Insider trading is a typical securities fraud, which means that insiders of insider information of securities trading use their undisclosed price-sensitive information to conduct securities trading activities in order to seek benefits or reduce losses.
As a regulatory department, CSRC has spared no effort to play a role in cracking down on financial crimes in recent years.
Since 2008, China Securities Regulatory Commission has investigated 295 insider trading cases, accounting for 45% of new cases. From June 1 to June 10 this year, informal investigation cases were added 100, including 74 insider trading cases, 88 officially filed cases and 42 insider trading cases.
The punishment of financial crimes is getting higher and higher, and the cost of crimes has been increasing.
On August 25, 2008, the first paragraph of Article 2 of the Criminal Law Amendment (VII) added the behavior type of "explicitly or implicitly engaging in the above-mentioned trading activities".
This clause is especially aimed at some insiders who do not engage in insider trading, but disclose information to others for trading. This revision has improved this legal loophole.
The second paragraph of Article 2 of the Criminal Law Amendment (VII) adds the crime of illegal securities and futures trading by using other undisclosed information.
The so-called "other undisclosed information" refers to insider information, that is, other undisclosed information other than insider information obtained by taking advantage of his position, that is, the so-called "mouse warehouse".
At this point, the "mouse warehouse" incident entered the criminal law.
Previously, China's Securities Investment Fund Law, Securities Law and Company Law only stipulated the civil liability and administrative liability of "rat warehouse". The CSRC investigated and dealt with Tang Jian and Wang Limin's "rat warehouse" case, and only imposed administrative punishment on them, but could not pursue criminal responsibility.
Han Gang, former fund manager of Great Wall Fund, became the first criminal case of "rat warehouse" in China.
2010165438+10/8 The General Office of the State Council forwarded the Opinions on Combating and Preventing Insider Trading in the Capital Market according to Law (hereinafter referred to as the Opinions) to the CSRC, the Ministry of Public Security, the Ministry of Supervision, the State-owned Assets Supervision and Administration Commission, and the Bureau of Corruption Prevention, requesting multiple ministries to jointly combat and prevent the capital market according to law.
The "Opinions" propose to formulate a confidentiality system involving inside information of listed companies as soon as possible and establish an insider registration system as soon as possible.
On 2011July 13, the Supreme People's Court officially released the Summary of the Symposium on Several Issues Concerning the Evidence in the Trial of Securities Administrative Punishment Cases (hereinafter referred to as the Summary).
The Summary points out that if the presumption of insider trading is established and the contrary evidence provided by the parties can exclude the use of insider information in their trading activities, their behavior may not be recognized as insider trading.
This means that the inversion of proof required by market participants in insider trading has been at least partially recognized by the court.
Insiders said: "In fact, the CSRC has done the same thing before, but it will be questioned. It is often unclear on the two issues that the CSRC has the responsibility to testify and the suspect is innocent. This provision is to write the previous successful experience into the minutes and provide a legal basis for prosecution. "