The Construction And Improvement Of Civil Liability For Insider Trading

China's securities market was founded in the 90 s of last century.Up to now,it has only been twenty years ago.Compared with the stock market in the United States and other countries,China's securities market has been established relatively late,and the legal system is also not perfect.With the rapid development of the securities market,insider trading is often forbidden.At present,it is still an important issue for the development of the securities market of all countries in the world.As a kind of illegal use of insider information in securities trading,insider trading not only damages the majority of investor confidence in the fairness and effectiveness of the securities market,but also destroys the securities transactions open,fair and impartial,disrupting the securities trading order,seriously affect the securities market and orderly,healthy and steady development.Our government is very clear and firm in the prohibition of insider trading.At present,there are many cases of administrative punishment in insider trading,but there are few cases of civil litigation.The main reasons are the securities legal system is not perfect,especially the civil liability system of insider trading system is not perfect,and the principles and provisions are too general and specific elements of related litigation mechanism of civil liability of insider trading are not required,and lack of operability in practice.The "Wulong" event of the August 16,2013 Everbright Securities caused huge economic losses to small and medium-sized investors.In 2015,we made a final judgement on the civil compensation lawsuit of the " Wulong " case of Everbright Securities,which established the first step of the success of insider trading in China's securities market.But the case reflects many legal problems,the improvement of China's capital market in the lack of legal level of existence,for the construction of China's securities legislation and judicial system,regulate the securities market and how to properly protect the interests of investors is of far-reaching significance.Therefore,we must establish and improve our civil liability procedures for insider trading,so as to maximize the compensation for the loss of the victims and safeguard investors' confidence in the securities market.The full text is divided into five chapters: Chapter 1: the necessity of improving the civil liability of insider trading.It summarizes the influence of insider trading on the market,introduces the legal regulation of insider trading and so on,and further expounds the unbalanced state of insider trading administrative responsibility,civil liability and criminal liability in China.To clarify the problems of civil liability for insider trading in China.The second chapter introduces the institutional defects of the civil liability of insider trading in China,and makes clear explanations through the combing of the system,and combines with the practice in legislation and judicature to find out the reasons.The third chapter gives a brief account of the civil liability regulations of overseas insider trading.Compare the legislation of the United States,Germany,and other regions of our country,and introduce the practice of foreign civil liability legislation,as well as the places that our country can draw on.In the fourth chapter,the substantive elements of civil liability for insider trading in China talk about the substantive elements of civil liability for insider trading in China.The main responsibility,the fact of damage,subjective fault,causality,constitutive requirements,combined with the overseas practice,analyzed and explained with the method of comparison,and combined with the relevant laws and theories analyzes and expounds the existing problems in legislative and judicatory practice,puts forward suggestions.The fifth chapter expounds the burden of proof and the standard of proof of civil liability for insider trading in China.