Study On Civil Liability Of Securities Insider Trading

Civil liability of securities insider trading is the most important and direct protective means and remedy for the investors, after they sustain losses. In 2005, Securities Law stipulates the one whose insider trading causes losses to the other people must undertake the civil liability. However, this stipulation is too principle to operate in the reality. At the same time, the academic circles also lack comprehensive and thorough research. The dissertation studies civil liability of securities insider trading by using of comparative, analytical, inductive and historical means. It analyses the defects in Chinese civil liability of securities insider trading and puts forward the advice of perfecting it. We should use the legislation and justice experience of most countries and regions in the world for reference. This dissertation consists of 3 parts.Part 1 discusses the basic theory of insider trading and civil liability of securities insider trading. It states the concept and the evolution of legal regulations. It also analyses the character, the present legislation situation and the necessity to perfecting civil liability of securities insider trading.Part 2 discusses the constitutive requirements of civil liability of securities insider trading. It mainly analyses doctrine of liability fixation, defendant and plaintiff, manifestation of insider trading, subjective negligence, prejudicial act, casual relationship. At last this part analyses the problem of defense. Part 3 is designed to research realization of civil liability of securities insider trading in China. First, it states the forms of civil liability of securities insider trading and the ways to realize civil liability. Second, it analyses some problems in Chinese securities insider trading action system and compares the advantages and disadvantages of foreign group action system. In the end, it puts forward some legislative suggestion.