Determination Of Market Manipulation From The Perspective Of Administrative Punishment

The identification of market manipulation is an important link for the Securities Regulatory Commission to crack down on illegal crimes in the securities market.In recent years,the CSRC’s penalties for market manipulation have increased significantly compared to the past.Although a large amount of experience in identifying market manipulation has been accumulated in the penalties,in law enforcement practice,the identification of market manipulation still has insufficient recognition and insufficient thinking.Issues such as clarity and insufficient experience.In response to the above problems,this article selects all the administrative penalties for market manipulation published on the official website of the China Securities Regulatory Commission from 2007 to 2020 to conduct a multi-angle analysis,and combines relevant theories and experience in foreign identification to put forward specific ideas for the identification of market manipulation.This idea is mainly logically constructed or summarized in the following aspects:First,compared to the traditional view of securities fraud,it is more appropriate to define the nature of market manipulation as market abuse.It is more appropriate to grasp the nature of this behavior.Legal principles work in specific situations.Secondly,in the determination of specific requirements,the CSRC should focus on the determination of subjective intent in the subjective requirements,and adopt the determination standards of indirect determination,compound behavior presumption,and fault presumption according to different types of manipulation.Regarding the consideration of behavior results,the China Securities Regulatory Commission should not consider it as one of the constituent elements of market manipulation behavior,but should use the possibility standard for judgment.In addition,due to the diverse types of market manipulation behaviors,the CSRC should also focus on specific issues of various types when determining different types of manipulation,so as to be targeted.Secondly,with regard to the identification of account control relationships in law enforcement practice,the long-term experience of the CSRC is an important reference for its future identification of issues in this area,but on this basis the CSRC should also pay attention to the logic of account control relationships.Finally,with the approach of legal big data,the China Securities Regulatory Commission can try to use machine learning to build a logistic regression model to assist in identifying market manipulation,and establish a quantitative standard for identifying market manipulation from the perspective of big data analysis.The possible research innovations in this article are embodied in the following aspects.First,Innovation in viewpoints.In terms of defining the nature of market manipulation behavior,this article puts forward some new explanations from the perspective of textual and perspective comparisons regarding the view that “market manipulation is the nature of market abuse”;in terms of the determination of subjective intention,this article is based on empirical analysis of sample cases,Clarified the specific rules for determining the different types of manipulation;in the determination of the result elements,this article draws on the relevant theories of the criminal law on market manipulation,and puts forward the criteria for determining the possibility of market manipulation.Second,Innovation of research methods.This article proposes the idea of using machine learning to build models to assist in identifying market manipulation,which has not been mentioned in previous studies.