The key to the conviction of the crime of insider trading and disclosing insider information is to accurately define the insiders, identify the content, formation time, disclosure of insider information, and specific behaviors of insider trading. This article will explore the main defense points of the crime of insider trading and disclosing insider information from the perspectives of the subject of insider trading, insider information, objective behavior, objective evidence, and sentencing based on judicial practice and experience and thinking in handling relevant cases.

Based on the quantitative analysis of 74 cases of insider trading and disclosure of insider information, including the types of insider information, specific criminal acts, criminal amounts, return of illegal income, and sentencing, we can discover the basic characteristics and trends of insider trading and disclosure of insider information in terms of the number of cases, geographical distribution, criminal subjects, objective behavior, and criminal penalties. This article will continue to conduct in-depth analysis of the main characteristics of insider trading and disclosure of insider information cases.

In recent years, with the continuous development of China's capital market, insider trading and disclosure of insider information have emerged in an endless stream. With the development of technology and innovation in trading methods, insider trading and disclosure of insider information cases have shown an increasing number, increasingly covert means, and increasingly complex forms. This article will take the crime of insider trading and disclosing insider information as the research object, and combine with judicial practice to introduce the specific behaviors, criminal amounts, and sentencing of insider trading and disclosing insider information, with a view to revealing the problems existing in judicial practice.

——Private Equity Fund Civil and Commercial Dispute Resolution Series II



In our agency work in private fund manager dispute resolution cases, we have identified some common controversial points that determine the direction of relevant cases. This series of articles analyzes relevant issues from the perspective of safeguarding the rights and interests of fund managers. This article mainly discusses the evidence that private fund managers may rely on in civil and commercial disputes to prove their investor suitability obligations on their own initiative or for the purpose of refutation (the allocation of the burden of proof for the appropriateness obligations of private fund managers is not within the scope of this article's discussion. Please refer to one of the articles in this series, Chapter 5, "The Consequences of the Application of the Nine Minutes of the People", and how private fund managers should respond).

Article 3 of the Interpretation requires that the illegal gains constituting the crime of providing intrusion or illegal control of computer information system programs and tools should exceed 5000 yuan, while the illegal gains constituting the crime of illegal business operations require that the amount of illegal business operations be more than 50000 yuan or the illegal gains be more than 10000 yuan. What is "illegal gains"? Is it "total amount theory" or "net amount theory"? In response to this issue, the author found that the courts have not reached a unified determination. Article 64 of the Criminal Law only mentions that all property illegally obtained by criminals should be recovered or ordered to be refunded, but it does not provide the concept of illegal income. However, the concept of illegal gains is scattered in other relevant provisions. For example, Article 17 of the "Interpretation of the Supreme People's Court on Certain Issues Concerning the Specific Application of Law in the Trial of Criminal Cases of Illegal Publications": The term "operating amount" as used in this interpretation refers to the amount obtained by multiplying the pricing amount of illegal publications by the number of illegal publications operated by the perpetrator. The term "illegal income amount" as used in this interpretation refers to the amount of profits. Article 10 of the Interpretation of the Supreme People's Procuratorate on Several Issues Concerning the Specific Application of Law in Handling Criminal Cases of Insider Trading and Disclosure of Insider Information. The term "illegal gains" specified in Article 180, paragraph 1, of the Criminal Law refers to benefits obtained or losses avoided through insider trading. Article 4 of the "Interpretation of the Supreme People's Court and the Supreme People's Procuratorate on Several Issues Concerning the Specific Application of Law in Handling Criminal Cases of Infringement of Intellectual Property Rights": The amount of illegal business operations exceeds 200000 yuan or the amount of illegal gains exceeds 100000 yuan. It also distinguishes between the amount of business and illegal income. Another example is the "Notice on Printing and Distributing Typical Cases of Bribery Crimes", which mentioned in the bribery case of Wang Moumou in Jiangxi that it is necessary to accurately identify the illegal gains from bribery crimes and actively cooperate with the recovery of stolen goods and losses. In this case, the court adopted the balance of the acquisition amount paid by the actor minus the total asset value of the acquired enterprise at the time of acquisition and the evaluation value of the molybdenum mining rights involved to determine the illegal proceeds of bribery. That is, "illegal income" is mostly based on the "net amount theory".

In our agency work in private fund manager dispute resolution cases, we have identified some common controversial points that determine the direction of relevant cases. This series of articles analyzes relevant issues from the perspective of safeguarding the rights and interests of fund managers. This article intends to analyze the impact of Chapter 5 of the "Minutes of the National Court Civil and Commercial Trial Work Conference" (hereinafter referred to as the "Nine People's Minutes") on private fund managers and defense ideas.

On November 1, 2022, the "Regulations on Promoting the Development of Individual Business Enterprises" was officially implemented. At the time of the implementation of the "Chongding Hot Search" in the new article, many people may have had the idea of starting a self-employed business. Both individual businesses and small low-profit enterprises, which are also important components of the real economy, attract a large number of investors. Here, the author and readers, from the perspective of tax preferential policies, will look at the "tax refund, tax reduction, exemption, and deferred payment" policies that individual businesses and small low-profit enterprises can enjoy.

As everyone knows, if a film and television company wants to adapt a literary work into a film and television drama, it needs to obtain the authorization of the copyright owner of the literary work, which is called "film and television adaptation rights" in the industry. However, if the license period for film and television adaptation rights has expired or is about to expire, and the film and television company as the licensee is still in the process of script adaptation and creation, or has just started shooting work, and cannot complete the film and television production work before the expiration of the license period, will the licensee continue to engage in film and television production after the expiration of the license period constitute an infringement?

Recently, a "Notice on Tax Matters" issued by a district tax bureau in Haikou City to a property company suddenly attracted widespread attention and heated discussion. The reason is that the document actually verified and collected the taxes of an enterprise 30 years ago and ordered it to pay within a specified time limit. This can't help but make many people wonder, "Can the tax authorities indefinitely pursue tax collection on non tax evading enterprises?" In this article, we discuss the issue of the tax recovery period together.