new Abercrombie,Regulation of insider trading on L

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Regulation of insider trading on Law

Paper Keywords: Insider Trading Regulation Legal Thinking Abstract: Insider trading has restricted the healthy development of China's securities market is a major chronic illness, this paper tries to analyze the regulation of insider trading legislation of the condition and problems, learn from the successful experience of foreign legislation , the corresponding perfect proposal. Stock market since its birth at the beginning, filled with all kinds of insider trading. The authority of the U.S. Securities Act, Professor Loss had done a vivid metaphor: Many people are still addicted. this year, China's securities market increasingly popular, as of November 5, 2007, in Shanghai and Shenzhen account for the total number of 132,717,200, the total market capitalization of 33.62 trillion. in large Behind the bull market, Tang Jian case, Previously, only the investigation of a total of 8 from the insider trading case, and 1 in 2004, the first half of 2007, cases of suspected insider trading since there are 3. insider trading undermines market trading order, impair the knowledge the interests of traders, damage the interests of listed companies, weakened investor confidence, reducing the efficiency of the stock market has seriously affected the healthy development of securities markets. In our country, the road of insider trading regulation long way to go. one definition of insider trading insider trading, also known as information for securities trading, or other personnel inside information obtained by illegal securities transactions. insider trading mainly by insiders, insider information and insider trading constitute the three elements. (a) insider trading actors actors, including insider trading insider trading insider stock information and illegal access to inside information insider of people. The former is of the while the latter refers to the use of various illegal means to obtain inside information officer. (b) the behavior of the object insider trading insider trading insider information that the behavior of the object. Definition of inside information, insider trading is established for the identified has a crucial role. According to China specifically including major changes in shareholding structure, etc. 8. (c) expression of insider trading insider trading performance There are three main ways: First, the principal knows the insider trading on inside information of a securities and inside information before the public,new Abercrombie, engaged in the trading of securities. This is the most important form of insider trading because it often acts who can make a direct profit. The second is subject to inside information leaked to others. leaked inside information, the the result is a few people to trade using insider information to obtain undue benefits, and disclosure of information, people can usually direct or indirect profit. Third, the principal knows the inside information of a security, but also suggest that other people buying or selling the securities. For the insiders, as long as there is trading in the securities of the Company of its behavior, or disclose the inside information, or suggest another act of trading in the securities, whether or not a subjective motive is to profit from the transaction, are carried out as insider transaction. Second, our insider trading legislation status and lack of (a) Status China's securities market as early as established,Abercrombie,Visiting the temple _ Big Year, pursuant to an open, fair and equitable principle, made more stringent insider trading legal regulation, such as by the State Council formulated the the insider trading provisions to criminal penalties to punish insider trading tools. 2005 Revision of the The first states that the man name the behavior of profit; securities held for others with the management, use and dispose of interests. information disclosure or the trading prices of securities no longer have a significant impact only. for the identification of insider trading illegal income, and the value of securities held and the less the cost of buying the securities, transaction costs deducted. (b) less than from now, China's insider trading regulation coarse system of rules, the content is not enough detailed . With the circulation of the times and the deepening of the bull market, insider trading has become a high momentum. lack of transparency of market information, the market system is not complete,Abercrombie online, the investor protection of the environment is poor,Abercrombie outlet, ineffective monitoring, the market environment changed greatly, the most important is that lax supervision in advance, accusing him of insider trading makes the market. functions supervise the investigation of the tools, lack of means and methods, so that the slow progress of the investigation of cases, difficulties in gathering evidence, so easy to find the perpetrators escape mode; on insider trading punishment is too light, such as proverbs cloud the significance of the right kinds of regulations will cease to exist. of the legal protection of rights and interests of securities investors to some extent, there is the problem. atypical cases such as: Although the new price behavior and investor losses may require insider trading or manipulation of stock prices of people who bear the civil liability act, but at present China's civil court for such disputes will not be accepted, in fact, resulted in the fundamental rights of investors in securities such can not be achieved, resulting in the ultimate interests of securities investors are not effectively protected. 2. punishment is not enough, the illegal cost is too low any country for financial and securities law areas almost always take strict laws and harsh method. Once the illegal signs to spare no effort to resolutely investigate and deal with any market manipulation or insider trading found to act, will suffer heavy fines and even criminal penalties. This is because the law in this area is equivalent to robbery, the cost is always so high-income there are a number of undesirable criminal impulses. but only in high-risk severe penalties to the point where the impulse to suppress crime in order to ensure a fair environment for fair and open. 3. SFC insufficient privileges, functions dislocation, law enforcement inefficient First, compared with the United States and other mature markets, China's legislative mechanism is still not in place,Abercrombie, the Commission has been given the power and means of investigation is not enough, the legal rules on insider trading rules, the punishment too light; Secondly, the SFC been given many responsibilities outside audit functions, features and resources led to dislocation, regulatory efficiency is low, effectiveness is clearly insufficient. Meanwhile, law enforcement in the securities market, but also the court system, public prosecution system and coordination of effective action; s Third, the low rate of investigation and prosecution of violations, punishment is still not enough. 4. unreasonable burden of proof of insider trading, regulation after regulation emphasis on insider trading are often premeditated, which makes difficult to carry out investigative work. In our country, because the legislation does not require inversion of the burden of proof, leading to a lot of insider trading can not because the evidence of the lack of a breakthrough. foreign scholars study shows that, for insider trading after the regulation is invalid.