中国过于宽泛的内幕交易执法制度 - 立法授权和监管机构实践 (China's Overbroad Insider Trading Enforcement Regime -- Statutory Authorization and Agency Practice)

Abstract

The English version of this article can be found at: ssrn.com/abstract=2007287

Chinese Abstract: 本文是对一介绍中华人民共和国内幕交易的法律和现实中中国国内资本市场打击内幕交易的执法行动的英文章节的中文译本。本章着重于中国证券监管者根据内部监管指引所创立的极其宽泛的内幕交易责任范围。 其范围明显背离2006 年中国证券法所禁止的狭窄的内幕交易范围。尽管证券法了建立一个相对狭窄的传统/诚信义务和非法获取责任理论的组合，监管机构 指引在正式文本和实际应用中都确保交易者对在仅仅拥有内幕信息时进行交易负有责任。本文以 对这一问题对中国本身不断增长的资本市场及其监管和其作为全球市场一部分的意义的思考作为结论。 英文原文 （"Punishing Possession - China's All-Embracing Insider Trading Enforcement Regime"）发表于"Research Handbook On Insider Trading", Edward Elgar Publishing, Northampton, MA, Research Handbooks in Corporate Law and Governance, 327-46 (Stephen Bainbridge, ed., 2013).

English Abstract: Chinese translation of an English language chapter that presents a general introduction to the law of insider trading in the People's Republic of China, and the reality of enforcement against insider trading in China's domestic capital markets. The chapter focuses on the extremely broad scope of insider trading liability created under internal administrative guidance formulated by the Chinese securities regulator, which departs significantly from the more narrowly-drawn insider trading prohibition established in China's 2006 Securities Law. Although the statute establishes a relatively narrow combination of the classical/fiduciary duty plus misappropriation theories for liability, the agency guidance -- formally and in application -- assures liability for trading when merely in possession of inside information. The paper concludes with a meditation on what this problem might mean for China's growing capital markets and regulation of them, in isolation and as those markets become ever more integrated with global markets. The original English version of the writing was published as "Punishing Possession - China's All-Embracing Insider Trading Enforcement Regime" in "Research Handbook On Insider Trading", Edward Elgar Publishing, Northampton, MA, Research Handbooks in Corporate Law and Governance, 327-46 (Stephen Bainbridge, ed., 2013).

Note: Downloadable document is in Chinese.

Keywords: insider trading, securities regulation, China, PRC, corporate law, fiduciary duty, misappropriation

JEL Classification: K14, K33, M14, N20, N25, P34