The Civil Liability For Misstatements

With an aim to establish and improve the civil liability in China's security market, this dissertation tries to introduce the concept and practice of the civil liability for misstatements in America's Security legislation and its potential impacts to China's similar system. To civil liability for misstatements, the author suggests distinction between civil liabilities of the security issuing market and that of the trading market. Civil compensation standard should be made according to the characteristics of different stages.The dissertation consists of 5 parts:Part One: General introduction to the misstatements.The securities misstatements are violations to the information disclosure obligations in the security market. This part discusses the securities misstatements in the light of information disclosure.Part Two: Why the securities misstatements exist in China's security market? This part simply explores three main reasons which cause misstatements.Part Three: The nature of the civil liability of misstatement. It is clear that the civil liability of misstatement is a tort liability.Part Four: Civil liability of misstatement in the security issuing market. Through the research work of America's Security Legislations governing civil liability of misstatement in the security issuing market, the author defines the constitutive requirements that lead to the identification of civil liability of misstatement and associated civil compensation in China's security issuing market.Part Five: Civil liability of misstatement in the security trading market. Through the research work of America's Security Legislations governing civil liability of misstatement in the stock trading market, the author analyzes the constitutive requirements that lead to the identification of civil liability of misstatement and associated civil compensation in China's security trading market.The last part is a brief comment to China's security law and judicial interpretation.