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Law Popularization: Insider Trading Related Laws and Regulations
Release time:
2012-10-10
Stay away from insider trading, honest and rational investment!
-- Law Popularization: Insider Trading Related Laws and Regulations
Article 180 of the Criminal Code of 1. (28 February 2009)
Article 180 A person who knows the inside information of securities or futures trading or illegally obtains the inside information of securities or futures trading shall buy or sell the securities, or engage in futures trading related to the inside information, or disclose the information before the issuance of securities, securities or futures trading or other information that has a significant impact on the trading price of securities or futures, or express or imply that others are engaged in the above-mentioned trading activities, if the circumstances are serious, they shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention, and a fine of not less than one time and not more than five times the illegal income; if the circumstances are especially serious, they shall be sentenced to not less than five years Fixed-term imprisonment, and a fine of not less than one time and not more than five times the illegal income. ①
If a unit commits the crime mentioned in the preceding paragraph, it shall be fined, and the persons who are directly in charge and other persons who are directly responsible for the crime shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention.
The scope of insider information and insiders shall be determined in accordance with the provisions of laws and administrative regulations. ②
Employees of financial institutions such as stock exchanges, futures exchanges, securities companies, futures brokerage companies, fund management companies, commercial banks, insurance companies, and staff of relevant regulatory agencies or industry associations, use insider information obtained due to their positions Other undisclosed information, in violation of regulations, engage in securities and futures trading activities related to the information, or express or imply that others are engaged in related trading activities, if the circumstances are serious, he shall be punished in accordance with the provisions of the first paragraph. ③
It was amended in accordance with the (VII) on Amendments to the Criminal Law of the People's Republic of China on February 28, 2009. The provisions of the first paragraph of the original paragraph are as follows: "people who know the inside information of securities and futures trading or those who illegally obtain the inside information of securities and futures trading shall buy or sell the securities, or engage in futures trading related to the inside information, or disclose the information before the issuance of securities, securities, futures trading or other information that has a significant impact on the trading price of securities and futures, if the circumstances are serious, they shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention, and shall also, or shall only, be sentenced to a fine of not less than one time and not more than five times the illegal proceeds; if the circumstances are especially serious, they shall be sentenced to fixed-term imprisonment of not less than five years and not more than one time and not more than five times the illegal proceeds."
Revised in accordance with the the People's Republic of China Criminal Law Amendment Act of December 25, 1999. The original article is as follows: "those who know the insider information of securities trading shall, according to or illegally obtain the insider information of securities trading, buy or sell the securities or divulge the information before the issuance or trading of securities or other information that has a significant impact on the price of securities, if the circumstances are serious, shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention, A fine of not less than one time but not more than five times the illegal income shall also or only be imposed; if the circumstances are especially serious, he shall be sentenced to fixed-term imprisonment of not less than five years but not more than ten years, and a fine of not less than one time but not more than five times the illegal income." If a unit commits the crime mentioned in the preceding paragraph, it shall be fined, and the persons who are directly in charge and other persons who are directly responsible for the crime shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention.
The scope of insider information shall be determined in accordance with the provisions of laws and administrative regulations.
The scope of informed persons shall be determined in accordance with the provisions of laws and administrative regulations.
Note 3 Added in accordance with the the People's Republic of China Amendment (VII) Act of 28 February 2009.
Relevant provisions of the the People's Republic of China Securities Act of 2. (October 27, 2005)
Article 67 When a major event that may have a significant impact on the stock trading price of a listed company occurs and the investor has not yet learned about it, the listed company shall immediately submit an interim report on the major event to the securities regulatory body under the State Council and the stock exchange, and make a public announcement, stating the cause, current status and possible legal consequences of the event.
The following circumstances are the major events mentioned in the preceding paragraph:
(I) major changes in the company's business policies and business scope;
Decisions to (II) the company's major investment activities and major property acquisitions;
(III) the company enters into important contracts, which may have a significant impact on the company's assets, liabilities, equity and operating results;
(IV) the default of the company's material debts and failure to pay off the material debts due;
The (V) company suffers a major loss or loss;
(VI) significant changes in the external conditions of the company's production and operation;
There is a change in the directors, 1/3 or more supervisors or managers of the (VII) company;
(VIII) shareholders or actual controllers who hold more than 5% of the company's shares, their holding of shares or control of the company changes significantly;
Decisions (IX) capital reduction, merger, division, dissolution and bankruptcy filing of the company;
(X) major litigation involving the company, the resolutions of the general meeting of shareholders and the board of directors are revoked or declared invalid according to law;
(11) The company's suspected crimes are filed for investigation by the judicial organs, and the company's directors, supervisors, and senior managers are suspected of crimes by the judicial organs to take compulsory measures;
(12) Other matters as prescribed by the securities regulatory authority under the State Council.
Article 73 Insiders of securities trading insider information and persons who illegally obtain insider information are prohibited from using insider information to engage in securities trading activities.
