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Interpretation of the Supreme People's Court and the Supreme People's Procuratorate on Several Issues concerning the Application of Law in the Handling of Criminal Cases regarding the Trading by Using Undisclosed Information [Effective]
最高人民法院、最高人民检察院关于办理利用未公开信息交易刑事案件适用法律若干问题的解释 [现行有效]
【法宝引证码】

Announcement of the Supreme People's Court and the Supreme People's Procuratorate of the People's Republic of China 

中华人民共和国最高人民法院、中华人民共和国最高人民检察院公告

The Interpretation of the Supreme People's Court and the Supreme People's Procuratorate on Several Issues concerning the Application of Law in the Handling of Criminal Cases regarding the Trading by Using Undisclosed Information, as adopted at the 1748th session of the Judicial Committee of the Supreme People's Court on September 10, 2018, and the 10th session of the Thirteenth Procuratorial Committee of the Supreme People's Procuratorate on November 30, 2018, is hereby issued to you and shall come into effect on July 1, 2019. 《最高人民法院 最高人民检察院关于办理利用未公开信息交易刑事案件适用法律若干问题的解释》已于2018年9月10日由最高人民法院审判委员会第1748次会议、2018年11月30日最高人民检察院第十三届检察委员会第十次会议通过,现予公布,自2019年7月1日起施行。
Supreme People's Court 最高人民法院
Supreme People's Procuratorate 最高人民检察院
June 27, 2019 2019年6月27日
Interpretation of the Supreme People's Court and the Supreme People's Procuratorate on Several Issues concerning the Application of Law in the Handling of Criminal Cases regarding the Trading by Using Undisclosed Information 最高人民法院、最高人民检察院关于办理利用未公开信息交易刑事案件适用法律若干问题的解释
(Adopted at the 1748th session of the Judicial Committee of the Supreme People's Court on September 10, 2018, and the 10th session of the Thirteenth Procuratorial Committee of the Supreme People's Procuratorate on November 30, 2018; will come into effect on July 1, 2019; Judicial Interpretation No. 10 [2019] (2018年9月10日最高人民法院审判委员会第1748次会议、2018年11月30日最高人民检察院第十三届检察委员会第十次会议通过,自2019年7月1日起施行 法释〔2019〕10号)
For purposes of imposing punishment on securities and futures offences, maintaining the order of securities and futures markets, promoting the stable and sound development of securities and futures markets, and protecting the lawful rights and interests of investors, the interpretation on several issues concerning the application of law in the handling of criminal cases regarding the trading by using undisclosed information is hereby offered as follows in accordance with the provisions of the Criminal Law of the People's Republic of China and the Criminal Procedure Law of the People's Republic of China: 为依法惩治证券、期货犯罪,维护证券、期货市场管理秩序,促进证券、期货市场稳定健康发展,保护投资者合法权益,根据《中华人民共和国刑法》《中华人民共和国刑事诉讼法》的规定,现就办理利用未公开信息交易刑事案件适用法律的若干问题解释如下:
Article 1 “Undisclosed information other than the insider information” prescribed in paragraph 4, Article 180 of the Criminal Law includes the following information:   第一条 刑法一百八十条第四款规定的“内幕信息以外的其他未公开的信息”,包括下列信息:
1. investment decision and transaction execution of securities or futures; (一)证券、期货的投资决策、交易执行信息;
2. the number of positions held and its changes, the amount of capital and its changes, and trading trends of securities; and (二)证券持仓数量及变化、资金数量及变化、交易动向信息;
3. other information that may impact the trading activities of securities or futures. (三)其他可能影响证券、期货交易活动的信息。
Article 2 Where it is difficult to determine the undisclosed information other than the insider information, the judicial organ may, based on the determination opinions of the relevant administrative (supervisory) department, make the determination according to the case facts and legal provisions.   第二条 内幕信息以外的其他未公开的信息难以认定的,司法机关可以在有关行政主(监)管部门的认定意见的基础上,根据案件事实和法律规定作出认定。
