随着我国证券、期货交易市场的兴起和发展，社会公众对证券投资的热情也日益高涨。与此同时，相关从业人员的“老鼠仓”行为也屡屡出现。但是依据以往以证券法、公司法、证券投资基金法、证券期货类行政法规为主体的处罚体系，对“老鼠仓”的查处只能是行政处罚，难以追究当事人的刑事责任。因此《刑法修正案（七）》增设了利用未公开信息交易罪，为惩治“老鼠仓”提供了刑法依据。本文围绕我国第一起基金从业人员因利用未公开信息违规交易被追究刑事责任的案件，结合中外相关案件和各国类似法律条文，对利用未公开信息交易罪的相关构成要件进行分析探讨，对争议问题论述自己的见解，进而提出对策建议完善利用未公开信息交易罪。第一部分对本案涉案人员的基本情况、案情经过、审判结果进行介绍。第二部分分别对基金、“老鼠仓”、基金中的“老鼠仓”等名称的概念定义进行了解释说明，并通过分析“老鼠仓”的社会危害性和《刑法修正案（七）》出台以前的“老鼠仓”刑法规制空白，强调“老鼠仓”入罪的必要性。第三部分针对利用未公开信息交易罪的相关构成要件，明确未公开信息与内幕信息的异同；明示、暗示他人从事相关交易活动与泄露未公开信息的区别。第四部分围绕案件自身的争议，结合中外相关案件和各国类似法律条文，明确犯罪主体是否存在共同犯罪，量刑轻重的标准，采用举证责任倒置确定“老鼠仓”的可行性等相关问题。第五部分为了使刑法对“老鼠仓”的规制更加有效，将利用未公开信息交易罪与内幕交易罪、一般背信罪和特殊背信罪进行比较分析，尝试寻找惩治“老鼠仓”行为的最佳办法，进而提出完善法律条文的对策建议。

With the development of China's securities and futures trading markets, Public is also showing great enthusiasm in securities investment. At the same time, the "Rat Trading" behavior of the financial staffs frequently appears. However, according to the main punishment system, such as the Securities Law, Company Law, the Securities Investment Fund Law, and the Securities and Futures administrative regulations, most investigation and punishment of the "Rat Trading" is administrative, but seldom Criminal penalties. Therefore, Crime of making use of undisclosed information trading is added to the criminal Law Amendment (VII), which provides basis for "Rat Trading”. This paper focuses on the first criminal case, which is caused by the fund staff making use of undisclosed information on illegal transactions, with the combination of similar cases and legal provisions at home and abroad, analysis and Investigation is made on the elements of Crime of making use of undisclosed information trading, showing opinions on the dispute, and then making suggestions to consummating Crime of making use of undisclosed information trading. The first part is an introduction of involved criminals, process of the case and the outcome of the sentence.The second part explains funds, rat trading and rat trading in funds, by analyzing the social harm of rat trading, emphasizing that incrimination of rat trading is Necessity.The third part of the use of undisclosed information transaction crime related elements, clear undisclosed information and insider information about the similarities and differences; express, implied others engaged in related transactions and leakage of undisclosed information difference.The fourth part of their controversy surrounding the case, the combination of Chinese and foreign related cases and other similar laws, clear presence of common crime subject of crime, the principle of sentencing severity, the inversion of burden of proof to determine the feasibility of "Mouse Storehouse" and other related issues.In the fifth part, the author compares crime of making use of undisclosed information trading, crimes of insider trading，and crimes of breach of trust, trying to find out the best way to punish rat trading, and then gives suggestions to consummate the Legal provisions.