Insider trading or hard to escape criminal liability of the original chairman

April 13, 2010, the China Securities Regulatory Commission announced the original chairman of the Shangiji shares in the suspected insider trading fines of 50,000 yuan administrative penalty. After the remainder of the month, May 18, the Supreme People's Procuratorate, the Ministry of Public Security issued by the Supreme People's Procuratorate, the Ministry of Public Security on the criminal cases under the jurisdiction of the Prosecution Standards (ii), clear the manipulation of the securities market and insider trading Standards for prosecution, the use of non-public information for trading　　Securities trading turnover of more than 500,000 yuan, profit or avoid losses accumulated in more than 150,000 yuan in any case will be filed for prosecution, and the People's Daily has been a five-story sword refers to insider trading in the stock market.　　On this basis, the original chairman of the large shares has been punished suspected insider trading can be prosecuted?　　The position of the illegal profit of more than 770,000 Yuan learned, prior to the disclosure of insider information, the original chairman of the company Shangiji in the knowledge of information, through its actual control and use of other people's accounts, the purchase of "big into shares" shares, the SFC found that its insider trading behavior was established in recent days to give it a penalty of 50,000 yuan. After the SFC identified, May 31, 2006, the large shares and Sinochem group wholly-owned subsidiary of China Chemical Agrochemical Corporation to negotiate, the two sides signed a framework agreement on asset restructuring, the Zibo Municipal Bureau of Finance will be held in all the national shares of the state-owned assets of the transfer to the peasant.　　Later, in the actual implementation of the agreement, for various reasons, the two sides to implement the agreement is not in place.　　On the following August 23, 2007, the Chinese agricultural means of production group and the Zibo Financial Bureau (large into the shareholders at the time of the controlling shareholder) to negotiate, preliminarily reached the agricultural capital to buy large shares of the state-owned shares of the principle. Only on the second day after the agreement was reached, the company became a stock-trading company and reported to SSE the Zibo government's reorganization intentions.　　August 27, the big into shares continue to trading, 28th, suspension, 29th, the company issued a notice, said recently received the holding shareholder Zibo Finance Bureau notice, to terminate with the middle-peasant signed the "Shandong Grand Chemical Co., Ltd. Assets Reorganization Agreement", preliminary decision and the implementation of assets reorganization of agricultural materials.　　And is in these two times the reorganization negotiation and the agreement sign announces, Shangiji uses own control "the Wang So-and-so" account, frequently enters into the big stock shares, illegally accumulates the profit 770,000 yuan. Through the SFC investigation, we understand clearly that Shangiji, as chairman of the company, participates in the liaison, communication, consultation and decision making of the two major reorganization activities, and knows the progress of the reorganization matters, which belongs to insider information, and it knows insider information, The purchase of a large stock in a separate account by its actual control and use of other accounts constitutes insider trading.　　The so-called, Tun, unfortunately this transaction belongs to ill-gotten gains. Criminal liability for prosecution becomes possible according to the Supreme People's Procuratorate and the Ministry of Public Security issued by May 18 The Supreme People's Procuratorate, the Ministry of Public Security of the criminal jurisdictionThe provisions of the prosecution standard for Case cases (ii), the manipulation of securities market and insider trading of the object of prosecution for the use of non-public information to engage in transactions, securities trading turnover accumulated more than 500,000 yuan.　　In the case of the insider trading, insider trading is more than 770,000 yuan, can this be applied to the formation of the prosecution? "From the new regulations issued on May 18, the large shares must be the standard of prosecution." A legal person who declined to be named said to the securities daily, "but the general law is bound by the date of enactment and the subsequent case." "It can be seen that the original chairman of the large shares in the new rules seems to have no retroactive conditions."　　However, according to the reporter verified that the new regulations before the introduction of the corresponding laws and regulations to restrain such cases. According to the High-level Inspection Council [2008]2-issued the "Supreme People's Procuratorate Ministry of Public Security on economic crime Prosecution standards supplementary Provisions" of the third, in 5 cases of insider dealing, disclosure of insider information (180th of the Penal Code), as long as one of the cases is suspected, it should be prosecuted: buy or sell securities,　　or disclose insider information so that other people buy or sell securities, turnover accumulated in more than 500,000 yuan, profit or avoid losses accumulated in the amount of more than 150,000 yuan. Although the original chairman of the company's case in the time is not suitable for the new rules, but "in accordance with the 08 high inspection of the prosecution regulations, insider trading accumulated profit of 150,000 yuan will be filed for prosecution, and large into the insider trading profit has reached more than 770,000 yuan." According to this standard of prosecution, criminal responsibility should be investigated. The legal person finally said to reporters.