The Construction Of Punitive Compensation System For Insider Trading In China’s Securities Market

The infringement of insider trading in China’s securities market is serious,but there is no punitive compensation system for insider trading in the securities market,which is not conducive to the protection of investors’ intersets and the economic order of the securities market.On the basis of analyzing the present situation and problems of the insider trading compensation system in China’s securities market,the thesis analyzes the establishment of the securities market from the aspects of criminal law modesty,administrative law enforcement inefficiency,punitive compensation incentives and extraterritorial comparative law.It demonstrates the necessity and feasibility of establishing the punitive compensation system of insider trading in the securities market.On the basis of Article 92 of the 2015 Securities Law,the thsis proposes some suggestions for the establishment of punitive compensation system for insider trading in the securities market.On the one hand,it demonstrates the main components of the penalty compensation system of insider trading,and on the other hand,it further improves the conditions for the recognition of eligible plaintiffs.At the same time,by drawing lessons from the relative proportion method of false statements,and combining the actual income method and the book income method,the more accurate calculation method and the identification basis of the illegal income of the insider trading agents are obtained.Finally,combining the optimal law enforcement theory in criminal law and the previous research on the hidden number of securities crime,the thsis proposes the calculation standard of punitive amount.