期货市场内幕交易犯罪的机理解构与刑法规制

Mechanism Deconstruction and Criminal Regulation of Insider Trading in Futures Markets

在资本市场犯罪“零容忍”背景下,期货市场内幕交易犯罪法律规制实践,应当紧密契合当前落实《期货和衍生品法》的现实需要,深度分析期货市场内幕交易犯罪“零规制”的法律文本原因及相关执法司法疑难问题,协调反思刑法规范的适用性障碍,重新审视内幕交易犯罪司法解释的具体规则,从市场与制度、金融与法律、期货法与刑法、行政监管与刑事司法等多维度互为贯通的角度,针对期货市场内幕交易犯罪的金融机理以及刑法规制的新问题新情况,在期货内幕信息、知情人员、期货市场内幕交易行为界限等方面,进行立法完善与司法规则优化。

The criminal regulation of insider trading in futures market should adhere to the real needs of the legislation of the Futures and Derivatives Act under the background of Zero Tolerance Policy of capital market crime. It is indispensable to analyze the reasons of zero regulation underlying legal contexts and enforcement difficulties, rethink the practical obstacles of criminal doctrines, as well as reconsider the specific judicial rules of criminal insider trading. The legislative and judicial rules of insider trading in futures markets should be optimized on the aspects of inside information, insiders, and insider trading behaviors, which are accurately targeted on the real financial mechanism and new developments of criminal regulation, from the perspectives of market and regulation, finance and law, futures market law and criminal law, as well as administrative regulation and judicial practice.