Determination Of "New Market Manipulation Behavior" In The Crime Of Manipulating Stock And Formard Market

Market manipulation crime is a relatively high threshold and more patterns in the financial field than the common insider trading crime and disclosure crime,but it is also a category of crime with vague regulation definition and scarce criminal jurisprudence.Through the statistical analysis of market data in recent years,market manipulation mainly relies on the regulation of the predecessor law,however,the perpetrators with the development of the financial market and constantly update the manipulation means and methods,China’s financial market emerged a variety of new manipulation practices completely different from the traditional "sitting" model manipulation,while its higher This paper will take a look at the new manipulative practices in the financial market.Based on the current situation,this paper will clarify the boundaries of the criminalization of new types of market manipulation through an in-depth analysis of the nature and commonalities of market manipulation behaviors based on the revision of the new Securities Law and the Amendment(XI)to the Criminal Law,which will,on the one hand,help crack down on illegal and criminal activities in the financial market and protect the legitimate rights and interests of investors in the context of the comprehensive deepening of financial reform,and on the other hand,help bring the formal regulation into play.important role in maintaining market stability and security.This paper is divided into four main parts as follows.Chapter 1 mainly by clarifying the difference between market operation and market manipulation,clarify the behavior patterns allowed by the market and the behavior patterns not allowed by the market.Further,through the analysis of the case data and the evolution of execution regulation of market manipulation in recent years,it is found that the number of administrative penalties for new market manipulation has risen but there are few criminal precedents.Obviously,China ’s current legal regulation is in trouble for the criminal identification of new market manipulation,and the necessity of this research is obtained.Chapter 2 discusses the new types of manipulative behaviors that are typical in the market and have been incorporated into the criminal regulation with cases.Compared with traditional market manipulation,the new market manipulation behavior is special in that it has a more serious social harm due to its wide range of influence and complex and changeable means.Summarizing the experience of market development,China’s criminal law and judicial interpretations have typified and criminalized several high incidence new market manipulation behaviors and listed the specific performance patterns of specific types of manipulation behaviors.Chapter 3 explores the judicial determination of the new market manipulation behavior.Compared with traditional manipulative behaviors,the professionalism,concealment and complexity of new market manipulation behaviors make law enforcement and judicial officers in a difficult position when determining them.Therefore,to analyze the essence and connotation of market manipulation with the principle of unity of subjectivity and objectivity is the optimal choice for accurate judicial determination of new market manipulation behaviors.Guided by the principle of prudent intervention of criminal law and the principle of leniency and severity,it is more conducive to clarifying the boundary between market manipulation and normal market investment behaviors and other illegal and criminal behaviors.Chapter 4 mainly presents the author’s understanding of the miscellaneoous provision for market manipulation.The miscellaneoous provision is a legislative technique that can maintain the stability of criminal law and make up for the lag of criminal law;however,in terms of new market manipulation behaviors that should be criminally adjusted,the frequent application of the miscellaneoous provision as a basis for judgment will easily make the crime of manipulating stock and forward market the most criticized "pocket crime",which requires the upholding of the criminal law In order to maximize the efficacy of the miscellaneoous provision and effectively maintain the stability and prosperity of the financial market,the miscellaneoous provision should be interpreted in a modest manner and applied prudently in judicial practice.