The object infringed by this crime is also a complex object, which will not only infringe on the national securities and futures trading management system and disrupt the securities and futures trading market, but also cause great damage to the interests of investors, mainly economic interests.

Objective elements.

Objectively, this crime is characterized by fabricating and spreading false information that has an impact on securities and futures trading, disrupting the securities and futures trading market and causing serious consequences.

The so-called fabrication means making something out of nothing and making something out of nothing. The result is inevitably false news that is inconsistent with the facts, untrue and incomplete. The so-called communication refers to propaganda, dissemination or misleading in various ways. Communication can be oral or written, or it can be spread alone or publicly by means of modern scientific and technological means such as recording, video recording and computer. You can spread it face to face, or you can post or write in public places without face to face. However, whatever its form, as long as it can achieve the purpose of spreading and propagating fabricated facts, it should be regarded as communication in this crime. The act of fabricating and spreading must be established at the same time to constitute this crime. Otherwise, those who fabricate false information but don't spread it, or spread false information instead of making it up by themselves, such as hearsay, and then spread it to others, should not be punished for this crime. Of course, if the actor deliberately wants others to spread it after making it up, he should also think that he made it up and spread it himself. If you ask others to spread it, knowing that the false information you want to spread is fabricated, you should also be punished for this crime. However, if others don't know that it is fabricated by demand, it should not be considered as fabricating and spreading this crime. If the actor did not make it up, but used or leaked the obtained information, if it is inside information, it should be punished as insider trading or leaking inside information.

False information fabricated and disseminated by the actor must have an impact on securities and futures trading, that is, false information that affects securities and futures trading. If the fabricated and disseminated information has nothing to do with securities and futures trading and will not affect it, it still cannot be punished as this crime. The so-called false information that has an impact on securities and futures trading mainly refers to false information that has a great impact on the stock trading price and futures contract price of listed companies, such as the issuer's capital increase plan, major investment behavior, major asset losses, major changes in the business environment, dividend information, capital reduction, merger, division, bankruptcy, dissolution, etc.

This crime is a consequential crime, and its constitution must be based on the premise that the act of fabricating and spreading false information that affects securities and futures trading disrupts the securities and futures trading market and causes serious harmful consequences. Those who have not disturbed the securities and futures trading markets and caused no actual harmful consequences, or those who have disturbed the securities and futures trading markets but caused actual harmful consequences, but the consequences are not serious, do not constitute this crime, and shall be convicted and punished for this crime. The so-called serious consequences mainly refer to the strong fluctuation of securities and futures prices caused by the behavior of the actor; Causing investors to panic, selling or buying securities and futures contracts in large quantities; Causing significant economic losses to investors; Caused a bad social impact; Wait a minute.

Theme elements.

The subject of this crime is the general subject, including both units and individuals. The latter is a natural person aged 16 with criminal responsibility.

Subjective factors.

Subjectively, this crime must be intentional, that is, it is decided to fabricate and disseminate false information knowing that it will affect the price of securities and futures trading and disrupt the securities and futures trading market. Negligence cannot constitute this crime. As for its motivation, it is generally to seek illegitimate interests or pass on risks for itself or related parties, but it does not rule out other motives, such as deliberately creating chaos and affecting the huge fluctuations in the prices of securities and futures markets. However, whatever the motive, it does not affect the establishment of this crime.

Object elements.

The object infringed by this crime is also a complex object, which will not only infringe on the national securities and futures trading management system and disrupt the securities and futures trading market, but also cause great damage to the interests of investors, mainly economic interests.

Objective elements.

Objectively, this crime is manifested in fabricating and spreading false information that has an impact on securities and futures trading, disrupting the securities and futures trading market and causing serious consequences.

The so-called fabrication means making something out of nothing and making something out of nothing. The result is inevitably false news that is inconsistent with the facts, untrue and incomplete. The so-called communication refers to propaganda, dissemination or misleading in various ways. Communication can be oral or written, or it can be spread alone or publicly by means of modern scientific and technological means such as recording, video recording and computer. You can spread it face to face, or you can post or write in public places without face to face. However, whatever its form, as long as it can achieve the purpose of spreading and propagating fabricated facts, it should be regarded as communication in this crime. The act of fabricating and spreading must be established at the same time to constitute this crime. Otherwise, those who fabricate false information but don't spread it, or spread false information instead of making it up by themselves, such as hearsay, and then spread it to others, should not be punished for this crime. Of course, if the actor deliberately wants others to spread it after making it up, he should also think that he made it up and spread it himself. If you ask others to spread it, knowing that the false information you want to spread is fabricated, you should also be punished for this crime. However, if others don't know that it is fabricated by demand, it should not be considered as fabricating and spreading this crime. If the actor did not make it up, but used or leaked the obtained information, if it is inside information, it should be punished as insider trading or leaking inside information.

False information fabricated and disseminated by the actor must have an impact on securities and futures trading, that is, false information that affects securities and futures trading. If the fabricated and disseminated information has nothing to do with securities and futures trading and will not affect it, it still cannot be punished as this crime. The so-called false information that has an impact on securities and futures trading mainly refers to false information that has a great impact on the stock trading price and futures contract price of listed companies, such as the issuer's capital increase plan, major investment behavior, major asset losses, major changes in the business environment, dividend information, capital reduction, merger, division, bankruptcy, dissolution, etc.

This crime is a consequential crime, and its constitution must be based on the premise that the act of fabricating and spreading false information that affects securities and futures trading disrupts the securities and futures trading market and causes serious harmful consequences. Those who have not disturbed the securities and futures trading markets and caused no actual harmful consequences, or those who have disturbed the securities and futures trading markets but caused actual harmful consequences, but the consequences are not serious, do not constitute this crime, and shall be convicted and punished for this crime. The so-called serious consequences mainly refer to the strong fluctuation of securities and futures prices caused by the behavior of the actor; Causing investors to panic, selling or buying securities and futures contracts in large quantities; Causing significant economic losses to investors; Caused a bad social impact; Wait a minute.

Theme elements.

The subject of this crime is the general subject, including both units and individuals. The latter is a natural person aged 16 with criminal responsibility.

Subjective factors.

Subjectively, this crime must be intentional, that is, it is decided to fabricate and disseminate false information knowing that it will affect the price of securities and futures trading and disrupt the securities and futures trading market. Negligence cannot constitute this crime. As for its motivation, it is generally to seek illegitimate interests or pass on risks for itself or related parties, but it does not rule out deliberately creating chaos.

Article 181 of the Criminal Law stipulates that whoever fabricates and disseminates false information that affects securities and futures trading and disrupts the securities and futures trading market, thus causing serious consequences, shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention and shall also be fined not less than 10,000 yuan but not more than 100,000 yuan.

"If a unit commits the crimes mentioned in the preceding two paragraphs, it shall be fined, and the persons who are directly in charge and other persons who are directly responsible shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention, which will affect the huge fluctuations in the prices of securities and futures markets. However, whatever the motive, it will not affect the establishment of this crime.