Civil Liabilities Of The Online Securities Brokers

With the rapid development of computer and internet technology, online securities transaction has become a new kind of securities trading and makes a further development of direction in securities industry. Online securities brokers not only play important roles in securities trading, but also have a deep impact on the traditional securities industry. The United States is the first country that created online trading service in the world. In 1993, China began to develop online securities transaction and published some rules and regulations. However, there are lots of new legal issues about online securities brokers, for example, hackers attacked online trading systems; insufficient system capacity; online securities brokers released false information; online securities brokers cheated investors. Although the beginning of Chinese online securities brokers is not too late, comparing with other foreign online securities brokers, the extent of development is not satisfactory.In the article, I deeply analyze a series of legal problems which caused by the online securities brokers and theirs civil liabilities. Besides the Introduction and the Conclusion, the whole article was divided into five parts, totally 40,000 Chinese characters.Chapter 1 is the outline of civil liabilities of the online securities brokers. I introduce the concept of online securities brokers, the development of different countries, basic principles of online securities brokers'civil liabilities.Chapter 2 is online securities brokers'civil liabilities when hackers attacked online trading systems. I made a qualitative analysis of online securities brokers'civil liabilities, and think the principle of fault liability is unreasonable. So I suggest additionally use the principle of fairness to protect investors'legal rights.Chapter 3 is online securities brokers'civil liabilities when the capacity of trading system is inadequate. Although online securities broker are liable for breach, I doubt the rationality of principle of fault liability. I think we should use the principle of liability without fault. Furthermore, I proposed the ideas about how to supervise the problem of inadequate trading system capacity.Chapter 4 is online securities brokers'civil liabilities when they released false information. On the one hand, if online securities brokers assist issuers or listed companies to release false information as underwriters or sponsors, they will be judged"False statements"which is stipulated in Securities Law. On the other hand, if online securities brokers make use of hyperlink or Internet Securities Forum to release false information they also should take different civil responsibilities.Chapter 5 is online securities brokers'civil liabilities when they cheated online clients. I not only study concepts, characteristics and species, but also propose my suggestions about how to define the amount of online securities brokers'compensation and how to effectively supervise the online securities brokers'manners.The study on online securities brokers'civil liabilities is not only a theoretical problem about securities laws, but also a highly realistic research topic. Therefore, we should make full use of theoretical analysis, empirical analysis, value analysis, based on national conditions of China, learn from foreign legislative experience and judicial practice to study the legislation of online securities trading.