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Investor Protection, Clear Rules, Know Risks Case——Beware of being punished for "pillow wind" stock speculation

Investor Protection, Clear Rules, Know Risks Case——Beware of being punished for "pillow wind" stock speculation

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  • Time of issue:2017-06-09 00:00
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(Summary description)

Investor Protection, Clear Rules, Know Risks Case——Beware of being punished for "pillow wind" stock speculation

(Summary description)

  • Categories:News Center
  • Author:
  • Origin:
  • Time of issue:2017-06-09 00:00
  • Views:
Information
Source: http://www.csrc.gov.cn/pub/newsite/tzzbh1/tbtzzjy/tbfxff/201705/t20170505_316279.html

Insider trading refers to the illegal act of the insider of securities trading and the person who illegally obtained the insider information buy or sell the securities, or divulge the information, or advise others to buy or sell the securities before the insider information is disclosed. It has many manifestations in practice. Form, "pillow wind" insider trading is one of them. For example, these two short stories:

  Listed company H is planning to suspend trading in a non-public offering of shares. Its controlling shareholder Z company director Zang’s wife Chen bought 60,000 shares of “H” before the suspension, and made a profit of 73,000 yuan after selling.

  Listed company Y is planning to suspend trading in a non-public offering of shares. Ye Mou, the wife of Yu Mou, a staff member of the leading brokerage firm Z Securities, bought 13,000 shares of “Y” before the suspension. After selling, they made a total of 97,000 yuan.

In these two stories, Zang, the director of H company’s controlling shareholder Z, and Yu, a staff member of Z Securities, are insiders of the securities trading insider information stipulated by the "Securities Law". Their wives are within the sensitive period of insider information." Happened to & rdquo; bought stocks related to this information. According to the provisions of Article 73 and Article 76 of the Securities Law, insiders of inside information and those who illegally obtain inside information shall not buy or sell the company’s securities before the inside information is disclosed. Article 2 of the "Interpretation of the Supreme People’s Court and the Supreme People’s Procuratorate on Several Issues Concerning the Specific Application of Laws in Criminal Cases of Dealing with Insider Trading and Disclosing Inside Information" also clearly stipulates this, including the close relatives of persons who know the insider information or other matters related to insider information. If a person with a close relationship with the insider has bought and sold stocks related to the insider information during the sensitive period of the insider information, and the trading behavior is obviously abnormal, and there is no legitimate reason or legitimate information source, it constitutes insider trading. Although those who were punished all argued that they did not use the relevant information, they still should not do things related to melon fields, and they would not escape the punishment of the law if they did it. This also reminds insiders of inside information, such as directors, supervisors, and senior managers of listed companies, and employees of intermediary agencies such as securities companies, law firms, and accounting firms who know inside information due to their position or work, must abide by professional ethics The red line and the bottom line stipulated by the law should be well managed "the people beside the pillow" and "the people around us", and don't be the "mouse" of the capital market.

Many people think that it is just to inquire or listen to news, which is not very important, but insider trading is a serious illegal act. The law provides for severe sanctions, not only making money, but also confiscating illegal income, and imposing double the illegal income. A fine of less than five times the above, if no money is made, or even a loss, a fine of 30,000 yuan to 600,000 yuan will be imposed. If the circumstances are serious, such as the cumulative amount of securities trading transactions exceeding 500,000 yuan, or the cumulative amount of profits (avoidance of losses) exceeding 150,000 yuan, it will also constitute insider trading crimes and be held criminally liable. Huang Guangyu, the richest man of the year, was imprisoned because of insider trading and is still in prison.

   In addition, this also has a profound warning significance for the majority of investors. Don't try to find out the gossip, listen to inside information, which contains huge legal risks and investment risks. Imagine that if the information you inquire is true, it may constitute a violation of the law or even a crime. If it is false information, it will be more than worth the loss. It must have been caught in the trap of "harmful spirits". After being sold, they are still helping others. Count the money.

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