Research On The Judicial Application Of Manipulating Securities Market

With the deepening development of the capital market, in recent years, there has been a series of cases in the securities market which have a huge pattern of behavior and manipulating the securities market. However, in the practice of judicial practice, most of these cases are punished with administrative punishment and criminal punishment is less.This is related to the dual attribute of administrative illegality and criminal illegality, but the fundamental reason lies in the judicial application of the crime and That there are still a series of difficult problems. Therefore, this paper attempts to statistics from 2008 to March 2017 on the manipulation of the market administrative and criminal cases of information, combined with the analysis of Wang Jianzhong grab hat and other typical cases, in reference to the United States. Japan. and Taiwan. China's manipulation of securities crime legislation and causal relationship On the basis of judgment, to solve the problem of the definition of behavior in the crime of manipulating the securities market,the application of the purse and the causal relationship, the "two law" convergence and other judicial problems in order to grasp the manipulation of the securities market crime basic judicial rules, The healthy and orderly operation of financial management order provides ideas and methods. The text is divided into four parts:The first part describes the manipulation of the securities market objective behavior.For the continuous trading manipulation should grasp the "resource advantage" to judge and "continuous trading" and "joint trading" understanding. For the relative commission manipulation should focus on "collusion with others", "affect the transaction price or trading volume" and other elements of understanding, grasp the nature of the transaction relative to the commission. And for the sale of the operation should be concerned about the "actual control of the account" and the results of the understanding of the elements and the day of the distinction between the write-off behavior.The second part describes the manipulation of the securities market crime "pocket terms" understanding. The current criminal law on the manipulation of the securities market, the provisions of the provisions of the terms of the existence of fuzzy, to some extent, it still retains the "pocket crime" features. In order to avoid the circumstance that the scope of punishment is too wide, the judicial practitioner shall, in the framework of the criminal law, insist on strict interpretation, interpretation of the same kind, prohibit the analogy, The use of extended interpretation of the interpretation of the rules, and then combined with the actual clear possible manipulation of the securities market situation. It is suggested that the manipulation of misappropriation of transactions, false declaration,stability operation and breach of contract should be included in the provisions of the terms and conditions.The third part expounds the judgment of the causal relationship between manipulating the securities market. Manipulating the concealment of securities market behavior, the complexity of securities transactions and other factors determine the manipulation of this crime and the results of the causal relationship between the existence of difficult problems. On the basis of the theory of capital market fraud in Japan, the theory of "indirect counterineration" in Japan, and the presumption causality theory of Taiwan, it is necessary to presume the causal relationship theory to judge the causal relationship between crime in China.The fourth part elaborates the connection problem between the administrative punishment law and the criminal law in the securities market. In the judicial practice of manipulating the securities market, there are some problems such as illegal and criminal boundaries, such as serious penalty execution, incompatibility of administrative procedure and criminal procedure. However, because of the different legal characteristics of administrative and criminal crimes, it is necessary to clarify the difference between administrative and criminal crimes in the judicial judgment. Improve the procuratorial organs of the legal supervision mechanism and case transfer mechanism, the establishment of manipulation of securities market case information sharing platform.