First of all, the new Securities Law has expanded the scope of inside information. For example, the company's major asset changes within one year, the company provides major guarantees or engages in related party transactions, the chairman or manager is unable to perform his duties, and "the company plans to pay dividends and increase capital, and the company's shareholding structure has undergone important changes" are all within the scope of insider information. In addition, "major events that may have a greater impact on the bond trading price of listed trading companies" have also been included in the scope of insider information. Compared with the original provisions, the new Securities Law has expanded the scope of insider information, which shows that the identification of insider trading is becoming more and more strict.
Second, the new Securities Law has expanded the scope of insider information. Among them, "issuer; The company actually controlled by the issuer and its directors, supervisors and senior managers; People who can get inside information of the company because of their business dealings with the company; Buyers of listed companies or major asset trading parties and their controlling shareholders, actual controllers, directors, supervisors and senior managers are all included in the scope of legal insider information. Insider trading is difficult to prove in practice. The new securities law expands the scope of insider information at the subject level, responds to the identification problem in the supervision practice, and is conducive to lowering the threshold for the supervision department to identify insider trading.
Third, the new securities law aggravates the legal responsibility of insider trading and increases the illegal cost. The new securities law increases the fine for insider trading from 1 times to 5 times of illegal income to 1 times to 10 times; If there is no illegal income or the illegal income is less than 500,000 yuan, the fine amount will be raised to 500,000 to 5 million yuan, while the original fine amount under the corresponding circumstances is only 30,000 to 600,000 yuan; For units engaged in insider trading, the amount of fines imposed on directly responsible personnel in charge and other directly responsible personnel will be increased from 30,000 to 300,000 yuan to 200,000 to 2 million yuan. The new Securities Law increases the multiple and amount of fines, which is conducive to curbing insider trading.
Insider trading cases are bizarre, diverse, secretive and complex, and their judgments need the organic combination of legal application and fact finding. However, finding certainty in uncertainty is the charm of law and the source of power for the continuous improvement and progress of law. It is believed that the perfection of the regulation of insider trading in the new Securities Law will play a positive role in solving the identification problem of insider trading, protecting the legitimate rights and interests of investors and realizing institutional justice.