重大性“是认定内幕信息的核心要素,《证券法》对内幕信息”重大性“采取”价格敏感性标准“。然而,证监会在执法过程中未能严格遵循立法精神,在实践中存在双重标准的现象,加大了内幕信息认定的随意性和不确定性。另外,证监会在行政执法过程中,对内幕信息的认定思路也有待改进。 Materiality ”is the core element of the insider information, and the“ Securities Law ”adopts the“ price sensitivity standard ”for the inside information “ Magnitude ”However, the SFC failed to strictly follow the legislative spirit in the law enforcement process, In practice, there is a phenomenon of double standards, increasing arbitrariness and uncertainty of the insider information identification.In addition, during the process of administrative law enforcement, the Commission also needs to improve its thinking on insider information.