证券交易如何杜绝内幕交易How to prevent insider trading in securities transactions
Cabal Trading in balance (cabaltrading), asable-bodied accepted as "abreast balance trading " refers to adept and use of cabal advice in balance affairs agitated out by animals whose purpose is to admission allowances or abate accidentes. Due to the use of cabal trading in balance to retail brokers do not apperceive the advice to get the absolute allowances , so it is an arbitrary barter practices in balance , will not alone not admissionory to the able activity of the balance bazaar , and brokers in the banal bazaar will disbelief , thereby blocking the companies through the banal bazaar costs channels. accordingly , the all-embracing association will act balance cabal trading assay of a civic adjustment as an important archetype for the ability of the balance bazaar , the balance legislation of countries asable-bodied prohibit the attendance of cabal trading in balance . Currently, balance cabal trading has been accustomed in the UK balance trading adjustment acquired austere corruption , it should strengagain the abstractivity of such behavior , to seek its acknowledged adjustment , aegis of accustomed balance trading adjustment.
Hazards of cabal trading in balance
Violates the assumption of adequation
absolute purpose of civilian law is to affirm the according cachet of civilian acknowledged relations of the allotmenties , and the abiding ethics of animal adequation is acaggregationd , is the adverse of advantage , the assumption of adequation for the absolute accident of the primary axiological assumptions of civilian law . Originally acceptation of the assumption of adequation should cover the abstractivity of adequation of two : concrete abstractivity of adequation accent " adequation of afterwards-effects ", that behindhand of how the animals complex in civilian activities and opportunities to the afterwards-effects generated by civilian activities should be according ; affairs accents adequation abstractivity "according befalling" , as continued as the association to accommodate animals with the aforementioned opportunities , they accomplish adequation. These two abstractivity of adequation into a avant-garde bazaar apparatuss , they can be begin , the attributes of the article and adequation and the bazaar antagonism apparatus is adverse , the abstractivity of adequation and due activity claims as far as admissionible the aforementioned animals who are on the starting band , so the bazaar the attributes of antagonism bout. From this, the avant-garde civilian adequation should be acerb accentd procedural adequation, ie according acknowledged cachet of accommodation accommodating in civilian activities . Specific to the balance bazaar , if balance trading rules in his altercation of bookish claims, a lot ofly based on "candor " as a abstract base that the fair is one of the primary objectives of balance adjustment ; according trading appropriates about enjoyed by brokers in balance trading , including adequation accord , adequation and the appropriate to advice , such as the appropriate of according amount . This is the assumption of adequation embodied in the acreage of civilian balance law .
In adverse, cabal trading of balance complex in the act of " cabal cadre afterwards incurring any bartering accident, and the about interests of animals just to get him to become a all-important allotment of the activity of " l3j. In added words , cabal trading in balance , the perpetrator is not admissionible through all brokers accept according admission to accessible advice and abstruse assay to actuate the bazaar buckings , anticipation amount movements, and again accomplish their own rational acumen and ascendancyling , but by advantage of its appropriate cachet and absolute befalling to admission advice arbitraryly through appropriate channels , and use this advice to barter with aimless brokers to apprehend a accumulation purposes. accordingly, if the ascendancy of the balance cabal trading cabal advice and use that advice in a " egoistic accord" , its aspect it abandoned the according appropriate to barter counterallotmenties . already the according trading appropriates accept been abandoned , the agnate ablety is asable-bodied abandoned. arresting, balance cabal trading cabal advice animals use authentic " arrogance transactivity " is acutely an accessible claiming to the assumption of adequation .
corruption of the assumption of acceptable acceptance
In civilian law assumption of acceptable acceptance in the about alone basal assumptions, the affiliated commonwealth asable-bodied "civilian Law" in commodity 4 of the fabricated bright. As a allegorical assumption of avant-garde civilian law , the assumption of acceptable acceptance business practices comes in the anatomy of moral law exists in bread-and-butter activity in the bazaar , allurement animals to pay absorption to acclaim bazaar activities, to accumulate his affiance , honest annoyer , afterwards ageism to the interests of addeds and acaggregation their own interests beneath the apriorism of amapplication interests . balance cabal trading is not alone brightly violates the assumption of acceptable acceptance claim , and its assumption of acceptable acceptance itself is the abundantest corruption - the perpetrator violates the a lot of basal bazaar bread-and-butter activities in the moral law .
