A Study On The Civil Liability Of Securities Insider Trading

The stock market is an important part of the market economy in our country.In recent years,the stock market has made a rapid development relying on the progress of Internet technology,while the development has exposed a variety of problems that need to be solved.Among them,insider trading is the biggest security risk in the securities market.Because of the large number of transactions,the huge amount of transactions and the fast speed of circulation in the securities market,insider trading is often very hidden and difficult to detect.But if we don’t crack down on insider trading,it will seriously affect the order of the securities market,destroy the fairness of trading,and cause huge losses to investors.This paper analyzes the specific identification of insider trading based on the "Wulong index" incident of Everbright Securities Company on August 16,2013,and gives the views of this paper.Although this case occurred in 2013,it is still of great practical significance as the first case that domestic insider trading investors have won the first civil lawsuit.The main body of this paper is divided into five chapters : the first chapter introduces the basic process of "wulongzhi" incident of 816 Everbright Securities Company and the decision made by the people’s court,and then summarizes the four controversial focuses of this case.Next,each chapter focuses on four controversial issues.The second chapter is the judicial determination of securities insider trading.From the perspective of judicial practice,it analyzes one by one how to identifyinsider trading information,insider trading subject and insider trading behavior in judicial practice,and then analyzes and discusses this case.The third chapter is the identification of the damage result of insider trading and investors and the causal relationship between the two.It discusses the identification of the damage result of insider trading and the causal relationship between the damage result and the insider trading again,summarizes and analyzes the problem of the causal relationship in the current practice,and finally discusses the case.The fourth chapter discusses the nature of the civil liability of the insider trading of Everbright Securities Company and the principle of liability attribution.Because the current legal provisions are not clear,there is still a lot of room for discussion on these two issues in combination with the nature of the insider trading and the characteristics of the case.The fifth chapter summarizes the general idea of the determination of civil liability for insider trading in securities,and points out the key points and difficulties in the trial of such cases in judicial practice.