Regulation Of Criminal Law On Market Manipulation

With the continuous expansion of the international financial system and the deepening of supply-side structural reforms in China,China's capital market is facing many challenges and difficulties while accelerating.The new behaviors and new methods of manipulating the capital market are emerging in an endless stream.The current criminal law norms have become“criminal guidelines”,while the manipulation of market entities will deliberately control the upper limit of price manipulation of goods,avoiding the risk of sin.The substantive disputes over the crimes of manipulating capital markets,such as “fraud theory”,“price manipulation theory” and “market abuse theory”,affecting the judicial determination of the crime which manipulates market behavior.Facing of increasingly diversified and complicated markets,it is imperative for China to impose criminal regulations on the manipulation of capital market crimes.Deconstructing the essence,composition,and application of the criminal law miscellaneous provisions of manipulating market crimes,the improper control of capital market under the abuse of advantage is the proper meaning of market manipulation.The current manipulative capital market crimes include Trad-based manipulation and information manipulation.The proof of subjective factors can be combined with the actions,trading methods,Pre-transaction capital market,thetransaction time or the post-trade capital.The objective facts such as the price trend of the market and the trading results of the actors are reversed.The Criminal law miscellaneous provisions must involved in the strict interpretative position,and it can be included in the scope of punishment when bringing into correspondence with behavior and the homogeneity of the results at the same time as the provisions specified in the criminal law.At the same time,combined with Easton's manipulation of the futures market case,the judicial application rules and identification criteria of high-frequency transaction-type market manipulation behavior are discussed,recognizing that the intervention of technological advantages may also constitute a crime of manipulating capital market.In combination with Xu Xiang's manipulation of the securities market case,the author discusses the judicial application rules and identification standards for the continuous manipulation of market behaviors by using information superiority,elaborating the difference between the information of the crime and the information of internal transaction.And clarifying that the information market manipulation is not demanding the authenticity of “information”.It is expected that the punishment of manipulating capital market crimes should persist in the criteria of necessity and appropriateness in legislation,implementing the criminal policy of leniency and severity in the judicial,guaranteeing the balance between administrative sanctions and criminal punishment,guarantee the professional allocation of criminal justice system,and promoting The diversification of financial market supervision to building a more standardized,transparent,open,dynamic and resilient capital market.