A Study On The Securities Liability System

Chinese securities market has been regarded as a speculative market from which arises a series of serious problems, such as numerous misdemeanors and crimes, and the lack of relief and protection of investors' interests. One of the sources of these problems lies in the fact that Chinese securities legislation has so many blanks and defects that it hasn't lived up to its full potential in safeguarding securities market orders and protecting investors' interests. To regulate illegal behaviors and guarantee a healthy development of securities market, the perfection of the legislation of securities liability should be our top priority. This thesis breaks through traditional theoretical restrictions, examines and elaborates the system of securities liability from the macroscopic perspective in order to promote the perfection of securities legislation and judicature. The thesis is composed of four parts, and amounts to 45,000 words.The first part starts with the basic doctrines of securities liability system. Above all, the normative sources of securities liability include not only securities laws and regulations, such as "Securities Law of People's Republic of China" , but also civil and commercial laws, such as "General Principles of Civil Law of People's Republic of China" and "Company Law of People's Republic of China", and also criminal laws, such as " Criminal Law of People's Republic of China", therefore the source of securities liability is characterized by its broadness and comprehension. Second, after having analyzed the nature of securities law, this thesis further elaborates the speciality and advantages of utilizing knowledge of different branches of law to study securities liability from the perspective of economic law. Third, the thesis defines the conceptions of securities civil liability, administrative liability and criminal liability to clarify its object of research. Finally, securities liability has preliminarily formed a system comprised of securities civil liability, securities administrative liability and securities criminal liability.The second part and third part analyze the system of securities liability from the horizontal and vertical angles respectively. The second part analyzes the system of securities liability from the horizontal angle. First of all, securities liability consists ofcivil, administrative and criminal liability. Among them, civil liability can be divided into tort liability and contract liability, and the main method of is compensation for losses. The main methods of administrative liability are admonition punishment, property punishment and behavior punishment. The main methods of criminal liability are life sentence, custody and fine. Second, this part analyzes the functions of these three liabilities. Third, based on function analysis, this part clarifies the positions of these three liabilities in the liability system: the most reasonable mode should be that civil liability and administrative liability are in the first place while the application of criminal liability should be prudent. Finally, this part analyzes the legal application of these liabilities in case of overlap.The third part examines the specific formation of securities liability system from the vertical angle. This thesis focuses on the types of liability representative securities liability. The liabilities in the phase of issuing securities include the liability of delivering public manual, the liability of issuing securities without approval or examination and the liability of issuing securities using false documents; the liabilities in the phase of dealing securities include the liability of manipulating market, the liability of insider dealing, the liability of swindling clients, the liability of misstatement and the liability of misappropriating capitals. Finally, combining with the empirical study of crimes against securities law in almost 7 years in China, this part draws the conclusion on vertical analysis, and defines the direction and essential point in the legislation of securities l...