Legal Research On The Subject Definition Of The Insider Trading

In the background of the globalization of the insider trading supervision,it's necessary to define the subject of the insider trading.From the first case in 1994,up to December 31,2018,CSRC(China Securities Regulatory Commission)have settled 316 insider trading cases.These cases provided solid foundation for us to rethink the Securities Law and the supervisory behavior of the CSRC.We can see distinctly that with the development of the securities market,there are more and more plural subjects.CSRC can't handle this situation only according to the Securities Law.Not only the conflicts between the legislation and the enforcement,but there are contradictions among the Securities Law,judicial explanation and the affirmation of the CSRC.Based on statistic data,this article discussed the problem about the subject definition of insider trading.There are three sections in this article.The first part is raising a question,then discussing problems and solving the problem at last.By analyzing statistic data of the CSRC enforcement,we can find that,with more and more insider trading cases appearing,there are more and more plural subjects.But while affirming the subject,CSRC use miscellaneous provisions frequently.CSRC even didn't give a clear explanation about their penalty decision some time,which is not good for the system improvement of insider trading.Then there are analysis about the conflicts.Although CSRC have authorized by Securities Law,it should still under the restrictions.Focused on the current situation,CSRC exceeded authority while investigating.The benefit protected by the regulation of insider trading,is not only the interests of the counterparty,but also the equity of the securities market and the confidence of the investors.It's not improper to regulate new subjects,though there are restrictions in legislations.Cavass this conflict,we may with an eye to the different theoretical foundation.We use the formulation,the person with knowledge of inside information and the person who illegally obtains inside information in our law,which point to the traditional trust theory and the misappropriation theory.This formulation shows the path of fiduciary duty.At the same time,CSRC tend to the path of equal access.And this is the reason of above conflicts.The last and the most important thing is how to solve the problem.After analyzing the current situation,we need to make a choice between two paths.Referred to other countries experience,the path of equal access is more appropriate for our reality.Considered about the protection of the benefits,the essence of insider trading is the information equity.We should protect the confidence of the investors and the equity of the securities market.Besides,equal access have a better adaptability than the path of fiduciary duty.More and more countries choose this theory.So,the writer suggest that CSRC adopt the behaviorism on the base of the equal access.Give different responsibility according to their access to inside information.We may meet the need of securities market by these solutions.