A Study On The Causality Of Civil Responsibility Of False Statements In Securities

Causality is not only a fundamental part of Tort Law, but also a basic part of almost any other civil compensation responsibility. Nevertheless, just as a famous English scholar studying Tort Law named Fleming said, "compared with other problems of Tort Law, the causality problems puzzle courts and scholars most" .When judges and scholars study causality problems of infringement acts, they often have to get entangled with philosophical causality , law causality , faults , the scope of damage problems and so on, they have to shuttle back and forth between facts of cases and law articles. Thus, the causality problems are always argumentative topic in academic research. There can't be a unified conclusion of causality research now and forever. Due to the nature of securities investment, such as different subjects, so many victims and complex factors, it is really difficult for judges to identify the causality of civil compensation responsibility of false statements in securities market. Meanwhile, how to prove the causation between investment loss and the misrepresentation made by the defendants has been the biggest obstacle for investors to seek civil aid, and has been a great knotty of civil responsibility system of securities. Thus, it's significant to study causality of civil compensation responsibility of false statements in securities market. On one hand, for investors, this research can make up the hiatus of civil aid way, provide firmer law support and clear away obstacles. On the other hand, for defendants of these cases, this research can help to clarify whether to undertake responsibility and the scope of responsibility. This is good for any one in securities market for clear responsibility and does good to the healthy development of securities market.This text is composed of four parts. Part One introduces the legislation and practice of causality in civil responsibility of false statements in securities market in America. The second part studies the current related legislation and practice in China. Beginning with introduction of backgrounds and ruling of the first securities civil case called HongGuang case, this part do some research in the current legislation of securities in China. Part Three introduces the theoretical disputes about causality of civil responsibility of Tort Law and causality of civil responsibility of false statements in securities market in China, and makes an evaluation about them. At last, the fourth part states the writer's opinion about the theoretical establishment of causality of civil responsibility of false statementsin securities market in China. In my view, China should establish binary systemation of causality of civil responsibility of false states in securities market. Meanwhile, this part makes a clear statement on whether China should adopt the "fraud on the market" theory.