The Study On The Typical Tort Of The Security Market And Compensation System

The center theme of this paper is that the security investors, who get the loss because of the torts in the security market such as the insider trading, rigging the market and false stating, should have the right of obtaining economic compensation from the responsibility subject. The researching significance of this paper is that as the legal provisions are not perfect and the judicial practice lacks guidance in our country, the author seeks theories to support for investment securities suffered in substantive law. The content of civil compensation system of the tort securities is very extensive, this paper uses the method of relative study and synthetic analysis in terms of substantive law, mainly discusses about the inside trade, manipulation of security market and false stating from the concepts, legal nature, asking subject, responsibility subject, Causality, range and computing technology of civil compensation of causality, etc. This paper is divided into 4 chapters besides the preface and the conclusion.Chapter one: The security market is the general name of issuing and circulating of securities and conformity with the organization and management style, including the issuing market and the circulating market. The security market provides the chance and financing place to publishers, and to investors according the net value of the assets and assets appreciation, expecting the profit and sharing out bonus of variety of investment, so it is the specific place where factors and investors can realize their purpose. Securities civil liability is the civil legal consequence which participators who violate the security law should bear. There are some Basic characteristics in security civil liability: Valuing the criminal law more than the civil law, valuing the administration law more than the civil law, combining the various responsibility form with the unilateral form, and that the civil liability have the priority relating with the responsibility. Its responsibility form includes the security liability for breach of contract, security liability for tort, security liability of a treaty for fault. The civil compensation system of the securities has the functions of filling in the losses, deterring and helping the market management and relieving the administration of justice finally. There is a very perfect civil liability system in American Securities Law, which is clearly divided into two kinds of forms of responsibility and tacit declaration responsibility. Also there is a relevant regulation in Japan, Taiwan and Hong Kong. In our country the range of securities civil liability is small and the specific regulation is comparatively simple and careless, and legislative technology still worth weighing further.Chapter two: At home and abroad, there is no unified definition in the inside trade. The understanding to the inside trade by numerous scholars is very much the same with the basic points that: its subject has relative determinacy; its purpose is to obtain interests (utilize favorable information) or avoid losses (utilize information of empty profit), and holding important private inside information while carrying on the securities trading, but not including messages according to the open information by great efforts; its behavior methods are mainly trading for their own, advising others totrade and revealing information to make others transact. That the inside trade belongs to tort is known by the academe. Inside trade is a behavior against the moral, the market order and the trade rule. What's more, it's a fraud speculation behavior, illegitimate competition behavior and a behavior which damage the social public interests. The definition of inside information is very essential to identify it. And the most important two standards to judge whether it is the inside information are its unrevealing and essential qualifications. The inside person is someone that holds the unrevealed information which has a great influence on specific security, including the traditional insiders, constructive insiders , tippe...