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BIZCHINA / Center
CSRC to curb insider trading and price manipulation
By Hao Zhou (chinadaily.com.cn)
Updated: 2007-09-06 16:26
The China Securities Regulatory Commission (CSRC) has worked out
confirmation standards regarding insider trading and market manipulation,
in an effort to guarantee healthy development of the capital market, the
Xinhuanet reported today.
At CSRC's special training on investigating and confirming insider
trading and price manipulation, Fan Fuchun, vice chairman of the
securities market watchdog, indicated that the undercover dealings are
surging and the manipulation methods are updating. Both are a concern
because they disturb normal market order and harm investors' interests.
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T he methods on alleging insider trading enlarged the scopes of insiders
and inside information, and posted detailed burden of proof for
mater-of-course insiders, statutory insiders, stipulated insiders, and
those acquiring inside information via other channels.
Meanwhile, market manipulation recognition methods exposed and targeted a
number of updated manipulation tactics, such as bogus applications,
preemptive or demagogic transactions, as well as special and closing-up
transactions.
The investigation, confirmation and treatment on insider trading and
manipulation are "hard nuts to crack" not only in China, but also
worldwide, Fan added.
While China remains the world's fastest-growing economy and is continuing
reform on equity shareholdings, the level of inside information is
swelling as a consequence of an ascending number of mergers and
acquisitions, which also creates more market irregularities.
Shang Fulin, chairman of CSRC, also suggested the fundamental market laws
and regulations construction and a counterbalanced multi-level market
structure are the prerequisite to promote the reform and opening of
capital markets. Risk education and prevention are also essential.
(For more biz stories, please visit Industry Updates)
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