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Supreme People's Court passes legal definition of insider trading
By Louise Ho |
May 11, 2012, Friday
|
Online Edition
Online Edition
THE Supreme People's Court has passed a legal definition of insider trading but still needs to run some procedures before it takes effect, China Business News reported today, citing an official from the Enforcement Bureau at the China Securities Regulatory Commission.
Insider trading is the illegal practice of trading on a stock exchange to one's own advantage through having access to confidential information. It can also involve helping others trade a stock based on such inside information.
Verifying evidence is always difficult in an insider trading investigation. In most cases, the official said, suspects deny they are involved.
"The legal definition by the supreme court will provide us with a strong support to crack down on insider trading," the official was quoted by the report as saying.
The report didn't give any indication of when the definition would come into effect.
This year, the securities regulator has reported 10 cases where regulations were violated to the police for criminal investigation. The regulator announced details of four of the 10 cases to the public on Thursday.
One of the cases involved Li Liming, former initial public offerings sponsor at China Merchants Securities, who was found to have violated sponsor regulations and embezzled 30 million yuan (US$4.74 million) from his own firm from 2008 to 2011.
Insider trading is the illegal practice of trading on a stock exchange to one's own advantage through having access to confidential information. It can also involve helping others trade a stock based on such inside information.
Verifying evidence is always difficult in an insider trading investigation. In most cases, the official said, suspects deny they are involved.
"The legal definition by the supreme court will provide us with a strong support to crack down on insider trading," the official was quoted by the report as saying.
The report didn't give any indication of when the definition would come into effect.
This year, the securities regulator has reported 10 cases where regulations were violated to the police for criminal investigation. The regulator announced details of four of the 10 cases to the public on Thursday.
One of the cases involved Li Liming, former initial public offerings sponsor at China Merchants Securities, who was found to have violated sponsor regulations and embezzled 30 million yuan (US$4.74 million) from his own firm from 2008 to 2011.
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