| China in 2005 on the "Securities Act" was amended for the first time.It confirmed that the institution of legal basis for civil liability of insider trading. To establish and improve the civil liability system, it has come into the top priority of the current research scholars. Many scholars have already perfected the insider trading civil liability regime and have put forward their suggestions or comments.But there still a few scholars mention that the system of punitive damages were introduced inside trading civil liability. In this paper, the nature and characteristics of insider trading, analyzes the respective functions of the current insider trading three responsibility system, put forward the introduction of punitive damages civil liability system of insider trading, insider trading and punitive compensation system was Construction of of concrete envisaged.This paper is divided into three chapters:The first chapter introduces the insider trading punitive damages theoretical issues. First, the concept of the constituent elements of insider trading and careful exposition, analysis of the current insider trading liability system defects. Combined with the actual analysis of the anti-insider trading laws of development trend, pave the way for the introduction of the following punitive damages system. Then enter the general part of punitive damages. From the concept of punitive damages, nature, combining the characteristics of punitive damages analyzes insider trading characteristics of punitive damages, and summarized the significance and theoretical basis of insider trading punitive damages.The second chapter discusses the necessity and feasibility of introducing punitive damages of insider trading civil liability. Perfect insider trading civil liability has been included in the legislative plan. Scholars from various circles proposals to amend the Securities Act endless. Given the nature and characteristics of insider trading itself, that is professional, concealment, technical, insider trading, as traders who reverse the identity of the plaintiff sued itself bear certain pressure. For example: to prove the damage, the causal relationship between damage and insider trading behavior of people, the loss calculation of the amount and so on professional issues. Taking into account the difficulty of proof responsibility is very large, the amount of compensation may not fully compensate the victims of their own losses and prosecute the cost of manpower and material resources,, a growing number of victims of insider trading tend to abandon the right to protect their own interest. In order to encourage the majority of investors through civil way to protect their own interests, insider trading civil action to improve the efficiency of the system of punitive damages is introduced inside trading civil liability which, in order to truly play the role of insider trading civil liability.The third chapter :on the basis of reference outside of insider trading punitive damages on top of the system, combined with China’s national conditions, specific and detailed exploration of the Insider Trading How punitive damages system construction. Elements of each transaction punitive damages from the insider, the scope of the prosecution body, the main responsibility, litigation, calculate the amount of compensation has been specifically analyzed, and put forward their own proposals for the improvement of the system of supporting measures.(1) Elements of context, insider trading punitive damages should include three elements: insider trading behavior in the implementation of trading behavior(disclosure document does not), the subjective intent(negligence does not constitute), the fact of damage(to prove their trans during insider trading Trader & to buy and sell price and the price difference loss after the publication of inside information).(2) on the scope for the protection of the principle of judgment.(3) while using the body to prosecute traders mode. The "same time" is defined as insider trading when the announcement began to stop.(4) main responsibility: to the associated personnel apply the principle of presumption of fault. Causality is not included in the insider trading punitive damages Elements using presumed causal relationship, but as insider trading human defenses. Other personnel applicable principle of fault.(5) litigation for the application of legal counsel system stipulated in the Civil Procedure Law. The calculation of(6) the amount of three times within the reference amount. A reference to the amount of illegal income to calculate the defendant. Specific multiples by the judges discretion according to the specific circumstances of the case.(7) supporting measures, it recommended the establishment of a compensation fund insider trading civil liability. Used to compensate for the loss due to the implementation can not be caused to investors. |
PDF Full Text Request