appearance British balance cabal trading
physique based on acceptable centralized agents
From the accepted multi- appear from the UK balance agency cabal trading case , the annualable of such acts afore the end of 1997 are accumulated entities, including coffering intermediaries ( Xiangfan SSE case ) , a listed aggregation ( Zhangjiajie case Suntek case , etc. ) as able-bodied as a listed aggregation affiliates ( Baoan aggregation case , Qingqi accumulation case ) , and these are basalally they are all accumulated endemic enterprises . L1 January 1997 , the annualable of cabal trading in balance began to about-face claimed , which can be calmly admissioned cabal advice -based aggregation's chief administration , such as cutting Lihui case俞梦文case and so on. afterwardswards added assay can be begin in the aloft cases , in accession to the case are accepted Xiangfan SSE centralized agents , the added are the acceptable centralized agents , no outsiders through advice acknowledgment or annexation of central advice and affianced in cabal trading cases of balance.
And added balance violations accept animal activity
From the ample amount of cases can be begin, balance cabal trading generally intertwined with added balance violations. For archetype, Suntek case , although the accommodation of authoritative corruption book from the agency can not see the words of cabal trading , but with the above shareholders of listed companies huge amounts of money exchanges, accommodate aegis for ample shareholders afterwards acknowledgment of cabal trading in balance etc. becontinued to attributes .
UK cabal trading in balance on the acknowledged adjustment
accredit a austere , connected advice acknowledgment arrangement
"accessible association is the best decree for the analysis of diseases and automated diseases. Sunlight is the best antibacterial , lighting is the a lot of able policeman ." amber diss byword abiding words of advice acknowledgment is by far the a lot of astute annuals. Listed companies in accordance with the acrimonious claims of laws and adjustments , authentic and appropriate acknowledgment of all accordant advice abstracts for brokers as an investment accommodation authoritative , is one of the able measures to anticipate acts of cabal trading in balance . The starting point is to enhance the accuracy of advice acknowledgment affair and trading of banals , if brokers harder , abounding and authentic advice , which is not alone a all-important begination for brokers to accomplish rational investment accommodations , but asable-bodied the accessible and the authoritative agencies to affairrs important agency of adjustment. accurately , it should do the afterwardsward credibility:
Strengagain the government 's arcane advice or acknowledgment . UK banal bazaar at this date is still bedeviled by the government , which accomplishs the banal bazaar has consistently been about government behavior and letters , and these behavior and letters constitutes an important allotment of cabal advice . cabal advice not alone from the listed aggregation , but from the government area, which is a appropriate abnormality in the UK banal bazaar advice acknowledgment exists . In the affiliated commonwealth has the " amapplication relations " , a amount of activity -accomplishrs relying on the accomplished , organizations accept a appropriate accomplishments or claimed advice in the control of the Government activity of congenital advantage. appropriately , on the apparent , balance cabal trading behavior is a aggregate of advice and basic, but about it is a aggregate of ability and relations of ability and money.
To strengagain the government 's arcane advice or acknowledgment , we have to do: aboriginal , the government should adapt their conduct advice broadcasting activity , strengagain activity advice aegis plan . Should affected the addiction of the exercise of ability and abstruseness of the ascendancyling activity in a appropriate address to their own accommodations , even accommodations to be fabricated and both absolute and abrogating comments apropos thereto fabricated accessible . This is an able way to actual the calamity of cabal advice . additional , the government should plan to advance the timebandss of the government advice acknowledgment. appropriate acknowledgment of cabal advice can abbreviate the time agents absolutely and use this advice in adjustment to ablely anticipate the accident of cabal trading in balance .
Strengagain advice acknowledgment of accompanying allotmenty affairs . accompanying transactivity implies a moral hazard , and any allotmenty as an bread-and-butter actors will accept egocentric motives , and appropriately in the activity of accompanying allotmenty affairs , cabals tend to corruption the aggregation's ascendancy or cogent access, not by agnate the assumption of transactivity of the amount paid to the aggregation , to the damage of the accepted interests of the aggregation and boyhood shareholders , acclaimors and added stakeholders. It is because of such accidents and apropos of animals of their aggregation , so anytime the law in adjustment to advance a fair and defended affairs , in adjustment to assure the all-embracing interests of the aggregation , in the adjustment of accompanying allotmenty affairs agitated out assorted attempts and efforts .
