129765260870468750_9Judicial interpretation of insider trading is about to put the burden of proof is a breakthrough
Cases of ankylosis of the green earth
tera gold, is the characterization of current securities law violation case subsequent judicial sentence there is a bottleneck in miniature. Reporters from regulators about the latest news from the show, 2011 buzz market at the end of the biggest scale "scalp" market manipulation – Hanson in the Guangdong case has stalled. Removal of the investigations by the SFC after the Ministry of public security, local police departments had completed primaryEvidence gathering. But the case has yet to review proceedings, interested parties also failed to take coercive measures. In addition, the insider faced administrative investigations and subsequent judicial nature of the case and the sentence, then to the linkage of securities civil compensation for bottlenecks. Published by the Commission investigate and deal with cases of insider trading cases seen in recent years, since the beginning of 2008, Commission onClues to verify on the basis of total 153 investigation of insider trading cases, of which transferred to judicial organs for criminal insider trading case 39, is still a large gap between the two. From release to market manipulation, fraud and insider trading violations, are under investigation and cooperation among public security organs to promote administrative bottlenecks. Now first of all by the existingDecisions of the legal system, due to related provisions of the law on violations in the field of security is relatively backward, as the market develops, new features of the case with the existing legal provisions of principle, a far cry from the. Insider trading, for example, the Securities Act, the 73rd article, subject of insider securities insider trading insider information and get insider information about illegal,Lieutenant in the 74th and inside information insiders as issuer executives in six of the content and "others in the securities regulatory body under the State Council" reveal all the details of the terms. However, a regulator who told reporters that, after combat, insider now to pass information
tera gold, inside information insiders directly using the names of individuals engaged in insider trading of such directManual has very few. He said, intermediate involve insider information from insiders access to third party information, insider knowledge of relatives and friends, but they are not obtained by illegal means, which means that no two insider trading of the Securities Act, belong to the inside information of "aware". This generated a lot of subsequent judicial accountabilityThe difficulty these regulators who described to reporters a example: investigate an insider trading case involving the couple, the Court sentenced the husband is Insider Insider, wife get insider information who is illegal. But they are spouses, there is a problem of illegal means to get to? Other involved subjects defined by the Securities and stock market insider trading insiderTransactions identified guidelines (trial) and highest in 2011 on the trial, issued a stock summary of Forum on some problems of evidence for administrative punishment cases (hereinafter referred to as "the minutes"), both expanded explanation of insider trading. Former insider trading subject to do the expansion explains, inside information insiders also include "by the performance of work duties Gets the inside storyPerson information "also includes those natural persons such as spouses, parents, children, outside the scope of which in addition to the above, require a person with inside information insiders have close relations, insider information and insider information before the public insiders or illegal access to insider information of the person to contact, contact persons, identified as insider information know people. However, the two provisions in the legal writing position usingLower, therefore, SFC is associated with multiple departments to jointly promote security violations of judicial interpretation, has been more than two years. Regulators said the Supreme Law and judicial interpretation of the Supreme People's Procuratorate on insider trading will be published, two points or for the identification of the Insider range and breakthrough in the problem of the burden of proof. These sources, for the insiderJudicial interpretation, is expected to expand the scope of insider, with the exception of inside information insiders and gain inside information insiders outside, inside information it knows people will also be included.
Another breakthrough in the problem of the burden of proof. After the Supreme Court issued the summary, when determining the allocation of burden of proof rule, taking into account the particularities of the securities violations, should not be taken by the AdministrationAuthorities bear all the illegal distribution of the burden of proof, adhere to the basic principle of burden of proof by gaofu next, will be part of the appropriate distribution and transfer the burden of proof of the fact; at the same time taking into account the diversity of securities violations, different types of violations of the burden of proof allocation between the regulators and private parties should not adopt the same model
tera power leveling, but the type of proof ofResponsibility distribution. Therefore, the summary of the provisions on the burden of proof, take the combination of summary and list of ways, namely, the General provisions of regulatory authorities bear the main burden of proof of the fact, in identifying specific violations of rules, due to the plaintiffs, third party distribution and transfer of part of the burden of proof of the fact. The provisions out of the minutes of the burden of proof, is likely toJudicial interpretation reflected in the upcoming insider trading. Reporters from regulators to be displayed, on the expansion of the rat warehouse identification, market manipulation practices recognized by judicial interpretation is still promoting the change.
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