The SFC clearly the burden of proof on the defense of insider trading.

<P> Announcements of listed companies deny the existence of significant events, should commit to at least 3 months, not planning the same matter. </ P> <P>: http:// hearing, according to the latest requirements of the Commission, the next major issues involved .administrative license application or policy advice, demonstration, the listed companies need to fully prove insiders and their immediate family insider trading does not exist. .</ P> <P> This is the first clear the Commission insider trading and market manipulation of the defense burden of proof. .</ P> <P> Commission yesterday issued a "information disclosure of listed companies on the specification and the related Notice of the Conduct of Parties" ("the Notice") provides that, excluding the broader market factors and the industry sector factors, the listed company's share price .significant price-sensitive information in the 20 trading days before the announcement of inflation fell by more than 20% of the total, the listed company to file an administrative permit application, the Commission should be fully evidence related to immediate family members and other insiders and insider trading does not exist. .</ P> <P> major stock price-sensitive information should the company stock trading before the announcement of the existence of a special analysis of abnormal behavior, and report to the Commission. .Commission may conduct transactions listed company's share price survey will be suspended during the audit of listed companies application for administrative license. .</ P> <P> In addition, listed companies are related to administrative licensing and no precedent, there are significant uncertainties, require policy advice to the relevant departments, programs demonstrate the significant events, listed company shall submit to the Commission insiders .and immediate family members in the occurrence of the first 6 months of the date and whether the holding or sale of shares of listed companies the relevant documents, and there is no sufficient evidence of insider trading related personnel actions. .</ P> <P> industry lawyers said that this is a useful attempt, help to improve the efficiency of the Commission's administrative law enforcement. .</ P> <P> as Hangxiao Steel (600477.SH) investor advocates claim litigation law firm off the ground, director of Hebei Hong Xue said by counsel, the burden of proof on the defense is used more frequently overseas, a system that can reduce .When the SFC in the difficulty of investigation and evidence collection. .(See related reports B5) </ P> <P> "notice" is the practice for the regulation problem from. .Hangxiao Steel announced a major contract information in a timely manner before the stock transaction has emerged, and later in the SFC investigation found that its securities transactions on behalf of alleged insider trading. .* ST Jintai (600385.SH) due to significant asset restructuring and the emergence of 42 consecutive trading board, regulatory authorities has remained open. .</ P> <P> by Xue Hong, said: "After the release of this notification, the listed companies can no longer shirk their insider trading and market manipulation for acts of responsibility, must be fully evidence related to insiders no responsibility. If the listed company lying, .After the Commission may also be held under this notification to its responsibility. "</ P> <P> April 29 this year, the SFC published on its official website," department heads "talk the article, evidence has been presented .Responsibility ideas. .In the article, the Commission said that in the mergers and acquisitions of listed companies on major issues such as administrative license, the SFC found information disclosure and abnormal stock price linkage, or the existence of the application materials and the subsequent announcement to clarify the fact that inconsistent statements, will require listed .full description of the company and other interested parties on the full burden of proof does not exist can not be insider trading, the SFC will review the implementation of the cold shoulder. .</ P> <P> is currently being piloted in the industry "insider transaction is determined approach" insider also, of course, legal insider who provides inside information and other ways to get insider's burden of proof has been divided. .</ P> <P> yesterday "notification" At the same requirements as listed companies and stock trading in the Clarification Announcement Announcement disclosed abnormal fluctuations there are no major asset restructuring, acquisitions, and other acts issued shares, should also be committed to at least 3 months .not planning the same matter. .</ P> <P> listed companies planning a major event is expected to be difficult or related events have been leaked confidential, and shall promptly take the initiative to apply to the stock suspension. .During the suspension period shall be published at least once a week, the progress of the event announcement. .</ P>.