Article 3 “Violation of the relevant provisions” prescribed in paragraph 4, Article 180 of the Criminal Law refers to the violation of the provisions in laws, administrative regulations, departmental rules, and industry standards related to the protection of undisclosed information regarding securities and futures, as well as the provisions of the financial institutions of the place where the actor is located on information security, prohibition of insider trading, and prohibition of tunneling.   第三条 刑法菊花碎了一地一百八十条第四款规定的“违反规定”,是指违反法律、行政法规、部门规章、全国性行业规范有关证券、期货未公开信息保护的规定,以及行为人所在的金融机构有关信息保密、禁止交易、禁止利益输送等规定。
Article 4 Whether an actor “explicitly or implicitly advises others to engage in the relevant trading activities” as prescribed in paragraph 4, Article 180 of the Criminal Law shall be determined by comprehensively considering the following aspects:   第四条 刑法一百八十条第四款规定的行为人“明示、暗示他人从事相关交易活动”,应当综合以下方面进行认定:
1. whether an actor enjoys the position of obtaining undisclosed information; (一)行为人具有获取未公开信息的职务便利;
2. whether the time when an actor begins to obtain undisclosed information is associated with the time when other persons begin to engage in the relevant trading activities; (二)行为人获取未公开信息的初始时间与他人从事相关交易活动的初始时间具有关联性;
3. whether an actor enjoys any associated relationship with other persons, such as being friends or relatives, having common interests, or using the same trading device. (三)行为人与他人之间具有亲友关系、利益关联、交易终端关联等关联关系;
4. whether the type of securities or futures traded by other persons and the trading time are generally consistent with the type of securities or futures and the trading time related to undisclosed information; (四)他人从事相关交易的证券、期货品种、交易时间与未公开信息所涉证券、期货品种、交易时间等方面基本一致;
5. whether the relevant trading activities of other persons fail to comply with trading practices, professional judgments, or other justifiable reasons; and (五)他人从事的相关交易活动明显不具有符合交易习惯、专业判断等正当理由;
6. whether an actor fails to clearly explain why he or she explicitly or implicitly advise others to engage in the relevant trading activities. (六) 行为人对明示、暗示他人从事相关交易活动没有合理解释。
Article 5 Under any of the following circumstances, trading by using undisclosed information shall be determined as a “serious circumstance” as prescribed in paragraph 4, Article 180 of the Criminal Law:   第五条 利用未公开信息交易,具有下列情形之一的,应当认定为刑法一百八十条第四款规定的“情节严重”:
1. the amount of illegal proceeds reaches one million yuan or more; (一)违法所得数额在一百万元以上的;
2. an actor engages in trading by using undisclosed information for three times within the past two years; or (二)二年内三次以上利用未公开信息交易的;
3. an actor explicitly or implicitly advises three persons or more to engage in the relevant trading activities. (三)明示、暗示三人以上从事相关交易活动的。
Article 6 Under any of the following circumstances, trading by using undisclosed information with the amount of illegal proceeds reaching 500,000 yuan or more, or the trading amount of securities reaching five million yuan or more, or the amount of margin used for futures trading reaching one million yuan or more shall be determined as a “serious circumstance” as prescribed by paragraph 4, Article 180 of the Criminal Law:   第六条 利用未公开信息交易,违法所得数额在五十万元以上,或者证券交易成交额在五百万元以上,或者期货交易占用保证金数额在一百万元以上,具有下列情形之一的,应当认定为刑法一百八十条
来自北大法宝
第四款规定的“情节严重”:
1. an actor explicitly or implicitly advises others to engage in the relevant trading activities in the way of selling or selling in disguise undisclosed information; (一)以出售或者变相出售未公开信息等方式,明示、暗示他人从事相关交易活动的;
2. having been subject to any criminal liability for crimes involving securities or futures; (二)因证券、期货犯罪行为受过刑事追究的;
