A Study On The Infringement Civil Liability In Securities Trading

With 12 years development, the securities market in China has got great achievement. In recent year, the infringements in securities market were in existence universality and typology. However owing to the frailty at the legislation of civil infringement in present, there is no specific criterion of acceptability when disposing such case. This dissertation plan to study infringement civil liability in securities trading with classical tort system and theory and attempt to discovery the variance between securities infringement liability and general tort liability, at the same time comparative study to explore the mechanism of infringement civil liability in securities trading of other countries to provide reference for establishment of infringe civil liability in securities trading of China.This dissertation aimed to make infringement civil liability in securities trading conformity to civil liability system. In civil liability system, infringement civil liability in securities trading is part of special infringement civil liability, whose specialty lay in appliance of constructive fault liability, liability without fault, constructive causation that means that the defendant bear the burden of proving nonentity of the causation.In chapter 1, the author explained the intendment and feature of the infringement civil liability in securities trading, and thought that infringement civil liability in securities trading means the civil liability that parties concerned shall bear fordisregarding of law and that damaging others parties' lawful rights and interests in securities issue and trading procedure. Infringement civil liability in securities trading has some feature that differ from general tort, so when plaintiffs are in pursuit of remedies according to general tort , they often fail at offering proof and confuse at deciding who are defendant. Considering fore mentioned feature, Obligors shall bear joint responsibility, however, the ultimately liability shall be taken by director manager and doer related and agencies that fail to excise their due diligence with listed company together, instead of only by listed company. The value of the infringement civil liability in securities trading is preserve investor' confidence and perfect corporation govern structure.In chapter 2, the author introduced the theory and practice about infringement civil liability in securities trading in America and Taiwan. Beside comprehensively introduced other country's experience, the author comparatively studied the distinction of the legislation between China and other countries, recommended the plan and clue about China infringement civil liability in securities trading .In chapter 3, the author studied the elementary theory about infringement civil liability in securities trading, the main type of infringement in securities trading and imputation principle of tort, and thought that the liability system in securities trading that give principal to strict liability principle and auxiliary to fault principle infringement civil liability should be established.In chapter 4, the author studied the specific rules about infringement civil liability in securities trading. Firstly studied who have right to suit, and who shall be defendants, explained essentially causation theory, and the burden of proof and defense, prescription, and how to distribute the compensation liability for damage and how to determine the compensation sum. the author thought investors in securities market as civil subject have the right to sue and the People's Court shall accept and hear the case on condition that their plaint conform with the four provisos in section 108 of Law of Civil Procedure, and the People's Court has jurisdiction. Infringement civil liability in securities trading can urge administrator of the listed company and its complementary corporation exercise due diligence obligation.Therefore, any director , other administrator as well as staffs of complementary corporations who bore due diligence responsibility shall bear the liab...