On the Crime and Punishment of Insider Trading in China&US Securities Market—from the Imprisonment of Goldman Sachs'ID to the RMB 3.6 Billion Fine by CSRC
The insider trading behaviors erode the three principles of equity,justice and publicity in the capital market and disrupt the normal order of the capital market.It is the combat target of the securities market regulation of all countries.Starting from two high-profile insider trading cases,this paper discusses the diversities in the legal liability system of insider trading in China and the United States,as well as the latest development and improvement of the legal system of insider trading regulation in China with the implementation of the new Securities Law.However,whether the basic theory of"equal access to information"and the principle of"fiduciary duty"of insiders should be applied in overlap or exclusively;whether the statutory level of"presumptive establishment"of insider trading needs to be en-hanced;whether the discretionary power of administrative agency and judicial court should be differently set?The abovementioned issues are worth further study in this paper.
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