Research On The Perfection Of The Crime Of Manipulating The Securities Market

The capital market is critical to the whole national economy,and the securities market,as one of the capital market’s core components,decides whether the securities market is flawless or not to some degree.According to Article 182 of the Criminal Law of the People’s Republic of China,market manipulation is one of the securities crimes that are most frequently committed.The introduction of Amendment(XI)to the Criminal Law of the People’s Republic of China at the end of 2020 has improved the crime by adding several new types of securities market manipulation actions that have commonly been seen in recent years.As a statutory crime,the manipulation of the securities market is inextricably tied to the manipulation of the securities market in the Securities Law of the People’s Republic of China.This amendment brings this crime in line with the new edition of the Securities Law of the People’s Republic of China,specifies the judicial recognition of new types of market manipulation,and represents a positive view of criminal law in the sphere of securities crimes.The development of the criminal circle is an inevitable result of social evolution,which does not imply a positive perspective of criminal law that violates the norm of modest restraint principle.Although there have been cases where the People’s Republic of China’s Criminal Law has been employed to market manipulation in the context of the“National Equities Exchange and Quotations(NEEQ)”,the breadth of application of this crime should be viewed cautiously.The legal interests protected by the crime of manipulation of the securities market include two parts: the state’s supervision order over the securities market as well as the legitimate rights and interests of securities investors,and the supervision order includes administration order and management order.Thus,our nation should develop a comprehensive administration system centered on information disclosure.Due to the information asymmetry between investors and the high proportion of small and medium-sized investors in China’s securities market,it has become increasingly vital to ensure investors’ rights and interests,particularly those of small and medium-sized investors.There is a close relationship between derivation and reduction between the supervision order of the securities market and the legitimate rights and interests of investors.Additionally,the law safeguards investors’ lawful rights and interests by ensuring supervision order of the securities market.The new types of securities market manipulation include "trading manipulation by deception," "scalping," and "order-based manipulation",the act that securities manipulation applied in other relevant markets should be included in the scope of application of the indefinite provision.The judicial response to the manipulation of the securities market should be adjusted in line with the current state of the digital economy as well as the state’s attitude and determination to govern the capital market.In July 2021,the Opinions on Strictly Cracking Down on Illegal Securities Activities in Accordance with the Law was issued by the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council.As the top-level opinion on capital market governance before 2025,the attitude and determination of cracking down on securities violations with zero tolerance and establishing a positive governance system for the capital market have been clarified.The new types of securities market manipulation may appear under the digital economy,of which typical examples are benchmark manipulation and malicious short.The mode of enumerating + revealing all the details has its rationality.Therefore,the attention should be paid to the common essential characteristics of enumerating behavior in personal sin in the interpretation of revealing all the details in the future.There are few cases of personal sin actually entering the judicial procedure,since it is difficult to identify the causality in the constitution of personal sin to a large extent.As the experience in the regulation of new securities market manipulation is accumulated,the correspodence theory of causal relationship can be adopted.The consequential offense handling of the crime of manipulating the securities market is difficult to achieve the preventive role of criminal law.Therefore,the relevant experience of the United States and Germany,as well as the views of domestic academic circles should be learned from.The personal sin should be treated as a specific potential damage offense.In administrative offense,especially when the expression of criminal law provisions is similar to that of pre-legal provisions,the attention should be paid to the problem of the independent judgment of criminal law.A diversified active governance system of the securities market should be formulated.At the legal level,a "dual parallel" mechanism between the Criminal Law and securities laws and regulations should be built to give full play to the maximum joint force.The society nowadays has two important characteristics such as the increasingly obvious characteristics of informatization and the continuous accelerated development of new technologies.More attention has been paid to post supervision under the traditional supervision mode,the pre-event and in-process prevention are ignored.The supervision technology still has a large room for progress.Although the securities market supervision technology in our country has made rapid progress,it is still insufficient in pre-event and in-process supervision.The application of supervision technology should be valued to provide the material basis for the establishment of a positive governance system of the securities market.