To this end, the "Measures" clarify that the standard for determining the "capital advantage" is that the amount of funds used can meet one of the following criteria: at the current price level, the number of relevant securities can be bought, reaching 5% of the total securities; At the current price level, the number of relevant securities that can be bought reaches10% of the actual total circulation of the securities; The number of related securities traded reaches 20% of the current trading volume of the securities; Significantly larger than the amount of relevant securities traded by ordinary investors in the current period.
The standard for determining the "shareholding advantage" is that the number of shares held directly, indirectly and jointly meets one of the following criteria: holding 5% of the total amount of relevant securities; Holding10% of the total actual circulation of relevant securities; The number of relevant securities held exceeds 20% of the current trading volume of the securities; It is obviously greater than the holding level of relevant securities by ordinary investors.
The criteria for identifying "information advantage" include: the parties can understand the important information of relevant securities more conveniently, timely, accurately, completely and fully than ordinary investors in the market. The first paragraph of Article 77 of the Securities Law stipulates that "colluding with others to trade securities with each other at a predetermined time, price and manner, affecting the price or trading volume of securities trading" constitutes agreed trading manipulation.
It is reported that the "Measures" further refine the "agreed time" to include approaching a certain point in time, within a certain period of time or at a certain time; "Agreed price" includes approaching a certain price, a certain price level or a certain price range; "Agreement method" includes transaction declaration, transaction quantity, transaction rhythm, transaction account and other transaction-related arrangements. The first paragraph of Article 77 of the Securities Law stipulates that "trading securities between accounts that you actually control affects the price or volume of securities trading", which constitutes self-buying and self-selling manipulation.
In this regard, the "Measures" refine the "accounts you actually control" including accounts owned, managed and used by the parties. I believe that some investors have wondered why they listened to the absolutely positive "inside information" to buy stocks instead of rising and falling. As everyone knows, these news may be "luring more" lies carefully fabricated by people with ulterior motives, which makes these investors unconsciously fall into the trap of "confusing transactions".
"Deceptive trading" can be understood as the deliberate fabrication, dissemination and dissemination of false and important information by market manipulators, misleading investors' investment decisions, making the market change as expected and making profits for themselves.
Because the securities market is unpredictable and the manipulation means are ever-changing, it is difficult to summarize it all through legislation. Therefore, the fourth item of Article 77 of the Securities Law stipulates the general principle of "manipulating the market by other means". In fact, many scholars point out that spreading false news and influencing stock prices through malicious rendering and bewitch is one of these "other means".
Especially in the Internet age, the harmfulness and seriousness of "confusing transactions" should be highly concerned. Through forums, QQ, MSN, blogs and other online communication means, a false news can spread quickly in a short time and spread in the network, causing endless harm.
Of course, in the process of cracking down on "deceptive transactions", we must first understand what "substantial false information" is. It is true that the specific case is complicated, but it should be said that those untrue, inaccurate, incomplete or uncertain information that can have a significant impact on investors' decision-making should belong to.
And what specific circumstances are enough to "confuse the transaction" manipulation? If the following conditions are met at the same time, of course, it should be classified as: fabricating, spreading and spreading false information; Buying or selling or advising others to buy or sell related securities before or after publishing false or significant information; The price or quantity of the relevant securities is affected; False material information is an important reason for the change of stock price or volume. If a brokerage or rating company improves the rating of a stock before the research report is officially released and starts to take the lead in opening positions, then it may violate the forbidden zone of "preemptive trading" manipulation.
Strictly speaking, preemptive trading should refer to the behavior that the actor makes public comments, forecasts or investment suggestions on relevant securities or their issuers and listed companies, buys and sells relevant securities himself or provides suggestions for others, so as to directly or indirectly gain benefits from expected market changes.
In the current market environment, there are many cases of making public evaluations, forecasts or investment suggestions. For example, in newspapers, radio stations, television stations and other media, in various electronic network media, for the public, members or specific customers, through fax, SMS, e-mail, telephone, software and other tools, to evaluate, predict or make investment suggestions on stocks or their issuers and listed companies. But obviously, the actual public evaluation behavior is not limited to these, so the regulatory authorities will not be limited to these situations when enforcing the law.
