Enforcement Without Foundation? China’s Illegal Insider Trading Enforcement Regime
Nicholas C. Howson, University of Michigan Law School
China’s securities regulator enforces insider trading prohibitions pursuant to self-conceived and non-public guidance. Howson argues that the agency guidance is itself unlawful and unenforceable, leaving a large part of China’s contemporary insider trading enforcement regime without foundation. This radical infirmity underlying what many see as the basis of well-governed and investor-attracting capital markets has important implications not only for China’s securities regulation regime and healthy capital markets development, but also for the entirety of China’s legal and administrative law system in the reform era.
Sponsor(s): Center for Chinese Studies (CCS)
Sponsor: Berkeley Center for Law and Business