3. having been subject to any administrative penalty for illegal acts involving securities or futures within the past two years; or (三)二年内因证券、期货违法行为受过行政处罚的;
4. causing adverse social influence or other severe consequences. (四)造成恶劣社会影响或者其他严重后果的。
Article 7 “He shall be punished under paragraph 1” as prescribed in paragraph 4, Article 180 of the Criminal Law includes the provision of “if the circumstances are extremely serious” in paragraph 1 thereof.   第七条 刑法一百八十条第四款规定的“依照第一款的规定处罚”,包括该条第一款关于“情节特别严重”的规定。
Trading by using undisclosed information with the amount of illegal proceeds reaching 10 million yuan or more shall be determined as an “extremely serious circumstance”. 利用未公开信息交易,违法所得数额在一千万元以上的,应当认定为“情节特别严重”。
Any of the four circumstances as prescribed in Article 6 of the Interpretation, with the amount of illegal proceeds reaching five million yuan or more, or the trading amount of securities reaching 50 million yuan or more, or the amount of margin used for futures trading reaching 10 million yuan or more, shall be determined as an “extremely serious circumstance”. 违法所得数额在五百万元以上,或者证券交易成交额在五千万元以上,或者期货交易占用保证金数额在一千万元以上,具有本解释第六条规定的四种情形之一的,应当认定为“情节特别严重”。
Article 8 Where an actor engages in trading by using undisclosed information for two times or more and is subject to administrative or criminal punishment, the relevant trading amount or illegal proceeds shall be calculated on a cumulative basis.   第八条 二次以上利用未公开信息交易,依法应予行政处理或者刑事处理而未经处理的,相关交易数额或者违法所得数额累计计算。
Article 9 For the purpose of the Interpretation, “illicit income” means the benefits gained or losses avoided by an actor using undisclosed information to engage in the trading activities of securities or futures related to the information.   第九条 本解释所称“违法所得”,是指行为人利用未公开信息从事与该信息相关的证券、期货交易活动所获利益或者避免的损失。
Where an actor explicitly or implicitly advises others to engage in the relevant trading activities by using undisclosed information, the benefits gained or losses avoided by the persons advised to engage in the relevant trading activities shall be determined as “illicit income”. 行为人明示、暗示他人利用未公开信息从事相关交易活动,被明示、暗示人员从事相关交易活动所获利益或者避免的损失,应当认定为“违法所得”。
Article 10 Where an actor does not actually engage in the trading activities of securities or futures related to undisclosed information, the amount of a fine shall be calculated based on the illicit income obtained by the persons advised to engage in the relevant trading activities.   第十条 行为人未实际从事与未公开信息相关的证券、期货交易活动的,其罚金数额按照被明示、暗示人员从事相关交易活动的违法所得计算。
Article 11 Where the act of an actor satisfies the standards as prescribed in Article 5 and Article 6 of the Interpretation and the actor truthfully confesses to his or her crime, pleads guilty, and shows repentance, proactively cooperates with investigation, and pays back the illicit income, he or she shall be given a lighter punishment; and if the circumstances are minor, no prosecution against the actors is required or the actor may be exempted from a criminal punishment according to law.   第十一条 符合本解释第五条、第六条规定的标准,行为人如实供述犯罪事实,认罪悔罪,并积极配合调查,退缴违法所得的,可以从轻处罚;其中犯罪情节轻微的,可以依法不起诉或者免予刑事处罚。
Whoever confesses to a crime and accepts a punishment, and falls within the scope of or satisfies the requirements for imposing a lenient punishment shall be punished in accordance with the provisions of the Criminal Procedure Law. 符合刑事诉讼法规定的认罪认罚从宽适用范围和条件的,依照刑事诉讼法的规定处理。
Article 12 The Interpretation shall come into force on July 1, 2019.    第十二条 本解释自2019年7月1日起施行。
     
     
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