| Through the study of the history of Chinese and foreign securities development and theory research, it indicates , the security market is full of enormous risks and outside influence. Although the security market of our country has already made certain achievements, every system is in setting up and perfecting progressively in the securities issue and trade, it is still at new developing , not ripe stage generally. In addition the market economy of our country is still in the period of making the transition, because of those reason our market has typical character. The legal structure of securitisation is not perfect. The former in line improves, develops progressively , the improvement and perfection of the latter are very urgent, otherwise the prospect of the security market of our country is troubling.Let' s make a general survey on security law of the countries all over the world, to the illegal activities in securities issue and trade course, generally adopt three ways to impose sanction and relieve : Government's securities management organization carries on administrative penalty way to the lawbreaker; securities buyer , securities seller or the party concerned adopt the civil action, investigate the civil liability and the judicial department carry on the criminal. At present the greatest defect of securities law of our country is , overly pay attention to the administration punishes, and neglect civil liability.The research of Chinese and foreign scholars shows, in three above-mentioned ways , to compare Investigating direct infringer's civil liability with administrative penalty and punish, the former has unique superiority , it is easier to operate and economize all respects of national funds as being with high efficiency . Because of the nature of the security criminal, the civil liability of the securities should encroach right for the illegal activities of the securities. In view of the above , the legal system carry on the value of research comprehended without being toldly to encroach right to the securities.In recent years, more and more experts and scholars begin to pay attention to the theory and practice correlated with the civil liability of the securities and carry on the research and exploration, they have published a large number of high-level scientific papers, but on a systematic research to the securities the researchers are not enough yet. The concept about this is not very accurate. In view of this, this text is in terms of macroscopic, based on generally theory of the tort law and carry on systematic ground research to general theory and various kinds of concrete securities torts that the securities encroach right.This paper contains about 170000 words, including three parts, amount to seven chapters:First part tort system of the securities. This part has three chapters in all, it is chapter one " general theory of securities tort *, chapter two " securities torts of different concrete types " and chapter three common encroachment of right in the securities tort *.Chapter one General theory of securities tort.In this chapter firstly I give a comparativly research on swindle to general tort , securities nd securities concept of tort, the securities swindling is not same as the securities tort, its range is narrower than the latter. The securities tort belongs to a kind of the tort, the same as the general tort on the responsibility composition, including illegal activities , damaging the fact , causality and subjective four factors of fault, but the securities are narrower than the range of general tort, it is only a kind of tort taking place in securities issue and trade activity, the target encroached is only others' property right, do not include the personal right. In addition, because Securities Law of our country has not carried on the special regulation in responsibless principle of fault , so the securities tort is still a kind of tort based on subjective fault. In view of the above, the securities tort is defined: In the course of issue and trade of the securities, Securities Law regulation, encroach on others' property right and cause the harm, should bear the behavior of civil liability in accordance with the law. In addition, through comparing withspecial tort to the general tort, I have got a conclusion the securities tort is commerce tort.Secondly , through the research on the nature of the civil liability of the securities , I think that the civil liability of the securities includes three kinds of responsibility forms , civil liability , securities contract civil liability and civil liability that securities encroach right of fault. Through the research legislating to foreign countries and securities of Taiwan of our country , I also draw the following conclusion: The securities of every advanced countries and regions legislate to choose the liability for tort of the securities as the basic responsibility form of the civil liability of the securities , in other words, the nature of the civil liability of the securities is the liability for tort of the securities. Take the securities to encroach right in civil liability, is better than the way of the civil liability in breach of the securities.Chapter two Securities torts of different concrete types.In this chapter studies the research target are the four kinds of common concrete types on the security market, false to state tort , inside trade tort , rig the market tort and infringe customer tort of legitimate rights and interests. Through the research of China and foreign countries' relevant legislation, I have carried on the exhaustive argumentation. In addition, I have also discussed some