Recognition And Prevention Of Information-based Market Manipulation

In recent years,information-based market manipulation has attracted considerable attention from securities regulators and scholars.In the era of new media and Internet finance,the cost of using information as a medium to commit crimes is low and covert,which makes it difficult for regulators to detect and punish them in time.Our current legislation on information manipulation is not mature enough,and has not yet formed a unified and complete identification system.In identifying such cases,it mostly relies on the internal documents of the SFC,"Guidelines for the Recognition of Securities Market Manipulation(Implementation)" and the SFC's anti-manipulation law enforcement experience.This paper takes the administrative penalty cases of the SFC as the research object,sums up some identification ideas of the SFC,and further clarifies the identification criteria of information manipulation by comparing the similarities and differences with other information violations.In this paper,the difficulties of identifying information-based manipulation are analyzed,and corresponding solutions and preventive and control measures are put forward.This article mainly consists of the following parts: Chapter I Introduction introduces the research background,research purposes,research methods,main innovations and literature review of the article.The second chapter introduces the concept,classification,legal characteristics of information-based market manipulation and compares it with other competing concepts.The third chapter mainly takes the administrative penalty cases of the SFC as the blueprint,elaborates the identification ideas of information-based market manipulation.Chapter IV discusses the difficulties in identifying information-based market manipulation and the standard of proof.The fifth chapter,with "prevention and control" as the main theme,elaborates that we should not only regulate information-based manipulation from the legislative level,but also cooperate with other parties to contribute to the prevention and control of information-based manipulation.Finally,the full text is summarized.