Discussion On Civil Liability Caused By Information Publicity Of Negotiable Securities

[Summary] Information publicity of negotiable securities, which is developed from western countries, has been the core system of negotiable security law in most countries. Its civil liability is a good system that enables investors to be protected by information publicity. At present, there is little study on civil liability caused by information publicity of negotiable securities, which involved in the following aspects: theoretical study is not thorough, law making is inexplicit, practical controlling is difficult. This situation is unfavorable to protect the investors' benefits, and hinder the healthy and orderly development of negotiable securities. This thesis gave a systematic presentation on civil liability caused by information publicity of negotiable securities and aimed to develop this system in terms of theory, substantive law, and procedural law. The study approaches include comparison, reference and analysis.This article fall into four parts: I) introduction, some basic conception of this system is discussed, such as is origin, framework, system, and the conceptions, present situation, analysis and significance of civil liability caused by information publicity of negotiable securities; II) theory study on civil liability caused by information publicity of negotiable securities, mainly about the characteristics, theoretical basis, and character-analyzing; III) study on substantive law of civil liability caused by information publicity of negotiable securities, mainly about its responsibility body, responsibility-imputing principle, component part, contradiction causes, ways of responsibility and compensation calculations; IV)study on procedural law of civil liability caused by information publicity of negotiable securities and some problems of prosecutors' space and charge of representatives.The author gave presentation, comparison, and analysis of civil liability caused by information publicity of negotiable securities by such examples as America, Japan and Taiwan, analyzed the current situation of civil liability caused by information publicity of negotiable securities in China, discussed and illustrated some related questions thoroughly. This thesis aimed to give a intensive discussion on this system in terms of theory and system, thus gave us a general understanding on this system. There are several special views: A) a systematic analysis on the base of previous research works. B) claiming to establish an open responsibility system enacted by law. C) a systematic discussion on its characteristics: the widespread responsibility, responsibility-imputing principles and complicated components, wide responsibility subjects, indefinite compensatory sums etc. D)analyzing the right subject and responsibility subject of this system. For example, as for the responsibility subject, the companies and holders are newly-added. The responsibility subjects include: 1.classify the issuers into board of directors and other high managers, seal-holders and non-seal-holders who can get the information; 2.enlarging the subject of controllers, pointing out the phenomenon that in China the issuer are the major holders in most cases, which affected the rational judgement of the investors. It is especially necessary to set up responsibilities of the controllers; 3.pointing out that supervising is the responsibility of negotiable securities supervision committee as the responsibility subject; if the committee didn't fulfill its responsibility, it should pay for the civil compensation as the attached accused. E) concerning responsibility, claming one-sided compensatory responsibility. F) discussing compensatory principles of civil liability caused by information publicity of negotiable securities: definite compensatory principles for those who disclose information; punish compensatory principle for those who control the trade in black market; accordingly giving calculation method of compensation at percentage or doubled. G) insisting on systematic establishment of lawmaking, emphasizing on linkin...