[Criminal Law Provisions] Article 180 A person who knows the inside information of securities trading or who illegally obtains the inside information of securities trading buys or sells securities or discloses the information before the issuance and trading of securities or other information that has a significant impact on the price of securities. If the circumstances are serious, he shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention, and shall also or solely be fined not less than one time but not more than five times the illegal income; If the circumstances are especially serious, he shall be sentenced to fixed-term imprisonment of not less than five years but not more than ten years, and shall be fined not less than one time but not more than five times the illegal income. Where a unit commits the crime mentioned in the preceding paragraph, 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. The scope of inside information shall be determined in accordance with the provisions of laws and administrative regulations. The scope of insiders shall be determined in accordance with the provisions of laws and administrative regulations. The amendment to the Criminal Law stipulates: IV. Article 180 of the Criminal Law is amended as: "A person who knows or illegally obtains the inside information of securities and futures trading buys or sells securities, or engages in futures trading related to the inside information, or discloses the information before the securities, securities and futures trading or other information that has a significant impact on the price of securities and futures trading is made public, and if the circumstances are serious, he shall be sentenced to not more than five days. If the circumstances are particularly serious, he shall be sentenced to fixed-term imprisonment of not less than five years but not more than ten years, and shall be fined not less than one time but not more than five times the illegal income. " Where a unit commits the crime mentioned in the preceding paragraph, 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. "The scope of insider information and insider personnel shall be determined in accordance with laws and administrative regulations." [Relevant laws and regulations] Article 67 of the Securities Law prohibits insiders of insider information in securities trading from using insider information to conduct securities trading activities. Article 68 The following persons are insiders who know the inside information of securities trading: (1) Directors, supervisors, managers, deputy managers and relevant senior managers of companies that issue stocks or corporate bonds; (2) Shareholders holding more than 5% of the company's shares; (3) Senior management personnel of the holding company of the company issuing shares; (4) Persons who can obtain information about the company's securities trading by virtue of their positions in the company; (five) the staff of the securities regulatory agency and other personnel who manage securities trading due to their statutory duties; (6) Relevant personnel of social intermediary institutions, securities registration and settlement institutions and securities trading service institutions who participate in securities trading due to their statutory duties. (seven) other personnel as prescribed by the the State Council securities regulatory authority. Article 69 In securities trading activities, undisclosed information involving the company's operation and finance or having a significant impact on the company's securities market price is insider information. Judicial Interpretation the Supreme People's Procuratorate and the Ministry of Public Security's Provisions on the Standards for Public Security Organs to Jurisdicte Criminal Cases (II) Article 35 [Insider Trading and Disclosure of Insider Information (Article 180, Paragraph 1, Criminal Law)] Insider information of securities and futures trading, or individuals or units that illegally obtain insider information of securities and futures trading, buying and selling securities, futures trading or other information that has a significant impact on the price of securities and futures trading are not disclosed. Or engage in futures trading related to inside information, or disclose the information, or engage in the above-mentioned trading activities explicitly or implicitly, if it is suspected of one of the following circumstances, it shall be filed for prosecution: (1) The accumulated turnover of securities trading is more than 500,000 yuan; (2) The accumulated amount of margin occupied by futures trading is more than 300,000 yuan; (3) The accumulated amount of profit and loss avoided is more than150,000 yuan; (four) insider trading for many times, revealing inside information; (five) other serious circumstances. Interpretation of the Supreme People's Court and the Supreme People's Procuratorate on Several Issues Concerning the Specific Application of Laws in Handling Insider Trading and Disclosure of Insider Information "Interpretation of the Supreme People's Court and the Supreme People's Procuratorate on Several Issues Concerning the Specific Application of Laws in Handling Insider Trading and Disclosure of Insider Information" has been issued by the Supreme People's Court Judicial Committee for the first time 1 10 year 10.31 In order to maintain the management order of the securities and futures market and punish the securities and futures crimes according to law, the 72nd meeting of the 11th Procuratorial Committee of the Supreme People's Procuratorate on April, 21, 2007, hereby explains some issues about the specific application of law in handling criminal cases of insider trading and disclosure of insider information as follows: Article 1 The following persons shall be recognized as "insiders of insider information of securities and futures trading" as stipulated in the first paragraph of Article 180 of the Criminal Law: (2) Persons specified in Item 12 of Article 85 of the Regulations on the Administration of Futures Trading. Article 2 Whoever commits any of the following acts shall be recognized as a "person who illegally obtains inside information of securities and futures trading" as stipulated in the first paragraph of Article 180 of the Criminal Law: (1) obtaining inside information by means of stealing, cheating, cheating, eavesdropping, stealing photos, spying or privately trading; (2) Close relatives of insiders of inside information or other personnel closely related to insiders engage in or express or imply others to engage in or disclose inside information during the sensitive period of inside information, which leads others to engage in securities and