the confidence of the investors in the stock market and damages their legal rights,seriously disrupting the order of the securities market.In order to better protect the legitimate rights and maintain a good order of the securities market,it is bound to have an effective legal regulation of insider trading behavior.At the present stage,in the fight against insider trading behavior,lack of civil liability legislation in our country compared to the administrative and criminal liability.In addition to "Securities Law" seventy-sixth article third,there is still no specific judicial interpretations on the civil liability system ofinsider trading.The provision of "Securities Law" seventy-sixth article third is too principled."Provisions on the trial of civil compensation cases caused by misrepresentation in the securities market" provides guidance for the acceptance and jurisdiction of civil compensation cases of insider trading.But there are still some problems.For instance,How to define the right of claim for compensation? How to calculate the standard of compensation?How to prove the causal relationship between the loss and the insider trading behavior? Is the pre procedure reasonable?......Only "Securities Law" seventy-sixth article third can not solve these problems.These issues are related to whether the majority of investors through civil litigation to compensate for their loss of the fundamental problem.This article will focus on the perspective of civil liability to analyze these issues and make reasonable suggestions.This article is divided into four chapters.The first chapter introduces Huang Guang Yu insider trading case,analyzes the necessity of legal regulation of insider trading.The second chapter describes the administrative,criminal and civil liability responsibility of insider trading in China.It points out the deficiency of the legislation of civil liability in our country.At the same time,the author points out that this article will be discussed from the angle of civil legal responsibility.The third chapter analyzes the nature and constitutive requirements of civil liability of insider trading.The fourth chapter is the focus of this paper.The author compares the civil liability system between China and foreign countries,briefly analyzes the civil compensation case of Everbright Securities Co.,Ltd.Insider Trading in Shanghai court and puts forward some suggestions to perfect the civil liability system of insider trading in China.