Criminal Regulation Of Technical Manipulation Of Market

Market manipulation is a persistent disease in the securities and futures market,which is accompanied by the emergence of the securities and futures market,and gradually evolves with the development of the market.With the innovation of financial model and the advancement of related technologies,new patterns of market manipulation have emerged.New types of market manipulation,especially technology-based market manipulation,have increasingly emerged in practice,which has brought huge orders to the securities and futures markets.Shock.Technical manipulation of market behavior is closely combined with artificial intelligence technology,which has certain complexity and novelty.Therefore,theoretically,there may be a certain gap in the identification of the concept,type and essence of behavior,or it may be widely disputed.In addition,the existing criminal law does not make clear and detailed regulations on convictions and sentencing of technical market manipulation behaviors,which has also led to judicial authorities in many cases to apply specific provisions for specific determination.However,the application of pocketbook provisions to regulate technical market manipulation violates the principles of criminal law and has obvious defects.Optimizing the prevention and control of criminal norms and punishing technical market manipulation has become a necessary action in the current judicial predicament.Based on the specific provisions of China's criminal law and related judicial interpretations,this article summarizes the classic cases involving technology-basedmarket manipulation within and outside the territory,and analyzes the theoretical and practical experience of related issues in Japan,the United States,and Taiwan in China.The identification of the problem was clarified as the premise,and a more detailed study was carried out focusing on the search for the prevention and control of technological market manipulation.Specifically,the body of this article can be divided into the following four chapters.The first chapter mainly discusses the concept and essence of technical manipulation of market behavior.Technical manipulation of market behavior refers to the use of artificial intelligence technology as the driving force to create the illusion of the market,and to induce other investors to invest in securities and futures according to the actor's assumption,thereby changing the normal supply and demand relationship of the securities and futures market and disrupting the securities and futures The normal trading mechanism and capital allocation,and illegally profit or avoid losses.In terms of behavior types,technical manipulation of market behaviors includes the use of high-frequency trading procedures to manipulate the market,the use of intelligent investment advisory procedures to manipulate the market,and the use of intelligent robots to directly manipulate the market.Compared with traditional market manipulation behavior,technical market manipulation behavior is highly consistent in terms of behavior purpose,manipulation mode and basic characteristics.Through a comparison between the two and an in-depth analysis of the nature of market manipulation from the perspective of criminal law theory,legislative history,and the text itself,this article finally clarifies the essence of technical market manipulation as the abuse of advantages and market manipulation.The second chapter mainly discusses the necessity of incorporating technical market manipulation into crime of manipulation.Artificial intelligence can cause "quantitative changes" in the social harmfulness of market manipulation behaviors and "qualitative changes" in its formal content.As a result,technical manipulation markets are highly efficient,intelligent,and concealed.The changes and characteristics of technology-based market manipulation behavior highlight its social harm and the need for punishment.However,the current criminal law has fallen intothe regulatory dilemma of technical market manipulation.The specific provisions of the criminal law provisions cannot cover technical-type market manipulation.To apply the bottom-up provisions,the principle of "homogeneity" must be followed.It is necessary to judge the similarity of the types of behaviors and the identity of the substantive connotations.Due to the differences in the form of market manipulation with the types of behavior listed in the provisions,the bottom-up clause cannot be applied.Incorporating technical market manipulation into manipulation crimes can not only prevent the indulgence of crimes,but also ensure that judicial authorities follow the principles of criminal law for case identification.The third chapter mainly analyzes the possibility of incorporating technical manipulation of market behavior into manipulation crime.The recently promulgated "Securities Law" adds frequent or large-scale declarations and revocations of declarations,thereby classifying some technical market manipulations as market manipulations.The modification of the prerequisite law provides the possibility for criminal law to incorporate technical-type market manipulation in the era of ordinary robots into manipulation crimes;intelligent investment consulting has technical risks,market risks,and legal risks.In a risk society,legislators need to establish a forward-looking view of criminal law.,To develop a relatively complete criminal law for technical market manipulation by intelligent investment advisors.The society's advocacy for the prevention of criminal law provides the possibility for criminal law to incorporate technology-based manipulation in the era of weak artificial intelligence into manipulation crime;artificial intelligence is developing at an alarming rate and its development is uncontrollable.At present,the "tool attributes" of intelligent robots are gradually Disappear,the emergence of strong intelligent robots has a very high probability.Strong intelligent robots have certain similarities with the criminal responsibility capabilities of natural persons and units.It is highly likely that they will independently and independently commit manipulation crimes and bear criminal responsibility.These factors are criminal laws that incorporate technology-based manipulation in the era of strong artificial intelligence into manipulation crimes.Offer possible.The fourth chapter discusses the optimization of criminal norms related to technical market manipulation.The function of the amendment of the criminal law is to improve the legal loopholes of the criminal law,and the function of judicial interpretation is to clarify the judicial application.Situations beyond the content of the criminal law can only be handled through the amendment of the criminal law.Only the judicial interpretation is needed to explain the violation of the content of the criminal law.To incorporate technical-type market manipulation into the crime of manipulating securities and futures markets,amendments to the Criminal Law must be passed.From the development trend of artificial intelligence,smart robots have the possibility of accepting penalties.From the perspective of smart robot crime formation mechanism,imposing penalties on smart robots can also achieve the functions and effects of penalties.Although the penalties of intelligent robots still exist,legislators can solve them by restructuring the penal system.For the manipulation of the market by a strong intelligent robot,penalties can be applied for erasing data and changing procedures.