futures trading related to the inside information, without justifiable reasons or legal sources of information, and the related trading behavior is obviously abnormal; (3) During the sensitive period of inside information, contacting with insiders of inside information, engaging in or explicitly implying others to engage in, or disclosing inside information, which leads others to engage in securities and futures trading related to the inside information, and the relevant trading behavior is obviously abnormal without justifiable reasons or legal sources of information. Article 3 The "related party transactions are obviously abnormal" as stipulated in Item (2) and Item (3) of Article 2 of this Interpretation shall be recognized from the following aspects: (1) The time of opening an account, closing an account, activating a capital account or designating a transaction (custody) or canceling a designated transaction (re-custody) is basically the same as the time when inside information is formed, changed and disclosed; (2) The change of funds is basically consistent with the formation, change and disclosure time of inside information; (3) The time for buying and selling securities or futures contracts related to inside information is basically the same as the time for the formation, change and disclosure of inside information; (4) The time for buying and selling securities or futures contracts related to inside information is basically the same as the time for obtaining inside information; (5) buying and selling securities or futures contracts is obviously different from the usual trading habits; (6) buying and selling securities and futures contracts or holding securities and futures contracts in a centralized way obviously deviates from the fundamentals reflected in the public information of securities and futures. (seven) the entry and exit of account trading funds is related to or interested in insider information or illegal acquisition personnel; (8) Other obviously abnormal trading behaviors. Article 4. Securities and futures trading related to inside information does not belong to the circumstances stipulated in the first paragraph of Article 180 of the Criminal Law under any of the following circumstances: (1) Holding or purchasing shares of natural persons, legal persons or other organizations holding more than 5% of the shares of a listed company with others through agreements or other arrangements; (2) engaging in relevant securities and futures trading in accordance with written contracts, instructions and plans signed in advance; (3) Trading by using information already disclosed by others. (4) There are other legitimate reasons or legitimate sources of information for the transaction. Article 5 The sensitive period of inside information as mentioned in this Interpretation refers to the period from the formation to the disclosure of inside information. The time of occurrence of "major events" listed in Paragraph 2 of Article 67 of the Securities Law, the time of formation of "plans" and "plans" stipulated in Article 75 of the Regulations on the Administration of Futures Trading, and the time of formation of "policies" and "decisions" stipulated in Item 11 of Article 85 of the Regulations on the Administration of Futures Trading shall be deemed as the time of formation of inside information. The initial time of action, planning, decision-making or execution of the person who affects the formation of inside information shall be deemed as the time of formation of inside information. Insider information disclosure refers to the disclosure of insider information in newspapers, websites and other media designated by the State Council Securities and Futures Regulatory Authority. Article 6 Whoever engages in or explicitly implies that others engage in or disclose insider information during the sensitive period of insider information, which leads others to engage in securities and futures trading related to the insider information, shall be deemed as "serious" as stipulated in the first paragraph of Article 180 of the Criminal Law: (1) The transaction amount of securities trading is more than 500,000 yuan; (2) The amount of margin occupied by futures trading is more than 300,000 yuan; (3) The amount of profit and loss avoided is more than150,000 yuan; (four) more than three times; (five) there are other serious circumstances. Article 7 Whoever engages in or explicitly implies that others engage in or disclose insider information during the sensitive period of insider information, which leads others to engage in securities and futures trading related to insider information, shall be deemed as "the circumstances are particularly serious" as stipulated in the first paragraph of Article 180 of the Criminal Law: (1) The transaction amount of securities trading is more than 2.5 million yuan; (2) The amount of margin occupied by futures trading is more than1500,000 yuan; (3) The amount of profit and loss avoided is more than 750,000 yuan; (4) There are other particularly serious circumstances. Article 8 Where insider trading has been carried out twice or more or insider information has been leaked, and no administrative or criminal treatment has been taken, the relevant transaction amount shall be calculated cumulatively according to law. Article 9 In the same case, if the turnover, the amount of professional security deposit and the amount of profit and loss evasion constitute serious circumstances respectively, they shall be convicted and punished according to the relatively large amount. Those who constitute a joint crime shall be convicted and punished according to the total amount of transactions, the total amount of deposits occupied and the total amount of profits or losses avoided by the same criminal, but the total amount of fines imposed on each defendant shall be more than one time but less than five times the total amount of profits or losses avoided. Article 10 The term "illegal gains" as mentioned in the first paragraph of Article 180 of the Criminal Law refers to the benefits obtained or the losses avoided through insider trading. The amount of the fine shall be calculated according to the illegal income of the person who knows the inside information due to disclosure or the illegal income of the person who explicitly or implicitly engages in insider trading without actually engaging in insider trading. Article 11 Where a unit commits an act specified in the first paragraph of Article 180 of the Criminal Law and falls under any of the circumstances specified in Article 6 of this Interpretation, it shall be convicted and punished in accordance with the second paragraph of Article 180 of the Criminal Law.