跨境内幕交易与市场操纵:典型案例与执法策略

Cross-border Insider Trading and Market Manipulation: Typical Cases and Enforcement Strategies

20世纪80年代以来,以跨境内幕交易和市场操纵为典型的证券市场不当行为出现了一些新特征。美国、英国、澳大利亚和德国等国的市场监管机构采取了积极措施应对跨境违法活动,包括扩大违法犯罪活动线索来源、丰富调查执法措施和手段、善用境外监管机构监管资源、明示本国证券法域外管辖权等。在当前国内证券市场对外开放步伐日渐加快的背景下,这些有益经验和做法值得吸收和借鉴,有必要推动不当行为认定标准趋同、适当拓展证券法的域外适用、完善证券跨境执法合作协调,强化交易所一线监管职能。

Since the 1980 s, there have been a series of new changes in the global securities market. Market misconduct, such as cross-border insider trading and market manipulation, also has some new features. Securities regulators in the U.S, UK Australia and Germany have taken active measures to deal with cross-border illegal activities. These measures include expanding the sources of clues to illegal activities, enriching the means of law enforcement, utilizing the regulatory resources of overseas regulators, and clarifying the extraterritorial jurisdiction of domestic securities laws. At present, the domestic securities marke is opening up more and more rapidly. These beneficial experiences and practices are worth learning from. It is necessary for us to promote convergence of standards for the identification of improper conduct in China and abroad, appropriately expand the extraterritorial application of securities law, improve cross-border law enforcement cooperation and coordination, and strengthen the first-line supervision of exchanges.