Legal Analysis Of Su’s Insider Trading Case

"Insider trading" as one of the big three are forbidden market fraud,in a rapidly changing market environment and the increasingly stringent market regulation of dual background,the main types of behaviour gradually by the insider trading directly into the information obtained through transfer by indirect gain information on trade,the emergence of this kind of transmission type of insider trading the complexity and difficulty of the CSRC cognizance of insider trading.Although the difficulty of identification is increasing,the specific ideas and basic principles of identification still need to remain objective and unchanged.In this paper,the author mainly selects the typical transfer type case of the insider trading case of Su,and discusses and analyzes the identification issues with core disputes in the three aspects of the insider information,the subject of the transaction and the transfer type insider trading behavior.To be specific,first of all,the "identification of inside information" should be judged from the perspective of the information involved,based on the characteristic attributes of the information involved,whether it has formed significant and secret inside information,and confirm the specific time point of formation.The "materiality" of information can be judged according to the extent to which it affects the investment behavior of market investors and the price of securities in the market.Whether it is secret or not can be judged according to whether the issuer publishes it and whether the market reacts.The identification of the subject of insider trading should start from the perspective of the subject of the case and determine the identity of the perpetrator of the case on the basis of identifying the information involved as inside information.According to the classification of the perpetrator in the new "Securities Law",the specific corresponding judgment is not only very important for the identification of the identity of the perpetrator,but also provides the basis and premise for the identification of the trading behavior of the perpetrator.For the "identification of pass-through insider trading behavior",so as to identify or presume that the actor has "known" and "utilized" illegal behavior.This paper aims to analyze and discuss the case of Su,so as to clearly comb out the applicable identification ideas and standards for insider trading cases.