The inside information of the director's leakage was sentenced to "key minority" to sound the alarm clock

The efficiency of the capital market supervision law enforcement has continued to improve. Recently, in a group of typical cases issued by the Supreme People's Procuratorate, a case of securities crime has aroused the attention of the industry: a company's secretary will leak the company's plan to mergers and acquisitions with a listed company to friends, and friends buy the listing. After the company's shares were sold and lost money, the two were punished by administrative penalties for leaking inside information and conducting insider transactions. They were also punished by criminal punishment and were sentenced to 2 years.

The author believes that this case has sounded the alarm of insider inside information, and the punishment of insider transactions will not change the punishment due to the profit and loss of the transaction. For this behavior of disturbing the market order The inside information people are also insider trading, and they will pay a painful price for their actions.

Instead of insider trading is a tumor in the securities market. Insiders inside information insider uses the advantages of information asymmetry and earns improper income in the market by obtaining inside information in advance, which not only damages other investors in the market. Legal interests have also destroyed the order of market fair transactions, and become a "sinking illness" that affects the healthy development of the securities market.

Therefore, cracking down on insider transactions has always been the focus of inspection and law enforcement. In recent years, the regulatory authorities have continued to improve the comprehensive prevention and control of insider transactions from the system. At the same time, from the aspects of laws and regulations, it has continuously increased its strikes on insider transactions, and the strikes and prevention and control of insider trading have achieved remarkable results. According to data from the CSRC, the number of cases declined for three consecutive years from 2021 to deal with insider transactions in 2021.

Although the number of insider trading cases has declined, it is worth noting that key links are still prominent. From the data of the insider trading in 2021, inside the screen transaction case involving major capital operation information such as mergers and acquisitions, new shares, and changes in control of the control rights accounts for 64%; from the perspective of the subject of the incident, the insider trading and leak inside information of the legal information inside information About 60 %, the proportion of the crime is still higher.

The author believes that in the future, in terms of prevention and control insider trading, they can focus on two aspects.

On the one hand, keeping close attention to the "key minority" and continuously enhance the "key minority" compliance awareness. The "key minority" is in the company's key positions and key links. It is the first insider information person. Therefore, to prevent insider trading behavior, you must first keep an eye on the "key minority" of major shareholders, actual controllers, and directors of directors. Do the inside information prevention and control work.

In February 2021, the CSRC issued the "Regulations on the Registration and Management System of Internal Information Inside Information Inspection and Internal Information of Listed Companies", which further regulates the registration and reporting behavior of insider information insiders of listed companies, and enhanced the awareness of the inside transactions of listed companies and related parties. Provide institutional guarantees to prevent and crack down on insider trading behaviors.

On the other hand, it continues to increase its blows and punishment for insider transactions to improve legal deterrence. Treatment of chaos must be used. Camping insider transactions must increase penalties from the legal level, which plays a deterrent role in illegal and violated.

At present, the new "Securities Law" has raised the punishment standard of insider transactions from the original "no penalty five" to "no fine ten", and also expanded the scope of inside information insider and inside information matters, which strengthened the inside story. Legal liability for transactions. "Criminal Law Amendment (11)" has also further strengthened criminal liability for "key minority" such as controlling shareholders and actual controllers, and increased punishment for criminal behavior in the capital market.

The severe law is the strongest deterrent to insider traders, and insisting on strictly cracking down on it, the attitude of law enforcement will never be prone to inside the insider.

At present, in the process of solidly promoting the reform of the registration system, it is necessary to ensure the smooth implementation of the reform of the registration system with severe punishment. The law enforcement situation escorts the reform of the registration system.

(Editor in charge: Wang Qingyu)

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