Abstract:

 Based on the data collected from insider trading cases of all notices of penalties issued by the China Securities Regulatory Commission and court decisions from 1998 to 2016, this paper analyzes the main characteristics of China’s insider trading cases and the loopholes in the regulatory mechanism in terms of the subjects of insider trading, the definition of insider information, administrative punishments of insider trading, types of accountability and efficiency of regulatory enforcement. In recent years, China’s insider trading cases have grown rapidly, among which “company insiders” are mainly involved, “the subjects with illegal access to insider information” has increased dramatically, and acquisitions and reorganizations are the “hardest hit” area for insider trading. However, cases of inside trading are accompanied by low probability of discovery, long period of enforcement and less severe punishments on the whole, most of which fall to administrative penalties, few to criminal punishment, and rare to civil liability. Therefore, it is essential to perfect related legal systems as soon as possible to handle cases of insider trading, and expand the probability of exposure and the extent of punishments.
Key words：

Key words:  , insider information｜ the subjects of insider trading｜ administrative punishment｜ criminal punishment｜ civil litigation