False Statements Of Listed Companies Of Securities Fraud Liability

Securities fraud is a common violations in stock in market economy. Such acts not only do harm to the stock market investors'confidence, it had also hit the normal development of the securities market. As an example to Hai Purui, I write this article to analysis the characteristics of securities fraud, structure, responsibility so as to improve the legal system of securities fraud. Some feasible suggestions on the basis of the reality of our country will be provided by learning from American. Securities fraud greatly violates the principle of Open, Fair and Impartial. This makes China's securities market is not fair and good to develop.The first part of Hai Purui event analysis and describe its impact and identify the suspicion of securities fraud. The unclear prospectus statements makes the investors misunderstood.The second part analyzes the characteristics of securities fraud. Securities fraud is a special kind of civil fraud ant it analyzes the characteristics of securities fraud on the basis of the civil fraud. Then it states the constituent elements of securities fraud, including the perpetrator of the harm behavior, the victim's loss, and the causal relationship between the two and lists the types of securities fraud:false statements, market manipulation, insider trading and so on. Finally, we illustrate the liability of securities fraud, including criminal liability, administrative liability, civil liability. Comparing the differences between the three responsibility, our country lay particular stress on investigating and affixing the responsibility of security fraud according public law and overlook the private law. So this paper emphatically analyzed the civil liability of security fraud.Pointed out the inadequacies of China's securities legislation by comparing with the common law and civil law in part three. By comparing the securities legislation of common law, especially the United States securities legislation with securities law in China, comparing the U.S. system of securities regulation system with securities regulation in China, China has come to learn the pattern of U.S. securities regulation to prevent securities fraud, but China's regulators did not understand the essence of securities regulation of the United States well.Through the above analysis of three parts, we summed up the lack of security legislation of our country. Found it is essential to limit security fraud through private law. In this way, we can provide some feasible ideas to security fraud in our country.