Selected Papers of The Jurist (法学家), Volume 2
Edited by Jichun Shi
Chapter 6: On the latest judicial interpretation related to the crime of insider trading
China published the first judicial interpretation of securities and futures crimes, the Interpretation of the Supreme People's Court and the Supreme People's Procuratorate on Several Issues Concerning the Specific Application of Law in the Handling of Criminal Cases of Engaging in Insider Trading or Leaking Inside Information (hereinafter Insider Trading Interpretation), on May 22, 2012. The implementation of the Insider Trading Interpretation has a profound impact on the enforcement of the securities and futures criminal cases, the enhancement of the regulative power in the Chinese capital market, the protection of the capital market mechanism and investors' rights, and the promotion of the development of financial innovation. The Insider Trading Interpretation has provided judicial rules about the issues that have confused Chinese enforcement agents, prosecutors, judges and lawyers for a long time, such as the determination of the insider and the actor who illegally obtains the inside information, the presumptions related to and defenses for insider trading, the determination of the criminal amount of the crime of insider trading, etc., even though the rules prescribed by the Insider Trading Interpretation are still obscure, and some important practical issues have not been mentioned by the Insider Trading Interpretation.
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