Category: Money tips Release Date: 2006-08-09
Securities transactions, most of the illegal acts of bad faith as an investor, but front-line regulatory situation, there are some illegal behavior is due to investors in the laws, regulations, rules, ignorance. Therefore, investors need to seriously learn about the knowledge, full understanding of what can be done in the transaction can not do.
Using other people's accounts is illegal securities trading
Investors should be based on the real-name securities account for securities transactions. Securities accounts and capital accounts include the accounts of shareholders. Illegal use of another account is seriously disrupt the conduct securities market management order, divided into two categories: one is a personal account for illegal use of another person; the other is the illegal use of corporate accounts to others.
Illegal use of personal accounts of others, mainly for the securities trading accounts to borrow another person's identification. Such accounts for personal non-real-name account, be removed from the norm.
Illegal use of corporate accounts of others, is China's "Securities Act" prohibited conduct. Others to account for illegal use of legal persons engaged in securities trading, corporate lending themselves or others, securities account will be subject to severe legal sanctions.
Case: December 2005 to February 2006, a company with multiple individual shareholder accounts and personal accounts on behalf of the funds listed in the sale of "Hangxiao Steel." China Securities Regulatory Commission finds that the company's actions violated the "Securities Law" section 80 "to prohibit the illegal use of another person accounts of legal persons engaged in securities trading" provisions, constitute the "Securities Act" Article 208 "corporate accounts established under the name of others or the use of others to account for the sale of securities "behavior. China Securities Regulatory Commission has made the company according to confiscate the illegal income and impose a fine on the relevant personnel be given a warning and a fine decision.
Should not engage in market manipulation
Market manipulation is China's "Securities Act" prohibited transaction. "Securities Law" Article 77 lists several common market manipulation: First, focus on financial advantages, ownership advantages, or advantages of the joint use of information or the continuous trading; two colluded with others in order to pre-agreed time, price and approach each other to engage in securities transactions; three actual control in their own securities transactions between accounts.
Case: September 2000-August 2003, Xin Moumou, Liu, who use their control of more than 1,000 shareholders and their accounts, using a lot of money focused on the sale of "fund H & Q", affect the prices of securities transactions, the largest position the proportion was 63%; these accounts do not transfer ownership also took place between the self-purchased from sell. China Securities Regulatory Commission finds that Xin Moumou and others constitutes market manipulation, according to the law to impose Shichangjinru.
In addition, the "Securities Law" Article 77 prohibits "any other means to manipulate the stock market" in recent years, along with changes in market conditions, market manipulation, there have been some new changes. The new type of market manipulation are:
1. Fighting for the hat trade-based manipulation. Refers to securities companies, securities advisory bodies, professional intermediaries and their staff in advance of the sale, or hold the relevant securities, and then the issuer of the securities or their listed companies to disclose to make the assessment, prediction, or investment advice for the adoption of market expectations to achieve economic fluctuations on the interest. Recent regulatory authorities are investigating the sale of United Securities analyst Song Moumou recommended by itself Guangji Pharmaceutical stocks, the case was suspected of "fighting for the hat trade-based manipulation."
2. False declaration to manipulate. Means the person not to act for the purpose of the frequent turnover declaration and revocation of a declaration to mislead other investors behavior. Market-called "limit-death squads" by the operation of customary practices is one of false declaration.
3.尾市trade-based manipulation. Refers to the perpetrator, when about to close, through the lift, pressure, or locking means of manipulating the closing price of the securities acts.
In addition, there confuse trading manipulation, the price or value of a specific time manipulation type of market manipulation. In short, as long as the perpetrator and by improper means, intentionally affect the prices of securities trading or securities trading volume, on the part of stock market manipulation behavior. Right manipulator light are subject to administrative punishment, the circumstances are serious enough to constitute a crime, will be subject to criminal prosecution.
Do not touch insider trading, "High Voltage"
China's "Securities Law" Article 73 prohibits insider securities trading inside information and illegal access to inside information of the people use inside information to engage in securities trading activities.
1. Under the "Securities Act" provisions of section 74, insider information, insiders include the issuer and its holding company, holds more than 5% or more shares of the Company's shareholders and actual controllers of the directors, supervisors and executives also includes securities regulators, distribution and transaction management agencies, sponsors, underwriters, stock exchanges, securities registration and settlement institutions and securities services in the relevant field.
Case: in April 2001 the former executives of a company participating in the company of the assets Chen Moumou replacement after the meeting that the accounts on behalf of their spouses and others to buy the stock, two days after the company announced the asset replacement decisions. Chen Moumou China Securities Regulatory Commission finds that the transaction constituted insider trading, be transferred to judicial organs. Chen Moumou received criminal punishment.
2. Illegally obtained insider information, people use inside information in securities trading activities, but also constitute insider trading. Many investors feel that they do not belong "Securities Law" under Article 74 of the insider stock trading insider information will not be involved in insider trading issues. In fact, people who illegally obtained insider information, including a wide range, using a variety of improper means to obtain insider information, people, basically in the process. For example, a listed company's board secretary insider information leaked to Lee, then Lee is illegal access to inside information personnel. In addition, the use of inquiries, fraud, obtain, eavesdropping, monitoring, or in private transactions and other means to obtain insider information, who also fall into this category of personnel. On the market, some investors are keen to inquire about everywhere, the so-called insider information and insider information to carry out securities transactions, which, it is necessary to remind investors not to touch 10 million insider trading, "high-tension line."
On the illegal trade
Do not leave things to chance
Some investors believe that as long concealed their own actions, their illegal transaction is only "Heaven knows," "to know", "I know." Here, we remind those investors in the illegal trade should not hold deposit left to chance.
Exchange are established by law of the market surveillance systems, real-time monitoring of securities transactions. As long as the abnormal trading, market surveillance system will automatically alarm; suspected of illegal acts of unusual transactions will be focused surveillance. According to the Shanghai and Shenzhen two "trading rules" requirement has been focused to monitor as many as 13 kinds of unusual transactions, such as: In a significant number of pre-disclosure of information related to buy or sell securities; in the associated account, or among the large number of frequent each other counter-parties transactions; large returns, continuous reporting or intensive declarations; frequent declaration or revocation of declarations; huge returns; in a period of time for large and continuous transactions; in the same price or similar price, or frequent turning a large number of transactions; large or frequent high-buy low and sell transactions; carried out with its own publicly available investment analysis, forecasts or recommendations relative to deviate from the securities transactions; and so on. Therefore, if unusual transactions, the exchange will be the timely detection and timely treatment, and timely reported to the SFC investigation.
