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China cracks down on 41 illegal insider trading cases
http://www.ecns.cn/business/2015/01-11/150217.shtml
Jan 11th 2015, 02:29
2015-01-11 11:29 CRIENGLISH.com
Chinese authorities say they've busted 41 illegal insider trading cases as part of the latest clampdown on trading irregularities.
Insider trading is the trading of a public company's stock by individuals who have access to non-public information.
Zhang Xiaojun is with the China Securities Regulatory Commission.
"Trading based on non-public information by employees from financial institutions is prohibited and illegal under the Chinese Securities Law, the Law on Securities Investment Funds and the Criminal Law. Insider trading disturbs financial management, hurts the interest of investors and damages the integrity of the capital markets. It has been the focus of a crackdown by both the commission and law enforcement."
The China Securities Regulatory Commission says 20 different financial institutions are involved, including a number of big-name firms.
Among the cases, 7 took part in illegal transaction worth over 160-million U.S. dollars.
Two people are facing criminal charges.
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