英文摘要 |
Insider trading has long been recognized as one of the key elements in modern securities law. As a massive but relatively young market, how China handles this issue is a topic rich in comparative value. On its face, the law and regulations prohibiting insider trading in securities transactions have already in place for more than two decades. However, their actual implementation, as well as how courts interpret the elements of insider trading offense in cases, are still obscure to outside observers. The lack of in-depth empirical investigation in its enforcement further creates an extra layer of complexity to the relevant research. Due to the problems mentioned above, this paper conducts an empirical study of the insider trading criminal cases, ranging from 1997 to 2019, to examine how insider trading cases are enforced in China. By observing the actual cases and their attributes, this paper presents a comprehensive picture of who commits insider trading law in China and how courts decide these cases. Three sub-set issues of the implementation are under special scrutiny:types of information and defendants; standard of proving defendant's scienter; and the relationship between sanction and illegal gain. Based on the results of this study, we evaluate the effectiveness of the enforcement on insider trading law in China in its first two decades of existence. |