Article 74 Insiders of inside information on securities trading shall include:
(I) directors, supervisors and senior managers of the issuer;
(II) shareholders holding more than 5% shares of the company and their directors, supervisors and senior managers, the actual controller of the company and its directors, supervisors and senior managers;
The company controlled by the (III) issuer and its directors, supervisors and senior managers;
(IV) who have access to insider information about the Company by virtue of their position in the Company;
(V) the staff of the securities regulatory body and other personnel who manage the issuance and trading of securities due to their statutory duties;
Relevant personnel of (VI) sponsors, underwriting securities companies, stock exchanges, securities registration and settlement institutions, and securities service institutions;
(VII) other persons as prescribed by the securities regulatory authority under the State Council.
Article 75 In securities trading activities, information that involves the company's operations, finances or has a significant impact on the market price of the company's securities that has not yet been made public shall be inside information.
The following information is insider information:
(I) the major events listed in paragraph 2 of Article 67 of this Law;
(II) the company's plan to distribute dividends or increase capital;
significant changes in the shareholding structure of (III) companies;
(IV) material changes to the Company's debt guarantees;
(V) the mortgage, sale or scrapping of the company's main assets for business use exceeds the 30% of the assets at one time;
The directors, supervisors and senior managers of the (VI) company may be liable for major damages in accordance with the law;
relevant plans for the acquisition of (VII) listed companies;
(VIII) other important information determined by the securities regulatory authority under the State Council to have a significant impact on the trading prices of securities.
Article 76 Insiders of insider information in securities trading and persons who illegally obtain insider information shall not buy or sell the securities of the company, or disclose the information, or suggest others to buy or sell the securities before the insider information is made public.
Where this Law provides otherwise for the acquisition of shares of a listed company by natural persons, legal persons or other organizations that hold or jointly hold more than 5% of the shares of the company with others through agreements or other arrangements, the provisions of this Law shall apply.
If insider trading causes losses to investors, the perpetrator shall be liable for compensation in accordance with the law.
Article 202 Anyone who knows or illegally obtains insider information in securities trading, before the issuance or trading of securities or other information that has a significant impact on the price of securities is disclosed, buys or sells the securities, or discloses the information, or recommends others to buy or sell the securities, shall be ordered to deal with the illegally held securities in accordance with the law, confiscate the illegal income, and impose a fine of one to five times the illegal income; if there is no illegal income or the illegal income is less than 30,000 yuan, a fine of 30,000 yuan to 600,000 yuan shall be imposed. If a unit engages in insider trading, it shall also give a warning to the person in charge and other persons directly responsible, and impose a fine of not less than 30,000 yuan but not more than 300,000 yuan.
A staff member of a securities regulatory body who engages in insider trading shall be given a heavier punishment.
Article 232 If a person violates the provisions of this Law and shall bear civil liability for compensation and pay fines or penalties, but his property is insufficient to pay at the same time, he shall bear civil liability for compensation first.
Article 234 All fines and illegal income confiscated in accordance with this Law shall be turned over to the State Treasury.
Relevant provisions of the Regulations on the Administration of Futures Trading in 3. (March 6, 2007)
Article 3 The principles of openness, fairness, impartiality and good faith shall be followed in engaging in futures trading activities. Fraud, insider trading and manipulation of futures trading prices are prohibited.
Article 73 If an insider of the inside information of futures trading or a person who illegally obtains the inside information of futures trading uses the inside information to engage in futures trading before the information that has a significant impact on the futures trading price is made public, or divulges the inside information to others, so that others use the inside information to conduct futures trading, the illegal income shall be confiscated and a fine of not less than 1 time but not more than 5 times the illegal income shall be imposed; if there is no illegal income or the illegal income is less than 100000 yuan, a fine of 100000 yuan to 500000 yuan shall be imposed. If a unit engages in insider trading, it shall also give a warning to the person in charge and other responsible persons directly responsible and impose a fine of 30000 yuan to 300000 yuan.
Staff members of the futures regulatory agency of the State Council, the futures exchange and the futures margin security depository monitoring agency who engage in insider trading shall be severely punished.
4. the relevant provisions of the Notice of the Supreme People's Procuratorate and the Ministry of Public Security on Issuing the Supplementary Provisions of the Supreme People's Procuratorate and the Ministry of Public Security on the Prosecution Standards for Economic Crime Cases (March 5, 2008)
Case of (III) insider trading and divulging inside information (Article 180 of the Criminal Law)
A person or unit with knowledge of insider information on securities or futures trading, or a person or unit that illegally obtains insider information on securities or futures trading, before the issuance of securities, securities, futures trading or other information that has a significant impact on the price of securities or futures trading has not been made public, Buy or sell the securities, or engage in futures trading related to the insider information, or disclose the information, suspected of one of the following circumstances, shall be pursued:
1. Buying or selling securities, or disclosing inside information to cause others to buy or sell securities, with a cumulative turnover of more than 500,000 yuan;
2. Buying or selling futures contracts, or disclosing inside information to cause others to buy or sell futures contracts, occupying a margin of more than 300,000 yuan;
3. The cumulative amount of profits or avoided losses is more than 150,000 yuan;
4. repeatedly conducting insider trading or divulging inside information;
5. There are other serious circumstances.
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