Studies On Limitation Of The Joint And Several Liability In Security Law

In today's securities market, the illegal actions often happen, and they infringe the interests of investors and damage the order of the market. As the most powerful weapon against the violations ,civil liability system has been enriched in The Securities Law. However, the author believes that joint and several liability which comes from civil law is useful in the securities market because the market is of speciality, but joint and several liability has not yet been received the attention it deserves, and few people study it , furthermore how to limit the joint and several liability is still lack of study.This paper studies on the limitation of the joint and several liability in securities law. Basing on the theory of joint and several liability, the author believes that joint and several liability is a necessary and limited existence. After analysis on some kinds of doctrines, the author discusses the limitation theory of joint and several liability in security law from respects of law and economics. At last, the author points out the shortcomings of our country's legislation, and profits the legislations from other countries and regions in order to establish our country's system of joint and several liability which has appropriate limitation.Chapter I is an introduction to theoretical significance, practical significance, research methods, fundamental structure, conclusion ,innovation and shortage of the paper.Chapter II demonstrate the rationality of the joint and several liability in security law. Firstly, the author introduces the concept. And the author analyzes some kinds of doctrines of the concept, then puts forward her own viewpoint. Second section points out the rationality of the joint and several liability in security law is decided by characters of securities market. These characters are asymmetry information, professional staffs' offences, enormous quantity of subjects, and joint torts.The third chapter is divided into two sections : the first section points out infection of joint and several liability in security law .because of this, the liability must be limited. if exceeding reasonable limitation there are some negative impacts such as "deep pocket" .The second section introduces the limitation of joint and several liability in security law in other countries, which can be used for reference.