relevant problems with dispute specially, for instance the importance of information disclosure based on those I give my constructive suggestion .Chapter three Common encroachment of right in the securities tort.This chapter has carried on research to the common legal system of encroachment of right in the securities tort. I have described the general theory of common tort at first, including concept, behavior characteristic, subject form and responsibility question of common tort, etc.. Then the factor formed to the common tort of the securities is proved . in my conclusion , based on the composition factor of common tort of the securities, it is unsuitable to adopt and close the view connected with the common behavior objectively, because it has overthrown the foundation formed incommon tort, namely common fault.The two-sides tortious behaviour of the securities is occurred by subjective mistakes which include both intention and misusage from two sides. When we assess the exact reason We should pay attention to the type and function of the tortious behaviour. For instance, private deal outside the market and the behavious which control the market are defined as intended behaviour, In addition, through the comparative research of the legislation correlating with foreign countries, I have discussed the disappearances of legislation and judicial explanation correlated with our country, and also studied the questions with dispute such as professional intermediary and professional personnel's joint liability etc..Second part System of subject that the securities encroach right. This part has two chapters in all, it is chapter four " general theory of tort subject of the securities " and * chapter five subject of concrete type securities tort *.Chapter four General theory of the tort subject of the securities. Firstly in this chapter I compared the subject of the legal relation with generally encroaching right, I found the subject of legal relation has the following characteristic. Generally made by the law, and the enterprise legal person; Engaged in with commercial for operational activity subject of the purpose; with specific business scope , enjoy rights and undertake the obligation in the ranges of Securities Law and other relevant legal norm, in briefly , the securities encroach right the subject of the legal relation refer to the securities issue and trade activity, because tort caused securities encroach right legal relation enjoy compensation for damage, it includes responsibility subject and subject of right that the securities encroach right. The responsibility subject that the securities encroach right refers to violating the civil law, the obligation stipulated of laws and regulations of the securities, according to civil law, securities regulation of laws and regulations encroach right legal people of consequence to undertake, including legal person, legal person for organization and sum natural person. The securities activity participantwho can become the subject of liability for tort of the securities can be: Promoter , publisher or listed company; Securities broker company; Professional intermediary; China's Securities Regulatory Commission and securities business association; Stock exchange and securities registration and settlement organization; Investor ( mainly for big investors , for instance institutional investor ,etc. ) and natural person.Chapter Five: Specific Types of Securities torts' Subject This Chapter is to discuss the specific types of security torts' subject, including Responsibility Subject and Subject of Right. Through comparison between overseas legislation and our country' s securities laws and regulations, I think that falsely states the responsibility subject of the tort means those liable person who against information announcing obligation of Securities Law and should bear the civil liability. Also agree to seven kinds of responsibility subjects listed of " 2. 1 regulations " of the Supreme Judicial Court. The person liable of inside trade tort, means that grasps inside information and violates the legal provisions of the securities, carry on the securities trading according to inside information, and should bear the subject of civil liability. Through having comparative analysis that curtain trade subject to the relevant laws and regulations of our country and * Securities Law *, point out the contradiction during that time, place conflicted, think that there are nine kinds of right responsibility subjects of dose. Rig the market responsibility subject of tort , means illegal activities rigged the market to implement, cause others' interests to be damaged , thus should bear the person of the liability for tort . Infringe the responsibility subject of customer's legitimate rights and interests tort, refer to depositing in the securities and in the trade activity, the obligation to violate the civil law, Securities Law regulation, infringe customer's legitimate rights and interests and cause the harm , should bear the person of civil liability in accordance with the law , generally include securities broker company , registration of securities , liquidation organization. Subject of right, false to state subject of right of tort, means of the securities activity enjoying compensation for damagepeople to ask right because state and encroach right falsely that causes damaging, including purchase any sell legal person of securities, legal person organization or natural person's investor. Inside trade subject of right of tort, means of the securities activity enjoying compensation for damage people to ask right because of encroaching right and causing damaging