Research On Civil Liability Of Market Manipulation

As the existence of the speculative nature of the securities and the non-efficiency of the securities market, market manipulation will not be eliminated. The system of the Chinese market manipulation's civil liabilities is too weak when compared with that of the administrative or criminal penalties.Adopting the analyses including comparative law, positive jurisprudence, social jurisprudence, economic jurisprudence and the related theories of economics, this paper introduces and evaluates the foreign and the domestic relative legislations of manipulation. Two explanations against manipulation are given from the aspects of economics and law. The concept of manipulation is clearly defined and divided into three types according to the objective behavior. This paper deals with the civil liabilities of manipulation from the ways of material law and procedural law. From the view of material law, such topics are carefully studied as the nature of the civil liabilities, the important constructive conditions and the methods fulfilling the civil liabilities. When procedural law is referred, the most important issues are how to develop the Chinese class action procedure and to rebuild the system of the Chinese securities arbitration.Six parts are contained in this paper as following: Chapter â… , Introduces the value of this paper and the researching way.Chapter â…¡, Summarizes the fundamental theories of the manipulation.Chapter â…¢, gives a clear conception of manipulation and classifies it into three types.Chapter â…£, Focuses on the material law characteristics of the civil liabilities of manipulation.Chapter â…¤, Analyzes the procedural law schemes: class action and securities arbitration.Chapter â…¥, Conclusions.