Research On The Identification Of Information-based Manipulation In Securities Enforcement

In the context of China’s securities market anti-manipulation regulatory experience,which is maturing,traditional market manipulation behaviors can be easily discovered and punished by regulatory bodies.In recent years,under the situation of high-pressure supervision by the CSRC,actors have been “innovating” illegal manipulation of the market in order to obtain huge profits,and information manipulation has emerged.From 2008 to the end of February 2020,the China Securities Regulatory Commission only investigated and handled 23 information-based manipulation cases,and more than 60% of the cases applied the bottom-up clause.The old "Securities Law" enumeration of manipulation methods has been difficult to include information-based manipulation behaviors in practice.The "Guidelines for the Identification of Securities Market Manipulation Behaviors(Trial)"(hereinafter referred to as the "Manipulation Guidelines")formulated by the CSRC in 2007 are also difficult to function due to the lack of higher-level authorization.Information-based manipulation facing the dilemma of difficult identification,this type of behavior is extremely harmful to the securities market,and it has urgent practical significance to study the identification problem in law enforcement.At present,in China’s securities law enforcement,there are three types of information-based manipulation behaviors that use information advantages to jointly or continuously buy and sell,and to deal with hats and uncoordinated transactions by simply using information means.Through the study of 23 cases,it is found that there are three problems in the information-based manipulation of securities law enforcement: the determination of information requirements,the unclear determination of the illegality of objective behaviors in some cases,and the ambiguity of subjective intent.The problem of the identification of information-based manipulation in securities law enforcement stems from the imperfections of the provisions of the old Securities Law.The completion of the amendments to the new Securities Law of 2019 completes its basis for law enforcement.However,through normative analysis,it was found that the information requirements of the new "Securities Law" still take information characteristics as the standard and ignore the "manipulation power" of the information,and its semantic flaws are difficult to extend to all information that may be manipulated.Although it focuses on the "manipulation power" of information,its shortcomings are that it has a lower level of effectiveness and conflicts with the new Securities Law.Regarding the determination of objective behavior,the old Securities Law only enumerates the use of information advantages to jointly or continuously buy and sell Information-based manipulation means,the imperfect definition of the generalized market manipulation also leads to the unclear application standards of the pocket clauses.The amendment of the new "Securities Law" has improved the generalized definition of market manipulation,and also provided a clear legal basis for cases of hate trading.Cases such as the "Diecai Assets Case" where "uncooperative transactions are simply manipulated by information means" are not in line with the behavioral characteristics of deceptive transactions,and therefore cannot be accurately identified by the new "Securities Law." 》 The status of its essential elements is not clear,so the CSRC did not take the initiative to carry out subjective intentions in law enforcement.Fixed,resulting in the identification of subjective intent of the identification system of rules is not formed.The problem of information-based manipulation identification in securities law enforcement should be solved one by one for each problem: the definition path compared with false statements and insider trading information characteristics cannot clarify the identification criteria of information requirements,and the British information standards are only useful for the identification of information advantages As one of the criteria for judging the materiality of securities information disclosure,the "Investor Decision Standard" not only reflects the ability of information means to induce investors and then affect the manipulation of securities prices,but also helps to reflect the general investor protection concept,so it should be adopted Reflected in the legislative expressions;for the illegal determination of the objective behavior of the He Simo case and the Diecai asset case that have not yet been explicitly listed in the new Securities Law,one should first determine whether such cases meet the nature of information-based manipulation."Secure fraud theory" can better reflect the harmful essence of manipulation.The objective behaviors of the He Simo case and the Diecai asset case can be summarized as controlling the disclosure of information and conforming to the nature of information-based manipulation of "abuse of information advantage",which can be evaluated as the first paragraph of Article 55,paragraph 1,of the new Securities Law."Using information advantages",the applicable moderately revised clause is clearer than the bottom-up clause;the subjective intention of information-type manipulation should be determined by the "obvious advantage evidence" certification standard.For the purpose of information release,the anomalous information released by the actor From the perspective of sexuality,the intention of conspiracy of information release and cooperating transactions should be determined from the perspective of the two actors’ "high agreement" and combined with other reference factors for comprehensive identification.