Editor's note: In recent years, relevant state departments have intensified their crackdown on insider trading crimes. In order to ensure that there are laws to follow, relevant state departments have promulgated many laws and regulations related to insider trading crimes. In order to protect the majority of investors and increase their legal awareness of self-protection and protection of their own legal rights and interests, we have sorted out the relevant laws and regulations related to insider trading crimes, hoping to help investors learn, understand and use the law.

1. "Securities Law of the People's Republic of China"

Article 73 　 Insiders of securities trading insider information and those who illegally obtain insider information are prohibited from using inside information to engage in securities trading activities.

Article 75 　In securities trading activities, information that involves the company's operations, finances, or has a significant impact on the market price of the company's securities, which has not yet been made public, is inside information.

The following information is inside information:

(1) Major events listed in the second paragraph of Article 67 of this Law;

(2) The company's plan to distribute dividends or increase capital;

(3) Significant changes in the company’s equity structure;

(4) Major changes to the company’s debt guarantee;

(5) Mortgage, sale or retirement of the company’s main business assets exceeds 30% of the assets at a time;

(6) The acts of the company's directors, supervisors, and senior managers may be liable for major damages in accordance with the law;

(7) Relevant plans for the acquisition of listed companies;

(8) Other important information recognized by the State Council’s securities regulatory agency that has a significant impact on securities transaction prices.

Article 76 　 Insiders of securities trading insider information and those who illegally obtain insider information shall not buy or sell the company’s securities, or disclose the information, or advise others to buy or sell the securities before the insider information is disclosed.

Natural persons, legal persons, or other organizations that hold or jointly hold more than 5% of the company's shares through agreements or other arrangements with others to purchase shares of listed companies, where otherwise provided in this law, shall apply.

If insider trading causes losses to investors, the perpetrator shall be liable for compensation in accordance with the law.

Article 202: Insiders of securities trading insider information or persons who illegally obtain inside information shall buy or sell securities or disclose the information before the issuance, trading of securities or other information that has a significant impact on the price of securities is disclosed. , Or advise others to buy or sell the securities, shall be ordered to deal with illegally held securities in accordance with the law, the illegal income shall be confiscated, and a fine of one to five times the illegal income shall be imposed; if there is no illegal income or the illegal income is less than 30,000 yuan, a penalty of 30,000 yuan A fine of not less than RMB 600,000. Where an entity engages in insider trading, it shall also give a warning to the directly responsible person in charge and other directly responsible persons, and impose a fine of 30,000 yuan up to 300,000 yuan. Insider trading conducted by the staff of the securities regulatory agency

2. "Criminal Law of the People's Republic of China"

Article 180 Persons with inside information on securities transactions or persons who illegally obtain inside information on securities transactions shall buy or sell before the issuance and trading of securities or other information that has a significant impact on the price of securities has been made public. The securities, or the disclosure of the information, where the circumstances are serious, shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention, and a fine of one to five times the illegal gains concurrently or separately; where the circumstances are particularly serious, to fixed-term imprisonment of not less than five years but not more than ten years , And impose a fine of more than one time and less than five times the illegal income.

If a unit commits the crime mentioned in the preceding paragraph, the unit shall be fined, and the person in charge and other persons directly responsible shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention.

3. "The Provisions of the Supreme People's Procuratorate and the Ministry of Public Security on the Prosecution Standards of Criminal Cases Under the Jurisdiction of Public Security Organs (2)"

Article 35: Persons and entities who know the inside information of securities and futures transactions, or persons or entities who illegally obtain inside information of securities and futures transactions, are involved in the issuance of securities, securities, futures transactions or other matters that have a significant impact on the prices of securities and futures transactions. Before the information affected has been made public, buying or selling the securities, or engaging in futures transactions related to the inside information, or divulging the information, or expressly or implying that others are engaged in the above-mentioned trading activities, shall be subject to any of the following circumstances Prosecution:

(1) The cumulative turnover of securities transactions is more than 500,000 yuan;

(2) The amount of margin occupied by futures trading is more than 300,000 yuan;

(3) The accumulated profit or avoided loss is more than 150,000 yuan;

(4) Repeated insider trading and leaked inside information;

(5) Other serious circumstances.