Issues In Judicial Practice Of Securities Fraud

There are frequent securities fraud in the securities market,but the crime of securities fraud is rarely convicted.The reason is not that the crime of securities fraud has a high conviction standard,but that the elements of the crime of securities fraud lack clarity.The innovation of securities market and the trial of registration system of scientific creation board also put forward new requirements for the optimization of judicial rules for the crime of securities fraud.Through the observation of the cases of securities fraud in practice,this thesis extracts the main controversial points in the judicial determination of the crime of securities fraud and gives the literal and substantive explanations of the crime of securities fraud,so that it can be more effectively and accurately applied in judicial practice.Chapter one summarizes the crime of securities fraud.The first section discusses the necessity of criminal law intervening in fraudulent issuance.The second section points out the characteristics of securities fraud in the criminal judicial practice.The third section points out that the judicial dilemma behind this situation is the legislation can‘t match practice of the crime,and analyze the reason is that the complexity of the fraud issue itself and vagueness of the fraud issue of criminal legislation.The third chapter focuses on the judicial identification of behavior of securities fraud.Because Article 160 of the Criminal Law restricts the behavior to three categories of documents: prospectus,subscription,company and enterprise bond raising methods.The first section of this chapter first solves the disputes of issuing documents in judicial practice.In Section 2,aiming at the special acts of issuers in practice,the thesis makes an interactive analysis of case facts and criminal law norms,so as to identify these acts.Section 3 mainly solves the identification of unsuccessful issuance and the identification of issuance time.Chapter IV focuses on the materiality.The criterion of materiality refers to what information can constitute the "important facts" and "significant false contents" of Article 160 of the Criminal Law.The first section deals with the difficulties in identifying the criterion of materiality,which is neglected in judicial practice and confused with objective penalty conditions.Section II discusses the logic of determining the criterion of materiality.Firstly,the criterion of materiality reflects the extent of infringement on legal interests.The purpose of the crime of securities fraud should be clarified.Secondly,it points out that the criterion of criminal identification of significance should be independent.Thirdly,we should distinguish between financial content and nonfinancial content according to the substantive characteristics of information.Section III refines the rules for determining the criteria of materiality by clarifying the corresponding relationship between different information and the provisions of judicial interpretation.