中国期货内幕交易规制立法现状与完善

The Current Situation and Improvement of the Legislation on the Regulation of Insider Trading in China’s Futures Market

中文关键词:  内幕交易；期货；证券；非公开重大信息；利用未公开信息交易

英文关键词:insider trading; futures; securities; nonpublic material information； trading on non-public information

中文摘要:

      结合期货法立法契机，中国应完善对期货内幕交易“精准打击”的规制立法，改变目前沿袭证券内幕交易规制立法的现状，明确界定证券和期货。通过期货法制定专门条款是克服期货内幕交易立法结构性缺陷的最佳途径。借鉴美国相关立法和监管的经验教训，一方面逐步扩大规制内幕交易在期货领域的适用范围，参考盗用理论校准归责标准，另一方面，证券和期货两个不同市场应适用不同规则，明确期货内幕交易规制立法不会对交易者附加新的信息披露义务。

英文摘要:

      With the process of futures law legislation, China should improve the regulatory legislation for “precise crackdown” on insider trading in futures, change the current situation that follows the regulatory legislation on insider trading in securities, and clearly define the differences between securities and futures. The formulation of a special clause through the futures law is the best way to correct the structural defects of the futures insider trading legislation. With reference of relevant the U.S. legislation and supervision experiences and lessons, on the one hand, the scope of application of the regulation of insider trading in the futures field is gradually expanded, and the theory of misappropriation is also consulted to calibrate the imputation standards. On the other hand, the two different markets of securities and futures should apply different rules to clarify that futures insider trading regulatory legislation will not impose new information disclosure obligations on traders.