Research On The Criminal Regulation System Of "Front Running"

The criminal legislation of financial crimes is a process of regulating the criminal behaviors in the financial field and arranging penalties.It is the premise for the state to use legal means to regulate financial risks and protect the development of financial markets and the interests of investors.“Front Running" is a trading pattern that has appeared in China in recent years.The frequency of its behavior has been increasing and it has attracted more and more attention from the society.The discussion on the qualitative and regulatory behavior of the domestic academic community is still limited.It is punished by the provisions of the existing crimes.Based on this,the author decided to carry out research on this issue.The full text is divided into six parts in addition to the introduction:The first part,the definition of "front running".This part first determines the definition of the research object in this paper and divides the transaction that conforms to the behavioral model into two categories:“Subjective Malicious Type" and "Shun Water Pushing Type" according to the difference between the subjective purpose of the transaction agent and the objective correctness of the release information,then describes the core difference between two types of behavior.The second part,the legal characteristics of "front running".After the definition,this part elaborates that the two transactions that conform to the behavioral pattern have different legal characteristics.The subjective malicious transaction actually completes the possession of resources,and its behavior has the real value of fraud,and even affects the operation of securities futures.The market is profitable;the boat-type transaction does not infringe on the legal benefits,but the creation or destruction of the value of the securities and futures through the information,only because the relevant provisions show the effect of the letter,so it is similar to the insider trading.The third and fourth parts,the problem of " front running " in the current criminal law system and the possibility of " front running " criminal law system.In these two parts,the author first analyzes the problems faced in the actual regulation process,including the legal obstacles to the application of the provisions of the bottom and the current regulations to prevent the market from developing too much.Afterwards,the author analyzes the different penalties that may be applicable for different types of "front running" and the sentencing results that may result from such a configuration and finally clarify that the existing legal provisions cannot meet the requirements of the regulation "front running".The fifth part is the adjustment of the criminal law system of "front running" The author undertakes the problems faced in the above regulation of "front running" practice,and writes the path of guilty and the adjustment method for the status quo proposed by the author,and regulates the individual legislation of subjective malicious type.However,it is not necessary to apply the criminal law adjustment to the shun water pushing type,regulation of other laws and regulations is sufficient.Finally,the author summarizes the conclusions of this paper.This paper uses the method of binary classification to divide the behavior of "front running" into two situations in general,and discusses the definition of behavior,legal characteristics,the criminal law of due and actual,the punishment configuration and the existing loopholes in the regulatory approach and ultimately come up with a solution.