On The Causation Of Liability Of The Mispresentation In The Securites Market

As a constitutive requirement,the problem of Causation is the most complicated one in the judgement of liability of tort.People have made great efforts by presenting all kinds of theories.It turns out that it is impossible to tacle the causation problem under any condition with one or sevsral standards.As for the causation problem in the liability of mispresentation in the securities market,the traditional causation theories can't meet the requirement of fairness and justice.The theory of causation presumption ,which developed from the practice of American justice,provides us with a new resolution and also is adoped by China's legislature.Starting from the general theories of causation,this article is trying to prove the rationality of the causation presumption.It also includes some discussions on our new regulations.There are four parts in this article:The first part is to elaborate the general theories of causation in the Anglo-Saxon law and the Continental law by respectively presenting their rules of causation judgement and provement.The second part is to explain the difficulty in the judgement and proving of causation when it comes to the mispresentation liability in the securities market.The third part is to introduce the theories and practices of presumption, while mainly focusing on the theories of reliance presumption and fraud-on-the-market.The fourth part is to introduce the regulations concerned about causation in 'the highest court's regulations regarding the cases involvesd civil compensation for mispresentation in the securities market ' .It also includes some comments on the laudable and improvement-needing sides,while providing some suggestions for its improvement.