| The Amendment(XI)to the Criminal Law and the Judicial Interpretation of the Crime of Manipulating Securities and Futures Markets and the new Securities Law officially listed nine specific patterns of securities and futures manipulation crimes,but the description of the elements of these different patterns is relatively general.Some key points even tend to be the same,and often appear in combination in practical cases,which increases the difficulty of specific identification.The core topic of the research in this paper is how to distinguish different securities and futures manipulation behaviors,and other criminal behaviors that disrupt financial markets.The main content of this article is summarized as follows: First,the application of the bottom-up clause should adhere to the rules of homogeneity interpretation,and it is believed that the application of the "back-up" clause in judicial interpretation should be strictly limited or reduced,and technological manipulation should be attributed to the emerging market manipulation model.Second,it is necessary to substantively understand the "continuity" of continuous transactions,and use one trading day as a standard to identify similar transaction conditions between agreed transactions and false buying and selling manipulation;determine falsehood through intention,reverse transaction or profit-making,and behavioral relevance.Declare manipulative behavior;cross-market manipulative subjects need greater advantages and human control,and there needs to be causality between manipulation and profit scattered in two markets.Third,clarify the "information" connotation of different information-based manipulation specific behaviors by comparing other criminal behaviors that use information to profit;Reverse transactions by powerful actors are essential elements;major events should have the possibility of implementation;actors in controlling information must have both information advantages and control over the information.Fourth,high-frequency trading behavior can be evaluated as other manipulative behavior when performing order-filling behavior;more intelligent robo-advisory methods can be criminalized if the circumstances seriously harm the market;Complete manipulation system,so it does not belong to other market manipulation behaviors in the criminal law. |
