Case Analysis On The Identification Of Inside Information In Securities Of China

Insider trading seriously endangers the stability and order of the securities market.In 1993,China Securities Regulatory Commission imposed an administrative penalty on Xiangfan Shanghai Stock Exchange,which is the first administrative penalty on insider trading in China.As of December 31,2019,China Securities Regulatory Commission and its subordinate local regulatory authorities(hereinafter referred to as "CSRC")have successively imposed more than 400 administrative penalties on insider trading.There is no doubt that insider information occupies the most core and main position in the process of identifying insider trading,which is the most common focus of controversy.Around the identification of inside information,it also introduces the identification of sensitive period of inside information and the identification of knowing inside information.The research on the identification of inside information is mostly from the theoretical point of view,and there are few articles combing and studying the identification difficulties and controversial focus of inside information in insider trading from the empirical point of view combined with actual cases.Therefore,in this paper,the author mainly through case study,analysis of the focus of the case,explore the status of insider information related issues,CSRC in the practice of administrative law enforcement solutions.There are three common focus problems in insider information: the identification of insider information,the identification of sensitive period and the identification of knowing insider information.The first chapter focuses on the identification of the significance and non publicity of inside information.First of all,from the fluctuation of securities price and relevant financial indicators,this paper analyzes the objective criteria that affect the significance of information involved in the case,and the significance of rational investor criteria for identifying the significance of information.Then it analyzes the non publicity of information,and puts forward the standard of combining form with substance.The second chapter analyzes the dilemma of the identification of sensitive period in the legal norms and practice,and analyzes the identification criteria of the formation time of sensitive period from the perspective of the information types determined by one party and two parties.At the same time,it summarizes and analyzes the recognition criteria of the end time of the sensitive period.The third chapter focuses on the identification of insider information,analyzes the degree,method and proof standard of the identification of insider information.And the relationship between knowing and using inside information is analyzed.Through the above issues,the identification of insider trading is finally clear.Focusing on the empirical cases,the author hopes to clarify some standards on the identification of insider information through the empirical analysis of the cases,and then clarify the standards for the identification of insider trading.Hope to provide a good theoretical support for CSRC and the people's court to identify insider trading.