Study Of The Crime Of Trading On Nonpublic Information

In recent years,the rapid development of the national economy has driven the prosperity of the securities and futures markets.The ensuing "Rat Trading" incident has also taken place frequently.The illegal use of non-public information by the " Rat Trading " has not only harmed the fair trade rights of the investors,and thehuge losses to the public,but also seriously affected the fair competition environment and order of the fund industry.Although the "Amendment(VII)to the Criminal Law " added the offense to make up for the regulation of illegal trade outside of the criminal law for inside information,but without further clarification of judicial interpretation,in judicial practice,there is still a big problem on using non-published information on the crime of conviction and sentencing.In June 2016,the Supreme People's Court made use of the Le Macase as the guiding case of the Supreme People's Court,but the scholars are still discussing the rationality of legal punishment.In order to correctly grasp the elements of the crime and better combat the crime of trading securities with non-public information,it is necessary to conduct the analysis of the crime.The article is divided into three chapters,the main contents are as follows:The first chapter mainly analyzes the definition of the subject of the crime of Trading on Non-public information.Emphasis is placed on analyzing who can beidentified as a crime,practitioners of financial institutions,and practitioners of regulators and industry associations,first analyzing which institutions can be attributed to financial institutions,regulators and industry associations,and secondly to What kinds of staff members have the necessary conditions to be able to be defined as the crime of employees to grasp.In addition,the explicit suggestion engaged in non-public information whether the subject of crime can be divided into sub-situations;make some suggestions to whether the unit crime can be the subject of the crime.The second chapter mainly analyzes the objective aspects of the crime of using non-public information.The first section defines the content and scope of the behavioral object: non-public information,and discusses the characteristics of non-public information and the differences with the inside information.The second section analyzes the use of what kind of behavior for the purpose of taking advantage of the behavior,what kind of behavior for the position of the behavior.The third section of the explicit and suggestive behavior to make a specific analysis,as well as expressly imply the difference between behavior and recommended behavior,expressly implied way to explore.The third chapter discusses the use of non-public information trading crime range of punishment.Starting from the retrial of Le Ma,this paper analyzes the judicatory practice about the case of using non-public information to deal with the crime with serious circumstance and the circumstance that the circumstance is particularly serious.It concludes that the circumstance is serious and only has the function of conviction.The crime should all be invoked by insider trading,Criminal,the existence of serious circumstances,the circumstances are particularly serious two sentencing grades,specifically how to determine the circumstances are serious,particularly serious standards should be released as soon as possible,judicial interpretation can refer to the median number of cases that have occurred in practice Re-affirmed to provide a more scientific andreasonable way to provide a viable route for the conviction and punishment of this crime.