The Civil Liability Of Misstatement Made By Securities Intermediate Agencies In The Securities Market

Information disclosure system is the core of the securities legal system in all countries, also the soul and cornerstone of the securities. In recent years, misstatement made by listed companies occur frequently in our country, always accompanied with intermediaries' participation or help, severely harmed investors' rights, dampened investors' confidence in the stock market and block the development of securities market. However, it is difficult for the investors to sue for their loss, while they facing the wrongdoing violations. Since the Chinese security laws, focus on the administrative responsibility and criminal responsibility, neglecting the compensation for victims. At the same time, the relevant provisions of civil liability of misstatement is not specific, lack of operable.Analyzing the actual situation of Chinese securities market, this article mainly concentrates on the civil liability of misstatement made by securities intermediate agencies in the securities market. With reference to developed countries and regions' relevant laws and regulations, and based on the judicial acts in our country, the author manages to consummate the civil liability system of misstatements made by securities intermediate agencies in the securities market. Firstly, the paper defines fundamental problem, such as the scope of securities intermediate agencies and their works, misstatement made by securities intermediate agencies. Then, the author discuss the basic theory about civil liability of securities intermediate agencies' misstatements, respectively from the angle of economics and law, and points out that securities intermediate agencies' misstatements constitute tort liability to victimized investors. Thirdly, the constitution of the civil liabilities of securities intermediate agencies is discussed, in this part the author also point out that the imputation principle of the civil liabilities of securities intermediate agencies is fault-presuming principle. Finally, the author discusses procedural mechanism of civil liabilities of securities intermediate agencies, including the conditions of accepting a case, the form of civil action, non-litigation relief way and so on, and some suggestions were put forward from the angle of substantive law and procedural law for perfect civil liability of misstatement made by securities intermediate agencies in the securities market.