On The Perfection Of Civil Compensation Liability Mechanism Of Insider Trading In China

With the prosperity and development of China's financial market,insider trading undermines the market rules and damages the interests of investors.At present,although China's criminal law and administrative law have relevant legal provisions on the punishment of insider trading,there are no clear legal provisions on the protection of the rights and interests of investors who suffer losses due to insider trading.This paper discusses the compensation system of insider trading in the hope of contributing to the improvement of the civil compensation system of insider trading in China.The first part of this paper introduces the current situation of the civil compensation mechanism of insider trading at home and abroad,which lays a foundation for the introduction of the text.The second part analyzes the different academic viewpoints of foreign scholars on the definition of insider trading.Based on the principle of simple structure and easy operation,the author summarizes the subjects,behaviors,information and other identification elements of insider trading that are more reasonable in theory adopted in this paper.The third part investigates the current situation of the civil compensation mechanism of insider trading in China,and discusses the value orientation of the civil compensation system of insider trading in China,and discusses the importance of balancing efficiency and fairness on the basis of fairness and justice.As for the value conflict,the theory of value rank should be applied to take the integration of fairness,justice and efficiency as the value basis of China's civil insider trading system,which is more conducive to safeguarding the interests of investors and promoting the prosperity of the securities trading market.The fourth part defines the subject of civil compensation for insider trading.Through the identification of the identity of the stock exchange market traders,the definition of the category of transaction ownership,and the investigation of the domestic relevant cases of the judgment results,so as to draw our country for insider trading civil compensation eligible subject of the two criteria: counterparty trading participants;The actual loss.At the same time,in view of the deficiency of counterparty traders and loss calculation time in China,it is necessary to identify the period of insider trading price fluctuation.The fifth part discusses the imputation theory of civil compensation liability for insider trading.Based on the analysis of domestic and foreign theories,the author concludes that the civil compensation liability of insider trading in China should be a special tort liability based on the theory of market fraud.The adoption of this definition is conducive to clarifying the authority of responsibility and facilitating accountability.The sixth part puts forward some legal Suggestions to perfect the civil compensation mechanism of insider trading in China.To improve the civil compensation mechanism of insider trading in China,we should improve the legal basis of the civil compensation mechanism of insider trading and the protection of the civil compensation mechanism of insider trading.In the operation mechanism of insider trading civil compensation mechanism,the professional skills of administrative agencies should be brought into play,as well as the role of identification and mediation.At the same time,we should make use of the rich industry experience of the financial industry association,set up an examination and rating mechanism for the industry,and play a role of industry self-discipline in insider trading.The last part is the prospect of the improvement of the civil compensation mechanism of insider trading in China and the general idea of this paper.