| Zhang Shu Yu Yong's wife, Department of State, | | | | significant economic harm. From an international |
| in the present case, Zhang Shu Yu at home to | | | | legal practice, particularly in the case of the United |
| hear the case, the phone with people talking | | | | States, securities transactions of corrections to |
| about the insider information, albeit passively, by | | | | insider information disclosure from the law of |
| chance learned and actually has become inside | | | | contract, tort, the transition to the corporate law, |
| information, insider trading, non-disclosure cannot | | | | securities law or criminal law, after a span of |
| and does not recommend others to buying the | | | | approximately 20 years. The rapid economic |
| "three". But the case for Zhang Shu Yu accident | | | | development in our country, the transitions much |
| was informed of the specific conduct | | | | faster. |
| administrative punishment, is the first law | | | | On the interpretation of the "fault", currently has |
| enforcement practice of the Commission. In the | | | | rejected the pure results on or consciousness on |
| Securities Act, insider trading, including two types | | | | the trend. For negligent acts deemed to refer to |
| of people, that is, inside information, the official | | | | the perpetrator of a duty of confidentiality, |
| and illicit access to insider information. For inside | | | | breach of the duty, foreseeable physical and legal |
| information, insider make legal provisions cited, and | | | | consequences, as well as losses. Therefore, the |
| also set the transparency to enable the | | | | determination of the condition, is reasonable. "Illicit |
| Commission to require of others. For illicit access | | | | access to inside information" of responsibility, the |
| to inside information, the securities Act Replica | | | | differences in surviving. Because normally don't |
| Watches does not clearly stipulate that mainly | | | | think secrecy, and would not be contrary to the |
| refers to the eavesdropping through theft, and | | | | obligation of confidentiality. US case law tends to |
| other illegal acts get insider information. But in | | | | think, passive gets inside information, for additional |
| practice, was not "either/or". In the above two | | | | confidentiality obligations the automatic exposure |
| kinds of people in the Middle, there is supervision | | | | with insider's confidentiality obligations. However, |
| of grey areas, namely, by chance learned inside | | | | the premise is that the passive person and insider |
| information. As Zhang Shu Yu, neither upon | | | | disclosure obtained will have a special relationship, |
| channel to take illegal means sounded, but | | | | such as relatives, friends, etc. Zhang Shu Yu |
| inadvertently passively hear the message. | | | | Yong's spouse is the condition, the Commission |
| In this case, it is understood that, at present, | | | | finds that it is reasonable. In fact, according to the |
| whether criminal or administrative penalties, are | | | | "inadvertent negligence" to disclose inside |
| the difficulties law enforcement, on a theoretically | | | | information about conduct that is also made for |
| have not yet reached a unified view. However, | | | | the first time the Commission enforcement |
| despite the fact that the various sectors in terms | | | | attempts. This reporter has learned that in |
| of how to define a different point of view, but a | | | | advance, as there was no evidence of Tiffany |
| variety of viewpoints are advocating: unexpected | | | | Jewelry intentional breach of conditions, relating to |
| passive informed inside information also have a | | | | information on how to identify the case once the |
| duty of confidentiality shall not use the inside Fake | | | | sector was very difficult. Prior to that of many |
| Watches information for the transaction. From the | | | | law enforcement practice also shows that, in |
| legislative purpose of the Securities Act, any | | | | reality, due to objective conditions, by |
| person who have inside information, shall be | | | | administrative means prove that deliberately |
| disclosed, the sale shall be recommended to | | | | leaked very difficult. Typically, clients will |
| others, nor shall their trading stocks. In addition, | | | | accidentally leaked by the hook. |
| the Commission has also been published corporate | | | | By contrast, the difficulty of proof of fault |
| disclosure management approach requires that | | | | exposure is relatively low. Therefore, the |
| any person who knows the insider information, | | | | disclosure is extended to fault, which helps to |
| we adhere to the "three" principle. | | | | strengthen the supervision of inside information, |
| In recent years, China's stock market through the | | | | insider secrets to perfect security measures, you |
| spouse, relatives and friends "by chance" the | | | | can block party guaranteed handsome homes |
| insider information was compared to the situation, | | | | pawn and avoid the legal constraints. According to |
| demonstrate the multiple lines "between the | | | | legal experts, our criminal law has provided |
| parties deliberately pass" is very difficult. The | | | | divuleine, but did not provide for the disclosure of |
| Commission therefore decided to take a | | | | the Act stems from a fault or knowingly. Under |
| compromise deal with the way: as long as the | | | | the criminal code, the criminal negligence provisions |
| perpetrator knew, or ought to know by chance | | | | of the law of criminal responsibility, but legally |
| learned information is an important non-public | | | | there is no clearly defined, it cannot plead guilty. |
| information, you have the "three", can not be | | | | Nevertheless, experts said that the administrative |
| sold, disclosed or recommendations to others. | | | | punishment and criminal penalties on the |
| Therefore, in the case of a typical, Zhang Shu | | | | constitutive elements of the law are different, |
| Yu's behaviour as "disclosure of inside information" | | | | their function and purpose, therefore, the |
| and "recommendation" of the securities trading of | | | | administrative punishment should refer to the |
| others. Qin Xu not only as the insider trading law | | | | overseas capital Swiss Watches market-related |
| punishable, Chang Shu Yu should do abide by the | | | | practices and to carry out certain breakthrough. |
| official obligations. The case for Zhang Shu Yu | | | | In addition, even if many advocates divuleine |
| penalties is the enforcement of the Commission's | | | | subjective element is limited to deliberate and |
| position clear. BOC law firm Director Zhao has sea: | | | | scholars, but also advocated suggestions disclose |
| SFC fault on inside Rolex Watches information and | | | | inside information through negligence or a degree |
| disclosure of a fine is a major breakthrough. The | | | | of social harm, should be investigated and |
| case for the prevention and punishment of | | | | prosecuted by the Administrative commission. |
| non-intentional disclosure of securities fraud and its | | | | |