Information Manipulation of Securities Market Crimes Revisited: From the Perspective of the Amendment XI to the Criminal Law

In 2020, the Amendment XI to Criminal Law and Latest Judicial Interpretation in 2019 by Supreme Court Procuratorate have made information manipulation a key target of regulation. Information is new type securities crime which perpetrator relies on abuse advantage induce investors make decisions order indirectly influence market. This behavior has some similarities with traditional trading manipulation, but there are still significant differences methods infringement legal interests, it necessary clarify rules its judicial application typical cases. addition, difficult judge subjective intent manipulation. Due complexity act, previous path intentional determination been apply, so try establish presumption “objective proof subjective”. achieved considering three elements: objective behavior, purposeful complementary factors, used