Study On The Crime Of Manipulating The Securities Market

China's securities market started late and is still in its initial stage of development.Therefore,China's laws are mostly regulated by the Securities Law,and criminal law is rarely used to convict and sentence.However,regulation by the Securities Law alone is not enough to maintain the health and stability of the securities market.The demand for the final guarantee role of the securities market in the securities market is becoming more and more urgent.Although this crime is clearly stipulated in thesis 182 of the Criminal Law of our country,due to the diversity of the actual situation and the provisions of the provisions are not comprehensive and specific,it is often impossible to guarantee the consistency of crimes and punishments in application.In view of this,this thesis mainly studies the related issues of this crime.This thesis is mainly divided into four parts to study this crime.The first part studies the legislative background,the status quo of legislation and the legislation outside the country.The research shows that the legislative model of extraterritorial criminal law is worth learning.The second part studies the constitutional elements of this crime.This crime infringes on the competition mechanism of the securities market and is a simple object.For the objective aspect of this crime,this thesis first clarifies the definition and essence of this crime,and secondly studies the issues related to the continuous trading,relative entrustment,and the manipulation of flushing and selling in the criminal law.Analysis,it is proposed that the judicial department should issue a judicial interpretation as soon as possible to explain the meaning of the terms.For the subject of this crime,this thesis demonstrates that this crime is a general subject.The criterion for distinguishing whether this crime is a natural person crime or a unit crime is who will commit the criminal act and who the proceeds of the crime are.For the subjective aspect of this crime,this thesis demonstrates that the sin form of this crime is direct intentional,indirect deliberate is not the sinful form of this crime,the sin is the target crime,and the criminal purpose clause should be added in the legislation.The third part studies the criminal form of this crime.The act of providing funds,securities accounts,information services,technical support,etc.Follow the behavior of stock market makers does not constitute a one-sided accomplice.The continuous sale and manipulation constitutes a continuous criminal of this crime,and the insider information is used to manipulate the securities market to constitute an imaginary competing criminal.Zhao Zhe's manipulation of the securities transaction price case constitutes the crime of manipulating the securities market,and is an imaginary competing criminal.The fourth part is to study the judicial determination of this crime,mainly to study the crime and non-crime of this crime,and to study the difference between this crime and his crime.The boundary between this crime and legal speculation is the purpose of whether the actor conducts arbitrage or transfers risk by manipulating securities.The boundary between this crime and the general illegal behavior is the degree to which the manipulation behavior reaches the "severe situation",and the "severe situation" The identification also depends on the interpretation of the judicial interpretation.This thesis also demonstrates that the difference between this crime and insider trading crime is that the nature of the information used is different from the objective aspect.The difference between this crime and the crime of fabricating and disseminating false information in securities trading is the objective behavior mode and the criminal purpose.Through the research and analysis of this crime and related laws,we can find that the provisions of the Criminal Law and the Securities Law are not comprehensive and specific,especially regarding the identification of the terms and the "severe circumstances." Therefore,the judicial department should issue a judicial interpretation of this crime as soon as possible to regulate the manipulation of behavior more effectively and maintain a fair competition mechanism in the securities market.