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

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