Identification Of The Subject Of The Insider Trading Crime

The identification of the subject of the insider trading crime in securities is an important part of the identification of insider trading in the field of criminal law.However,at present,there are many problems in the judicial application of the subject of the crime of securities insider trading in China,and the provisions of the Criminal Law and the Securities Law on the subject are still insufficient.Therefore,the author takes the subject of the crime as the main axis and the problem of its identification as the starting point,and comprehensively compares the theories of the subject of the crime in the US and Japanese laws to find the most suitable solution for our country.The content of the discussion is related to the status of judicial identification of the subject of the crime of insider trading in securities in China,the actuality of the identification,and the standards that should be established.It is hoped that through this research,some reference opinions will be provided for the judicial determination of the subject of insider trading in securities in China.The full text is divided into four parts:The first part discusses the identification of the subject of the crime of securities insider trading.First of all,the "Hang Xiao Steel Structure Insider Trading Case",which is known as the "First Case of Insider Trading in China",is used to grasp the current status of the judicial determination of the subject of the crime from a macro perspective.On "illegal access" in China.And the resulting problems of applying the same incrimination and sentencing standards to different subjects,and the issue of distinguishing between corporate criminality and internal natural crimes.Finally,the above reasons are used to explore the essence of the problem because of the diversified standards and the lack of attention to the development law of China’s domestic securities market.The second part specifically discusses the existing identification standards of the subject of the crime of insider trading in securities and the theoretical support behind them.A comprehensive evaluation of the faithfulness theory,theft theory,and information equality theory behind the identification standards,and pointed out that there is a logical misunderstanding between the current disputes between "belief standards" and "knowledge standards".Solve the problem of subject identification.The connection point between securities insider trading behavior and crime must be found.In China,the connection point between the two lies in legal interest.Therefore,the legal interest should be the core of the reconstruction of the subject identification standard of securities insider trading crime.The third part is the corresponding standard of the subject of the crime of insider trading of securities corresponding to the second part,that is,the legal interest is the standard of the subject of the crime.In view of the current academic differences on the legal benefits of the crime,the author bases on the characteristics of the securities market and focuses on the core meaning of the market economy to determine the legal benefits of the crime as the interests of real investors and companies,as well as the state’s regulatory system for the securities market.For this reason,it is necessary to draw on the successful experience of Japan’s "Financial Commodity Exchange Law",which also defines the scope of the subject from the perspective of legal benefits.The fourth part is the identification of the subject of the crime of securities insider trading under the due standard.To determine the scope of insiders with inside information,we should make full use of the provisions of Article 74,paragraph 7 of the Securities Law,and establish substantive identification standards with legal benefits as the starting point;restructure the scope of people who illegally obtain inside information,especially for recent The identification of the scope of relatives and other closely related persons shall be based on the principle of specific analysis of specific issues and strictly based on the provisions of criminal law.Finally,aiming at the problem of the blurred boundary between legal person organizations and natural person crimes from the perspective of legal interest,it is clear that the reason why the current crime of securities insider trading in investigating the criminal liability of legal person organizations is that the corporate criminal theory does not have the ability to clearly identify the insider trading subject.In this regard,we should appropriately draw on the experience of the US distinction standards.