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中国证监会自成立以来截至2016年6月底公开披露的80起操纵证券市场行政处罚法律文书,一定程度上反映了证监会打击操纵行为的政策规律,特别是结合法律规范和市场实践、监管经验形成了认定不同种类操纵行为的处罚标准。通过样本案例分析发现,虽然针对蛊惑交易、约定交易、抢帽子交易等操纵行为的违法属性认定和规制的思路还需要处罚经验的积累和丰富,但针对连续交易、虚假申报、特定期间价格操纵等违法行为已经通过相当数量的处罚案例明确了认定思路和标准,并在判罚文书中开始深入探讨操纵行为的主观意图、欺诈的属性及表现方式、违法所得的算定等疑难问题。
Since its establishment, China Securities Regulatory Commission has publicly disclosed 80 legal instruments on the manipulation of securities markets in the administrative punishment as of the end of June 2016, which, to a certain extent, reflects the CSRC’s policy on cracking down on manipulative behaviors, especially in combination with legal norms and market practices and regulatory experience Identified the different types of manipulation of the punishment standards. Through the sample case analysis, it is found that though the idea of identifying and regulating the illegal properties of manipulative actions such as confidential trading, convention trading and robbery trading still needs to accumulate and enrich the punishment experience, for the purpose of continuous trading, false declaration, price manipulation in a specific period, etc. Illegal acts have been identified through a considerable number of cases of punishment to identify ideas and standards, and in the penalty instruments to start in-depth discussion of the subjective intent of manipulative behavior, the fraud of the attributes and manifestations of illegal income calculation and other difficult problems.