The Difficulties In Judicial Determination Of Trading On Undisclosed Information Crime

According to the seventh amendment to the Criminal Law that took effect in 2009,trading on undisclosed information,the so-called rat trading is criminal behavior.The additional accusation combats a lot of securities practitioners who seek illegitimate benefits through frauds.As a result of the lack of preliminary laws and regulations such as Securities Law,there still remain some obscure provisions which need urgent research during judicial determination.In this paper,the author takes some typical judicial cases as the starting point to do some in-depth analysis about difficult and argumentative issues in judicial determination.At the same time,the author tries to do beneficial discussions and put forward some rationalization proposal that can improve correlative laws of rat trading crime of China,on the basis of introduction about laws and regulations on rat trading abroad.The article is divided into four chapters besides the introduction and epilogue,of which the second chapter"The difficult issues on judicial determination of the trading on undisclosed information crime" and the third chapter "The mature practices of regulation on rat trading abroad",are the key chapters.As the outline of trading on undisclosed information crime of China,the chapter one introduces specific provisions of the accusation to analyze its constitutive elements in detail.It includes the range of undisclosed information,criminal subject and objective behavior.The chapter two is divided into two parts.The part one analyze reasons of difficulties to commit someone using undisclosed information to trade according to the rat trading case of Tu Qiang.And in the part two,the author takes an insider dealing case as a sample to introduce the judicial situation of difficulty in providing evidence in China,and measures that judicial authorities take and their deficiencies.Aiming at these existing problems,the author tries to put forward some improvement suggestions.In the chapter three,the author introduces respectively legislation models of laws and regulations on these insider trading America and Hong Kong adopt and their advantages and evident effect.Their beneficial aspects can also be used for reference to develop China’s regulation on trading of using undisclosed information.In the chapter four,the author summarizes some shortcomings of laws and regulations on insider trading of China,and put forward some improvement suggestions including establish interior supervising mechanism of securities companies,and the civil compensation system that relieve the investors suffer a loss because of insider trading,to strengthen prevention and control on the crime acts.