Analysis Of The Series Case About Identification Of Insider Dealing In Securities Market

Insider dealing in securities market refers to a transaction in a public company’s stock by insiders who have non-public,material information about that stock or persons who illegally obtain and use insider information to engage in relevant securities trading activities.The purpose of banning insider dealing is to ensure the equality of investors’ access to information,protect shareholders’ value and investors’ interests,enhance investors’ confidence in the market and promote the healthy and orderly development of the securities market.Subject to the complexity and concealment of insider trading,it is often difficult to accurately identify it.Through summarizing a series of cases of insider dealing,it is found that the focus of law enforcement and judicial practice is relatively concentrated,but the imperfection of current legislation leads to differences in identification standards.Specifically,the Controversial focus in this kind of cases mainly lies in the identification of inside information,the sensitive period of inside information,insider trading and illegal income.After sorting out relevant laws and regulations,combined with the basic facts and theoretical theories of sample cases,the analysis is carried out with the tools of jurisprudence,logic and legislative purpose,and the following conclusions are drawn: The materiality of inside information shall be judged by enumerating provisions based on the standard of rational investors,and certainty shall be regarded as a constituent element of inside information;The time point when the relevant material matter has developed to the substantive planning stage and is likely to be realized should be determined as the time point for the formation of inside information;In the event of contact with a person who know inside information during the sensitive period of inside information,it is only necessary to prove that there is contact and the securities trading activity is highly consistent with inside information,it can be presumed that the doer knows and makes use of inside information;As for the determination method of illegal income,on the basis of following the principle of fairness and justice,we should pay more attention to the selection of the the fictitious income law to ensure the realization of punitive effect.In order to form a reasonable path for execution connection,it is necessary to clarify the relationship between administrative and criminal responsibility,and the system of law enforcement and judicial connection should be improved.In order to realize the effective supervision of insider trading,supervision system can be established as the basic framework in three parts: prior,during and after the event.