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"抢帽子"交易操纵证券市场行为的刑法规制

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作为信息型操纵的"抢帽子"交易操纵证券市场行为严重阻碍资本正常流动，扰乱证券市场运行机制。由于规范界限模糊和行刑衔接不畅，实践中呈现出"行政手段较为充裕、刑事手段较为短缺"的规制样态。为实现"抢帽子"交易操纵证券市场行为的妥当处罚，"抢帽子"交易操纵市场行为应理解为对证券市场管理秩序的侵害，公开发布证券投资信息和利用证券投资信息反向交易应作为"抢帽子"交易操纵市场行为的核心不法要素。同时，在实体层面充分考量作为罪量因素的"情节严重"以准确把握出入罪标准;在程序层面强化案件移送以避免发生"以罚代刑"的情况。
The Criminal Law Regulation on the Manipulation of Securities Market Behavior through Scalping trading
The information-based manipulative trading,which is known as scalping trading,significantly impedes the normal flow of capital and disrupts the operational mechanism of the securities market.Due to the vague regulatory boundaries and inadequate coordination between administrative and criminal laws,in legal practice,it is reflected that there are abundant administrative measures but relatively insufficient criminal measures.To appropriately penalize the"scalping"manipulative trading in the securities market,such behavior should be recognized as a violation of the order of securities market management,and as a consequence,be governed by criminal laws.The public release of securities investment information and the use of such information for reverse trading should be regarded as the core illegal elements of scalping trading and the information-based manipulative market behavior.Simultaneously,at the substantive level,"serious circumstance"should be fully considered as a factor of the offense so that the threshold of the offense could be accurate.And at the procedural level,the transfer of the case should be strengthened so that the replacement of criminal punishment by administrative fines could be avoided.

scalping tradingcrime of manipulating the securities marketinfringement of legal interestscoordination between administrative and criminal measures

时方、冯雨宁

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中国政法大学刑事司法学院,北京 100088

中国政法大学法学院,北京 100088

"抢帽子"交易 操纵证券市场罪 法益侵害 行刑衔接

2023年度国家社科基金项目2023年度中央高校基本科研业务费专项资金资助中国政法大学科研创新项目

23XFX01323ZFG82003

2024

10.16494/j.cnki.1002-3933.2024.02.007

河北法学
河北政法职业学院 河北省法学会

河北法学

CHSSCD北大核心
影响因子：0.992
ISSN：1002-3933
年,卷(期)：2024.42(2)
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