The Understanding And Application Of The Crime Of Manipulating Securities And Futures Markets

Since the case of "Wang Jianzhong's hat-robbing" was used to manipulate the nature of the securities market,the unjustified new types of manipulation in the Criminal Law and the Securities Law have been based on the legitimacy of the market manipulation crime clause.And based on the existing market manipulation norms and the criminal law and its predecessor securities law related provisions should have a one-to-one correspondence with the ideal model there is a practical difference,the practice has always been a phenomenon of preferential administrative law enforcement.In view of the above problems,the two higher than the latest judicial interpretation of market manipulation crimes released on June 18,2019,the first article of the opening section explains the application of the bottom clause,including confusing transaction manipulation,"robbing hat" transaction manipulation,There are seven new modes of manipulation for manipulation of major events,manipulation of control information,manipulation of false declarations,manipulation of hoarding the spot market,and manipulation by other means.Based on this background,this article critically examines the contents of the new judicial interpretation of market manipulation and incorporates the relevant legislation of the current manipulation behavior for interpretation and analysis,and raises doubts about the possible existence of the bottom clause in theory.Regarding the understanding and application of undercover clauses,the methodology of homogeneity interpretation rules is still adhered to,and the nature of manipulation and homogeneity standards are identified in order to clarify the scope of criminalization of the understated clauses of market manipulation and the addition of six specific judgment rules for manipulation.The study found that the manipulation behavior in the traditional example clause is "price-volume manipulation",and the new manipulation behavior is more reflected in the market advantages of information,high-tech,stock holding and so on.There is a typological difference in nature between the two;and The provisions on the regulation of behavior by the law of placement and criminal law and judicial interpretation not only differ in terms of constituent elements,but the predecessor law also lacks provisions for manipulation of major issues,manipulation of information advantage,intertemporal and spot market manipulation,which directly leads to punishment based on Puzzles.On the basis of the legal principle of relative crime and punishment,through discussion and analysis of the homogeneity judgment standard and the nature of manipulation,manipulation is essentially a kind of market abuse.As for the "double pocket bottom" clause and the newly added "pocket bottom pocket" clause,they should be supplemented by limited interpretation under the premise of homogeneity interpretation.The former double pocket clauses leave some room for application,while the pocket bottom clauses of the pocket are not applicable as much as possible.In order to further clarify the specific application of the bottom clauses,the types of crimes of new market manipulation are compared,and the intrinsic elements of each type are interpreted and determined.