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有效识别和防控内幕交易对维护资本市场的健康发展具有重要现实意义。只要内幕信息知情人或者非法获取内幕信息人在内幕信息敏感期内从事或者明示、暗示他人从事,或者泄露内幕信息导致他人从事了与该内幕信息有关的证券交易活动,内幕交易行为即告成立。本文提出的“五步锁定法”识别系统可以有效地识别内幕交易行为。加强内幕信息知情人的管理、提高对内幕信息传播途径的取证能力、增强对内幕交易的监管力量以及加大对内幕交易的处罚执行力度等措施构成了有效防止内幕交易行为发生的防控体系。
Effective identification and prevention and control of insider trading are of great practical significance in safeguarding the healthy development of the capital market. Insider trading is established as long as the insider or the insider illegally obtains information to engage in or expressly imply that others engaged in the sensitive period of the inside information or divulges the inside information to cause others to engage in securities trading activities related to the inside information. The proposed “five-step locking method” recognition system can effectively identify the insider trading behavior. Measures to strengthen the management of insiders, improve the ability to obtain evidence of inside information dissemination, enhance the supervision of insider trading, and enforce the sanctions imposed on insider trading constitute the prevention and control system that effectively prevents insider trading.