The Study Of Defining Standards Of Trade-based Manipulation

In recent years,market manipulation in China's securities market has present the trend of explosion.With the change of regulation,the market manipulation is becoming more and more covert and complicated.Trade-based market manipulation is usually implemented through market transactions,which makes it extremely difficult to distinguish normal trading behavior and trade-based manipulation in securities market.The pleading standards of trading manipulative behavior in securities market is more ambiguous than other types of manipulation,so it brings great challenges to legislation and regulation.Based on this situation,this paper analyzes the trade-based manipulation in China's current securities legal system refer to foreign legislation and practice experience and makes a summary study of the pleading standards.This study reviews and summarizes both the pleading path and the standard of proof,and puts forward the corresponding opinions and opinions,so as to improve the supervision of the market manipulation in China.This paper is divided into three parts to interpret and analyze the pleading standards of trade-based manipulation:The first part is an overview of trade-based manipulation.In this section,this paper defines trade-based manipulation from its superordinate concept of manipulation.According to the division standard of academic and practice,this paper defines the trade-based manipulation of the research object in this paper,and analyzes the manipulation behavior of other types.As a collective concept,trade-based manipulation needs to be put into practice of our securities law.In combination with the relevant provisions of China's securities law,trade-based manipulation in the context of securities law in China can lay the foundation for further research.In the second part carries on the first part,this paper defines the current system of securities law in trade-based manipulation of specific types,from the perspective of the stipulation,combined with foreign legislative experience for that analysis.In the process of analyzing,this part concretes the key points of behavior identification,and the key points are further studied by combining with the punishment decision that the CSRC has made public.In particular,it mainly analyzes four types of trade-based manipulations,such as series transactions,matched orders,wash sale and fraudulent bidding.The main points of these identifications relate to the subjective purpose,the behavior subject,the behavior pattern and the behavioral consequences of the constitutive elements.In the last part,this paper analyzes the difficulties in the identification of trade-based manipulation by the difference of the constitutive elements of different transaction types and the difficulty of identifying the key elements according to the above defined within the framework of trade-based manipulation of concrete analysis,so as to solve the problem.In the face of these problems,this paper sets the standard of identification from two aspects: the identification path and the standard of proof.In the part of identification path,this paper makes a point that we should combine the subjective path and objective path in the selection of the identification path,and proceed from the objective path to the subjective path to finally complete the identification.In the part of standard of proof,it makes the point that the identification of the behavioral consequences and subjective intention in the proof of the standard analysis needs to be verified by quantified indicator and special burden of proof.