| At present,there are still difficult problems in the legislation and judicial practice of the crime of insider trading in China.This paper deconstructs the difficult problems of the crime through the constitutive elements of the crime,in order to establish a scientific and reasonable identification standard.In conclusion,including four parts: the first chapter for the object of insider trading,discusses the current Chinese scholars view of the object of insider trading,securities information confidentiality system and securities investors and companies should not be used as the object of insider trading crime,the object of the crime should be the national financial management order.Chapter II is the identification of inside information in this crime.Inside information refers to the undisclosed information that is known to the insider,involves the issuance and trading of securities and may have a significant impact on the securities price,and has the characteristics of confidentiality,significance,accuracy and relevance.The sensitive period of insider information is a time period,and the formation time should be judged according to the specific case,and the time of disclosure should adopt the substantive disclosure standard.Third chapter for the crime of insider trading behavior and the determination of causal relationship,insider trading crime behavior "suggested trading" behavior due to the existence of transactional elements,in only actor express,suggests that others engage in trading behavior without substantial trading behavior cannot establish this crime,set up the crime need to "use" inside information.To establish the causal relationship of the quantitative analysis method of this crime,and to judge the establishment of the causal relationship of this crime from the perspective of equivalence and the amount of insider traders using the advantage of insider information.Chapter The fourth chapter is the specific identification of the subject of the crime of insider trading.China’s legal norms are based on the information equality theory and the fiduciary relationship theory.The differences between the two lead to the differences in the provisions of the scope of the subject of the crime.The author suggests to modify the situation of the unit crime in this crime.The insider information insider is a special subject due to the essence standard;the "passive" information recipient assumes the condition of insider trading violates the duty of trust,and the information recipient must know or should know the duty of trust;the "second-hand" information transmitter,the author suggests introducing the personal interest requirements in American law. |