in inside trade, it should the same kinds of securities inside corresponding side of trade, and less than curtain emergence of trading activity the starting point, less than scene transaction finish for terminal point. Rig the market subject of right of tort, refer to in the securities activity enjoying to the who is asked for right of compensation for damage because of rigging the market and encroaching right and causing damaging. Rig the market compensation for damage ask for right people need accord with the following term:Firstly, securities that handle actual deal. Secondly, the securities of actual deal should be the same kind and trade of the same period with the securities that are handled. Thirdly, need be the good will. Infringe the subject of right of customer' s legitimate rights and interests tort, mean in the course of consignment trade of the securities, enjoy to the person who is asked for right of compensation for damage because of receiving securities broker company, registration of securities, liquidation organization and encroaching right and resulting in damaging, including legal person, legal person organization and natural person. Generally Speaking, the natural person's medium and small investors are the main subjects of right. In addition, this chapter still uses the space of the special chapter, to the relevant securities tort subjects of our country, civil liability of the portfolio supervision organ, stock exchange control with civil liability and tort of securities registration and settlement organization people responsibility system legal provisions enough to is it divide to go on Analyse, judge; to setting up and perfect the benefited owner of our country and included in right and exercised the subject system etc. and put forward improving and constructive suggestion.Part Three: Encroachment of right compensation for damage system of thesecuritiesThis part has two chapters in all, chapter six " securities encroach right general theory of compensation for damage * and chapter seven " various kinds of concrete type compensation for damage range that securities encroach right ".Chapter Six: General Theory of Compensation for Damage that The Securities Encroach RightThis chapter has discussed the value orientation question ofcompensation for damage that the securities encroach right at first. ThroughChina and foreign countries and continent law department national inconnection with Great Britain and America compensation for damage respectlegal comparative research of system, think that our country should beadopted and filled in real losses on the value orientation of the legal systemof compensation for damage at present, but not have principle of punishingnature. Then has expounded the fact that the securities encroach right thelegal relation and securities of compensation for damage encroach rightlosses of compensation for damage are defined regularly. Then has expoundedthe fact that the securities encroach right the legal relation and securitiesof compensation for damage encroach right losses of compensation for damageare defined regularly. Through analyse * actual loss rule " and pros andcons and of our country current situation of security market of * tradeprofit-making rule " that suitable to apply often in trying, administrationof justice of U.S.A. ,, it think should adopt loss not actual rule, namelyonly should loss not actual against victim, including service charge ,expenses of taxation and corresponding bank interest , etc. are compensated.Even if in a situation that the illegal trade makes a profit and is greaterthan reality lostly, it is also unsuitable to be applicable to theprofit-making rule of trade with punishing nature. Finally, expound the factsecurities encroach right compensation for damage computing technology ofvolume. Practice the computing technology used and computing technologywhich the scholar, practice worker of our country advocated throughcomparing U. S. A.'s administration of justice, value orientation of thesystem design of compensation for damage that the securities encroach right to including, losses of securities compensation for damage are defined regularly, securities compensation for damage volume computing technology and definite standard of all kinds of securities lawsuit compensation volume, etc. have offered the suggestion of choosing. In addition, through the method that is relatively studied, has also proved our country and correlated with the fixed disappearance, and has put forward the concrete legislative suggestion.Chapter seven Compensation for damage range that various kinds of concrete type securities encroach right.Firstly in this chapter I have discussed that the compensation for damage range that the securities encroach right falsly, including Great Britain and America's Securities Law is correlated with the research stipulating and self-criticism of " 2.1 regulations " of the Supreme People' s Court correctly, secondly through the study of relevant legislation to abroad area and Taiwan , I have described the inside trade and rigged the market in the compensation for damage range that the securities encroach right separately, I put forward the relevant legislative suggestion. About infringing the compensation for damage range question that customer's legitimate rights and interests securities encroach right, there are no clear legal provisions in the country at present, the academia seldom studies too, so in my paper I try to adopt and classify the method to confirm compensation for damage range meanwhile I have carried on trying research and system design.
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