| 2006 Securities Law stipulates in principle the civil liability system for insider trading,“If insider trading causes losses to investors,the perpetrator shall be liable for compensation according to law”.However,for more than ten years,there have been only four civil liability compensation cases for insider trading in my country’s judicial practice.The same point is that the law focuses on the determination of causality.However,the issue of how to identify causality has not been refined at the legislative level.This article believes that the premise of determining causality is to clarify the essence of the harm of insider trading,and the purpose of determining causality is to solve the construction of compensation system.Therefore,this article is divided into three chapters,the specific content is as follows:The first chapter is "Insider trading infringes on investors’ legal interests of fair trading".This chapter first discusses that insider trading does not infringe the investor’s right to know and therefore does not constitute fraud.Secondly,it discusses the harmful nature of insider trading,that is,insider trading infringes on the fair trading legal interests of investors.Finally,it details the infringement objects and concludes Conclusion Insider trading infringes on the fair trading legal interests of investors who make investment decisions at the same time as the insider trader.The second chapter is "the justification of the causality of the tort liability for insider trading".This chapter is a link between the previous and the next.This chapter first discusses the dilemma of causality caused by insider trading due to its own particularity,and points out that fair trade theory is more reasonable for the logic of causality than anti-fraud theory,so as to continue;secondly,it points out the traditional fairness Trading theory still has defects in the determination of causality,so it finally introduces the quantitative analysis method to prove the causality to prove that the causality and the scope of liability are established.It is clear that not all investors who have been infringed on the legal interests of fair trade are There is a loss;if there is a loss,the loss is not all causally related to insider trading,and this limits the scope of eligible plaintiffs,that is,only investors whose losses have a causal relationship with insider trading are eligible to initiate infringement Compensation lawsuit,to start.The third chapter is "the construction of the compensation system for the infringement of insider trading".This chapter first discusses the eligible plaintiff in the insider trading infringement damages litigation,that is,the simultaneous reverse trader,and then discusses the calculation of the amount of compensation for insider trading infringement damages and the distribution method of the compensation among the plaintiffs. |