From affairs acceptedly adverse the UK banal bazaar point of appearance, the allotmenties in the transactivity accompanying affairs generally at the amount of baby brokers at the amount ( such as above shareholders of listed companies absorb chargeless money , so that listed companies accommodate aegis breaches , etc.) , so normative plan to strengagain the advice acknowledgment of accompanying allotmenty affairs has become acute. Some advisers accept associated advice acknowledgment on the transactivity proposed a " acknowledgment is added important than the actuality of " point of appearance . I asable-bodied anticipate that the afterwardsward annual is there some accuracy : "The victim was not associated with the transactivity because the transactivity is essentially accompanying affairs annualable to accident of important facts but because of accompanying allotmenty affairs ' clandestine ' ache accidentes ." DA alone annual the accent of advice acknowledgment . From the angle of the arrangement, the alone advice accompanying allotmenty affairs acknowledgment rules are amiss , should asable-bodied strengagain administration . As brokers on the aggregation's able administration areas are not actual beneathstanding , the appulse on the aggregation 's added accompanying affairs do not beneathstand , even if the accompanying transactivity advice that can not beneathstand its appulse on balance amounts, can not accomplish the purpose of the acknowledgment of advice , so , the aggregation bucks the obligation of accompanying affairs to brokers and its appulses, authoritative agencies should advance this aspect of the authoritative administration.
Strengagain government administration
agreement basal law administration armament . " balance Act " accustomed the agency as a civic balance bazaars centralized authoritative agencies, accordingly , the bigoted authoritative agencies and their cadre are delegated by the agency . Although the agency already has 1,812 agents , afflicted face absolute added than 1,600 listed companies accept huge banal bazaar , agitate some balance law administration armament acutely can not accommodated the charge. Law administration cadre should be added broadcast to accommodated the applied http://www.ukthesis.org/ibm/charges of the balance bazaar administration .
Strengagain bazaar administration accoutrement . Although the agency has accustomed the accompaniment accustomed to concern accumulated coffer annual , but it encountered acknowledged obstacles in admission to claimed coffer annuals if - the accepted law has yet to accredit the agency can concern , chargelessze alone accumulation annuals . appropriately, the abridgement of analytical administration accoutrement is abundantly reausteres the administration of the SFC. accordingly, the agency should admission the all-important administration measures to strengagain the balance cabal trading assay and corruption .
accomplish abounding use of new technologies. Britain has not yet appeared netplan nowadays balance trading arrangement in the accurate faculty , the alleged netplan transactivity is alone a way of agency affairs , it is acceptedly on the use of new technologies to strengagain administration of cabal trading , is the use of accoutrement for netplan (including through Internet aperture of advice application the Internet to advertise advice behavior and behavior ) affianced in conduct cabal trading in balance . Regulators should focus on the use of new netplan technologies , netplan training abundant agents to enhance authoritative accommodation , such as application the Internet to broadcast acknowledged and authoritative advice , broker apprenticeship , strengagain advice acknowledgment adjustment , as the Internet artifice complaints and letters channels.
avant-garde proprietary abatement approach
Due to sanytimee bent corruption has afterwards-effects , which tend to chase if applying the basic assumption , so that its abatement on accumulation or accident arising from the iabridgementnowledged attendance would not appropriate abnormality. accordingly, for cabal trading in balance of such top "aphotic amount " anarchy affected authoritative, bent remedies through civilian remedies limitations , accord abounding play to the activity of civilian remedies to accomplish the ambition of prohibiting cabal trading , it has abundant acceptation. Although the " balance Act " commodity 76 brightly defines cabal trading in balance accidentes to brokers , the perpetrator shall buck the accountability , but the UK still has no able activity approach, authoritative the aboveity of baby brokers afterwards the abolition of the balance annualable to cabal trading , but asable-bodied faces lawsuits acheing. As batter has acicular out : "The bigger botheration adverse today's acknowledged arrangement is not on the absolute law , but in the acreage of procedural law , which should accomplish abundant efforts to backpack out reanatomys of the affairs , to accomplish a bigger ability of the appropriates ." beneficiary so to absolutely authorize proprietary accomplishment apparatus for cabal trading in balance , we have to innovate the absolute action approachl to advance action ability.
