The object of this crime is the normal management order of the securities and futures market and the legitimate interests of securities and futures investors. The application of securities and futures market objectively needs a fair and efficient management order. Only in this way can the securities and futures market develop healthily. As one of the contents of the securities and futures management system, the securities and futures information security system is established according to this principle. In the securities and futures markets, all investors have equal rights to important information. Before this important information is made public, the person (insider) who knows this kind of inside information shall not use this information to make profits or avoid losses for himself and other individuals; Otherwise, it will put other securities and futures investors in a very unfair position. Insider information trading violates this principle of securities and futures market, violates the prohibition of securities issuance and securities and futures trading in national laws and regulations, and at the same time, insider trading also infringes on the legitimate rights and interests of securities and futures investors. The rights of securities and futures investors are quite extensive, including the right to know, the right to participate equally, the right to trade freely and the right to return on investment. One of the core spirits of the securities and futures management system is to ensure that companies or units that sell securities continue to provide accurate information to investors and help investors make investment decisions. The economic interests of investors are often affected by the speed and quantity of information they obtain. It can be seen that the investor's "right to know" is particularly important and is the premise and foundation for the existence of other legal rights. In the case of insider trading, investors have unfair access to information and unfair investment opportunities. Non-insider trading investors are at a disadvantage and their legitimate rights and interests are seriously violated. Acts that fundamentally undermine the principles of openness, fairness and justice in the securities and futures markets.

Therefore, in most cases, this crime violates the double object. Of course, among these two objects, the normal management order of the securities and futures market plays a decisive role, so it is the main object. It is based on this definition that we can bring this crime into the category of the crime of undermining the order of socialist market economy.

This crime was committed by using inside information. According to Article 75 of the Securities Law, the so-called inside information refers to the undisclosed information involving the company's operation and finance or having a significant impact on the company's securities market price.

The following information is internal information:

(a) major changes in the company's business policy and business scope;

(2) the company's major investment behavior and major decisions on purchasing real estate;

(3) The conclusion of an important contract by the company may have an important impact on the company's assets, liabilities, rights and interests and operating results;

(4) The company has major debts and fails to pay off the due major debts;

(5) The company has suffered heavy losses or serious losses;

(6) Significant changes have taken place in the external conditions of the company's production and operation;

(seven) the company's directors, more than one third of the supervisors or managers have changed;

(8) Significant changes have taken place in the shareholding or control of the company by shareholders or actual controllers who hold more than 5% of the shares of the company;

(9) Deciding on capital reduction, merger, division, dissolution and filing for bankruptcy of the Company;

(10) In a major lawsuit involving the company, the resolutions of the shareholders' meeting and the board of directors are revoked or declared invalid;

(11) The company is put on file for investigation by judicial organs for suspected crimes, and the directors, supervisors and senior managers of the company are taken compulsory measures by judicial organs for suspected crimes;

(twelve) other matters stipulated by the the State Council securities regulatory authority;

(thirteen) the company's dividend distribution or capital increase plan;

(14) Major changes in the company's shareholding structure;

(fifteen) major changes in the company's debt guarantee;

(16) The mortgage, sale or scrapping of the company's main business assets exceeds 30% of the assets at one time;

(17) The acts of directors, supervisors and senior managers of the company may be liable for major damages according to law;

(eighteen) the relevant plans for the acquisition of listed companies;

(nineteen) other important information that has a significant impact on the price of securities trading as determined by the securities regulatory authority in the State Council.

Insider information does not include the prediction and analysis of the securities market by using public information and materials.

Insider information has two characteristics: importance and undisclosed.

1, importance. The so-called importance should be determined according to the following points: after this neglected fact is made public, it is likely that rational investors will regard it as changing the nature of the information they have, so these facts are also important. Such as the issuer's major debts, the issuer's assets suffered heavy losses, etc. , are inside information. Once known, investors must carefully consider, re-evaluate the value of enterprises and companies that issue securities, and decide the new investment direction of funds. Generally speaking, insider information is classified as "confidential", and its importance lies in that once it is made public, it may affect the prices of relevant stocks and bonds in the securities market.

2. Not made public. That is, these important information and materials have not been made public, widely known by investors and used in securities trading. Generally speaking, if the stock price fluctuates under the influence of the relevant information announcement, but soon tends to be stable, then the stable time can be considered as the time when the information has been made public. We believe that the essence of insider trading is to seize the time difference before and after the disclosure of insider information for profit, so it is very important to define the time when insider information has been made public, because it is related to the determination of the crime time of insider trading. If the insider information used in the trading process is the only reason for the stock price fluctuation after the news is made public, the time from the time when the news is made public to the time when the market digests and analyzes the news, thus causing the stock price change, shall be regarded as the news is not made public. Before this time, using inside information to buy and sell securities should constitute insider trading.