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A Study On Legal System Concerning Market Manipulation

Posted on:2004-12-20Degree:MasterType:Thesis
Country:ChinaCandidate:S YangFull Text:PDF
GTID:2156360095953091Subject:Civil and Commercial Law
Abstract/Summary:PDF Full Text Request
Market manipulation is one of the securities frauds, which damages open, just, and impartial of securities market and violates interests of investors. To ensure financial function of securities market, the securities transaction must be free and just. However, manipulators use their predominance on inform and fund to repel other investors and distort the price-setting mechanism. So, it is important to prohibit or restrain market manipulation.In chapter 1, the author recommended the sorts of market manipulation. These manipulative actions have been regulated in Chinese securities legal system, which include wash sale, match orders, manipulation by actual purchases, pool operation, intentionally spread and fiction misleading information. The author discussed the characteristic and constituents of the market manipulation.In chapter 2, the author discussed the sorts of market manipulation, which have not been regulated in Chinese securities legal system. These manipulative actions included stabilization and short sales. In American, Hong Kong and Taiwan securities legal systems, under some strict conditions, these two manipulative actions are legal, to achieve financial function. The author discussed these conditions.Chapter 3 focused on the cases under which, individual, securities company, listed corporation, securities professional service institution should take the civil liability. The author discussed the reasons why the Stock Exchange and ChineseSupervision Committee could not take civil liability.In Chapter 4, the author explored the civil liability of manipulators. Civil liability is the powerful instrument of preventing securities manipulation. At first, securities fraud is different from traditional civil fraud, after comparing the liability of violating contract and tort liability, the author concluded the liability of manipulator is the special tort liability. Then, the author discussed the relief means, which generally included recession of the securities buying or selling contract and claiming for damages. At last, the author analyzed the constituents of manipulative liability, which included the law violation of behavior; the manipulative willful of the defendant; law violation and destroying facts; the reason and result relation between law violation and destroying facts.Chapter 5 is concerned with regulation of market manipulation. The regulation of securities manipulation includes two sides: the regulation system and the content of regulation. At first, the author recommended the regulation systems of America, Britain, and Japan and proposed how to enhance the regulation system of Chinese securities market. Then the author discussed some specific measures, such as regulation of disclosure, inspecting and paying much attention to the self-regulating of Stock Exchange and Professional Association.
Keywords/Search Tags:Securities Law, Market Manipulation, Civil Liability, Modification of Legislation
PDF Full Text Request
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