Research On The Crime Of Trading With Unpublished Information

Imposing criminal penalty by using non-public information trading behavior is an important strategic measure to rectify the "rat trading" chaos in the fund industry in China.After the "Rat trading" act was sentenced,the crime of trading with undisclosed information was determined.The controversial reason lies in the grasp of the basic nature of the act.However,in the context of our country's judicial charges,we should respect the current charges.Through the comparative analysis of the legislative mechanism of this crime at home and abroad,this paper points out the shortcomings of the unitary legislative mode in China,and the need to expand the scope of individual crime regulation appropriately,which can effectively deal with the unpredictable financial market environment.In addition,the fuzziness of the constitutive elements of this crime results in the lack of clear standards in practice.Undisclosed information refers to the information which has important influence on the price of securities and futures besides the inside information.In the determination of the criterion of "serious circumstances",the principle of calculating accumulative turnover and actual profit is adopted.It breaks the inherent understanding of traditional financial institutions and incorporates trust companies into them.By sorting out all aspects of the constitutive elements of this crime,we can make the criteria clear in the process of judicial application,and make the function of criminal law regulation come true.In order to strike the crime more accurately,it is distinguished from insider trading crime,infringement of trade secrets crime and manipulation of securities and futures markets crime.Finally,aiming at the deficiencies of the present legislation of this crime,the author puts forward some suggestions on expanding the scope of the subject and the regulation field,reasonably constructing the standard of conviction and allocating the statutory penalty,and puts forward the advocacy of establishing the connection between civil compensation mechanism and criminal aspect,hoping to benefit the perfection of the normative system of this crime.