Interpretation on Several Issues Concerning the Application of the Law in the Handling of Criminal Cases Involving the Use of Undisclosed Information to Trade
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
Undisclosed information in securities trading is defined
(Promulgated by the Supreme People's Court and the Supreme People's Procuratorate on June 27, 2019 and effective as of July 1, 2019.)
(最高人民法院、最高人民检察院于二零一九年六月二十七日发布，自二零一九年七月一日起施行。)
SPC Interpretation [2019] No.10
法释〔2019〕10号
With a view to penalizing securities and futures crimes, safeguarding the administrative order of the securities and futures markets, promoting the stable and healthy development of the securities and futures markets and protecting the lawful rights and interests of investors, we, pursuant to the PRC Criminal Law and the PRC Criminal Procedure Law, hereby give the following interpretation of several issues concerning the application of the law in the handling of criminal cases involving the use of undisclosed information to trade:
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: The "undisclosed information other than insider information" as specified in the fourth paragraph of Article 180 of the Criminal Law includes the following information:
第一条 刑法第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) information on securities or futures investment decision-making or execution of securities or futures trades;
（一）证券、期货的投资决策、交易执行信息；
(2) information on the number of open securities positions and changes therein, amount of funds and changes therein and trading trends; 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 could influence securities or futures trading activities.
（三）其他可能影响证券、期货交易活动的信息。
Article 2: Where undisclosed information other than insider information is difficult to determine, the judicial authority may render its finding on the basis of the determination opinion of the relevant administrative (regulatory) authority and based on the facts of the case and the law.
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: The "violation of provisions" as specified in the fourth paragraph of Article 180 of the Criminal Law means a violation of the provisions on the protection of undisclosed securities or futures information in laws, administrative regulations, departmental rules and regulations and national industry standards, and the provisions concerning the confidentiality of information, prohibition on trading, prohibition on the diversion of benefits, etc. of the financial institution to which the actor belongs.
第三条 刑法第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: The actor "expressly or implicitly instructs another to engage in the relevant trading activity" as specified in the fourth paragraph of Article 180 of the Criminal Law shall be determined by comprehensively considering the following:
第四条 刑法第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) the advantages of his/her position give the actor access to undisclosed information;
（一）行为人具有获取未公开信息的职务便利；
(2) there is a connection between the initial time the actor gained access to the undisclosed information and the initial time that the other person engaged in the relevant trading activity;
（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) there is an affiliated relationship between the actor and the other person, such as a family relationship, friendship, commonality of interests, trading terminal connection, etc.;
（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) the securities or futures product of the relevant trading engaged in by the other person and the trading times are essentially identical to the securities or futures product, trading times, etc. contained in the 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) the relevant trading activity engaged in by the other person clearly lacks a legitimate reason, such as trading practice or professional judgment; 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) the actor lacks a reasonable explanation for expressly or implicitly instructing the other person to engage in the relevant trading activity.
（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: Where any of the following circumstances applies to the use of undisclosed information to trade, the same shall be found to be "serious circumstances" as specified in the fourth paragraph of 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，应当认定为刑法第一百八十条第四款规定的"情节严重"：
(1) the illegal income totals at least Rmb1 million;
（一）违法所得数额在一百万元以上的；
(2) undisclosed information is used to trade at least three times in two years; or
（二）二年内三次以上利用未公开信息交易的；
(3) at least three persons are expressly or implicitly instructed to engage in the relevant trading activity.
（三）明示、暗示三人以上从事相关交易活动的。
Article 6: If undisclosed information is used to trade and the illegal income totals at least Rmb500,000, or the securities transaction amount totals at least Rmb5 million or the futures transaction accounts for at least Rmb1 million of the margin and any one of the following circumstances applies, the same shall be found to be "serious circumstances" as specified in the fourth paragraph of 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，应当认定为刑法第一百八十条第四款规定的"情节严重"：
(1) means such as a sale or a sale in a disguised manner of undisclosed information are being used to expressly or implicitly instruct another to engage in the relevant trading activity;
（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 criminally prosecuted in the past for a securities or futures crime;
（二）因证券、期货犯罪行为受过刑事追究的；
(3) having been imposed criminal penalties in the past for a violation of securities or futures laws within two years; or
（三）二年内因证券、期货违法行为受过行政处罚的；
(4) having caused an adverse social impact or other serious consequence.
（四）造成恶劣社会影响或者其他严重后果的。
Article 7: The phrase "shall be penalized in accordance with the first paragraph" as specified in the fourth paragraph of Article 180 of the Criminal Law, includes "the circumstances are particularly serious" as specified in the first paragraph of said Article.
第七条 刑法第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。
Where undisclosed information is used to trade and the illegal income totals at least Rmb10 million, the same shall be found to be a circumstance that is particularly serious.
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"。
If the illegal income totals at least Rmb5 million, or the securities transaction amount totals at least Rmb50 million or the futures transaction accounts for at least Rmb10 million of the margin and any one of the four circumstances set forth in Article 6 hereof applies, the same shall be found to be "the circumstances are particularly serious".
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: If undisclosed information is used to trade on at least two occasions and the same shall be handled administratively or criminally according to law but the same was not so handled, the relevant trading amounts or illegal income amounts shall be totaled together.
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 purposes of the Interpretation, the term "illegal income" means the benefits earned or losses avoided by the actor in using undisclosed information to engage in securities or futures trading activities relating to such 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 the actor expressly or implicitly instructs another to use undisclosed information to engage in the relevant trading activity, the benefits earned, or losses avoided by the person expressly or implicitly instructed to engage in the relevant trading activity shall be found to be "illegal 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: If the actor did not actually engage in the securities or futures trading activity relating to the undisclosed information, the amount of the fine imposed on him/her shall be calculated based on the illegal income derived by the person explicitly or implicitly instructed to engage in the relevant trading activity.
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: If a criterion set forth in Article 5 or 6 hereof is satisfied and the actor truthfully states the facts of the crime, admits the crime, shows remorse, actively cooperates in the investigation and returns the illegal income, he/she may be assessed a lighter penalty; and if the circumstances of the crime are minor, a decision not to institute a legal action or exempt him/her from a criminal penalty may be rendered in accordance with the 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。
Where the scope and conditions of application of lenience for an admission of guilt and acceptance of the punishment set forth in Criminal Procedure Law are satisfied, matters shall be handled in accordance with 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 be effective as of July 1, 2019.
| clp reference: 3700/19.06.27 promulgated: 2019-06-27 effective: 2019-07-01第十二条 本解释自2019年7月1日起施行。
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