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A Comparative Research Upon The Tort Damages For Misrepresentation In The Securities Market Between America And China

Posted on:2005-01-21Degree:MasterType:Thesis
Country:ChinaCandidate:X H GeFull Text:PDF
GTID:2166360155456795Subject:Legal theory
Abstract/Summary:PDF Full Text Request
The system of the tort damages for misrepresentation in the securities market is the important mechanism to protect the profit of the investors. Our securities law system has prescribed the civil liabilities for misrepresentation, but it's only a proclamation and difficult to put in practice. The harmful consequences of misrepresentation act in the securities market are small claims and large scale, the separate action and joint action don't adapt to this kind of case.America is the most developed country for the securities civil legislation and practice. Its securities law rules are self-contained, and it has fathered the theory of fraud on the market to presume the causality and the method of calculating the damages in the judicial practice. All of these have alleviated the burden of producing evidence, then the investors should resume their right by exerting their civil right of relief. Furthermore, the efficiency judicial procedure of the securities class action carry out the profit of the investors.First of all, this paper compares the requirements constituting the tort liability for misrepresentation in the securities market and litigation forms between America and China so as to explore the deficiencies in the design of our system of the tort damages for misrepresentation. Then, this paper puts forward the advices of correlative system according to our securities markets' conditions. Upon the aspect of the identification of the tort liability for misrepresentation, the ideas as follow: Firstly, we must consummate the information disclosure system so as to identify the misrepresentation act; Secondly, civil liability for misrepresentation should apply fault-assumed liability, as to the issuers apply no-fault liability in order to alleviate the investors' burden of producing evidence-, Thirdly, in the active market we should apply the theory of fraud on the market to presume the causation; Fourthly, we should establish the calculating method of damages according as the characteristics of risk in...
Keywords/Search Tags:Misrepresentation, Securities Market, Tort Damages, Constitutive Requirements, Litigation Form, Comparative Research
PDF Full Text Request
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