The Regulation Of Cross-border Insider Trading

As an important part of the globalization of economy, the internationalization of securities markets profoundly promotes the development of the world economy, making the capital flow in and out without restraints. But in the meantime, it provides spacious room for cross-border securities fraud, in which insider trading is the most serious. Cross-border insider trading poses great challenges to the securities authorities in every country or district for being beyond jurisdiction.With China's access to WTO on December 11th, 2001, the pace of the internationalization of Chinese securities market has been quickened. Furthermore, the enforcement of the system of QFII adds to the potential risk of cross-border insider trading. How to supervise cross-border insider trading effectively so as to protest the interests of domestic and foreign investors, and to maintain integrity and security of the securities markets? The securities authorities in our country will be confronted with this problem in the near future. So to study it is of great practical significance.The thesis explores the regulation of cross-border insider trading from three aspects, that is, the bilateral regulation of cross-border insider trading, the legal harmonization of the regulation of cross-border insider trading and the regulation of cross-border insider trading in China. Following such an approach, I divide the thesis into three chapters:Chapter 1 deals with the bilateral regulations of cross-border insider trading. This chapter probes the relevant legislation and judicial practices of the countries and districts with the developed securities markets, such as America and Great Britain, Hong Kong and Taiwan in China. The first part in Chapter 1 analyzes the problem of cross-border insider trading and extraterritorial application of the relevant regulations. After determining the jurisdiction, how do the regulators and the judges hold cross-border insidertrading and penalize such a lawbreaker? The subsequent part gives the answer. The third part illuminates the challenges posed by bilateral supervision of cross-border insider trading.Chapter 2 summarizes the international regulatory cooperation on insider trading. It is presented as bilateral, regional cooperation and global cooperation. What are the contents of international cooperation against cross-border insider trading? This chapter will discuss and appraise them respectively.Chapter 3 focuses on China's regulation of cross-border insider trading. The aim of the research is to give counter measures for China's regulatory practices. First the necessity of the attention to the problem is pointed out by analyzing the characteristics of the internationalization of Chinese securities market and the potential danger of cross-border insider trading. Then the chapter addresses the current statute and the status quo on the international cooperation in China. Finally some suggestions are submitted for perfecting the regulation of cross-border insider trading in our country.The thesis is written by the comparative and case methods.