As for "preemptive trading" manipulation, how to identify it? It should be that securities companies, securities consulting institutions, professional intermediaries and their staff publicly make evaluations, forecasts or investment suggestions on related securities or their issuers and listed companies, but buy or sell related securities before and after making public evaluations, forecasts or investment suggestions, and directly or indirectly gain benefits in the process.
In fact, institutions and personnel other than securities companies, securities consulting institutions, professional intermediaries and their staff can also constitute "preemptive trading" manipulation when they meet the following circumstances: the actor publicly makes evaluation, prediction or investment suggestions on the relevant securities or their issuers and listed companies; The actor buys or sells or advises others to buy or sell related securities before and after making public evaluation, prediction or investment suggestions; The transaction price or volume of related securities is affected; The behavior of the actor is an important reason for the changes in the trading price or trading volume of related securities. Many investors have witnessed the following scene: when looking at the disk, there are huge selling orders at the price of selling 2 and selling 3, and they suddenly panic, fearing that a large number of selling orders will lead to a decline in the stock price. In order to avoid losses, they quickly sold their chips, but they didn't expect that these huge selling orders would soon disappear without a trace. This "main force"' s usual behavior of releasing smoke bombs and disturbing audio-visual is actually a false declaration manipulation.
Manipulating false declaration refers to the behavior that the actor frequently declares and cancels the declaration when holding or buying or selling securities, creating false trading information and misleading other investors, so as to directly or indirectly gain benefits from the expected transaction.
However, in the same trading day, within the effective bidding range of the same securities, if the actor makes three or more declarations and cancels the declaration continuously or alternately, it can be considered as frequent declarations and cancellations. I have seen such a stock: it belongs to the hot plate, and just released good news the day before, and the company's fundamentals have not changed. However, in the day's trading, the stock price was almost hit the limit, which caused the stocks in the same sector to skyrocket, and its time-sharing trend was like a horizontal line within four hours. What is even more mysterious is that although the stock price is strange, the trading of the day has set a "day".
According to experts' analysis, this trend is likely to be a typical "interest transfer", and the two sides conduct large-scale transactions through agreed prices. In the future, this technique is likely to be listed as a specific price manipulation by the Measures for the Determination of Market Manipulation, thus being punished.
What is specific price manipulation? This refers to the act of pulling, pressing, locking and other means to make the price of related securities reach a certain level.
To understand this manipulation, we must first clarify two sets of terms, one is specific price, and the other is pulling up, suppressing or locking.
According to authoritative explanation, specific price refers to the price of relevant securities at a certain time or a certain period as the settlement price of transactions, the calculated price of some assets, and the reference price of securities or assets pricing. In the specific operation, it can be determined according to the provisions of laws, administrative regulations, rules and business rules or according to the contents of the agreement between the issuer, the listed company and the relevant parties.
Pulling up, suppressing or locking refers to the behavior that the actor declares to buy at a price higher than the market price, which leads to the increase of the securities trading price, or declares to sell at a price lower than the market price, which leads to the formation of a virtual price level of the securities trading price.
What kind of situation can be identified as specific price manipulation? Three conditions should be met at the same time: the price of the relevant securities at a certain time or period is the reference price, settlement price or calculation price of the asset value; The actor has the behavior of raising, suppressing or locking the price of securities trading; Therefore, the price of related securities has reached a certain level. Investors are well aware that the opening price and closing price are the most important in the daily price trend of stocks in the secondary market. However, in the past, there was often manipulation of opening and closing prices, which created illusion and interfered with investors' normal decision-making.
In order to crack down on this kind of behavior, the Measures for Determining Market Manipulation clearly lists the behavior of "transaction manipulation in a specific period", which is divided into liquidation manipulation and opening price manipulation. Late manipulation refers to manipulating the closing price of securities by pulling, pressing and locking at the closing stage.
In any of the following circumstances, it can be considered as market manipulation: the transaction takes place at the closing stage; The actor has the behavior of raising, suppressing or locking the price of securities trading; Abnormal closing price of securities; The behavior of the actor is the main reason for the change of the closing price of securities. Opening price manipulation refers to manipulating the opening price by raising, lowering or locking call auction time.