The Improvement Considerations Of Criminal Legislation On Misrepresentation Crimes In The Securities Market

The system of information disclosure is the footstone of the existence and development of the securities market. In this market, the listed companies convey their important business information, which is the bases of the investments, to the investors through this system. Some serious exposed cases of the misrepresentation crimes have not only caused losses of the investors, but also shaken the foundation of the securities market. The economic and social development has been affected seriously. It is because of the limitations that exist in the criminal law in punishing the misrepresentation crimes in the securities market and the inconsistence of the stipulations in the criminal law and the securities law. Therefore we need to improve the criminal legislations of the misrepresentation crimes in the securities market to keep the misrepresentation crimes within limits. The author analyses the relevant provisions in the criminal law and makes a comparison with the securities law. Meanwhile, the author discusses the limitations of the criminal law in punishing the misrepresentation crimes and uses overseas criminal legislations for reference. By doing so, the author puts forward his assumptions of rebuilding the criminal legislations that punish the misrepresentation crimes in the securities market.The thesis is divided into four parts. Part I: The definition and the legal system of information disclosure are given at the beginning of this part. The author also analyses the connotation, subjects, and objective behaviors of the misrepresentation crimes, which is the foundation of the later discussion.Part II: This part introduces the present situation of the criminal legislations in punishing the misrepresentation crimes in the securities market. The author particularly discusses the loopholes in the criminal legislations. That is: on one hand, all the six crimes which is stipulated in the present criminal law and provided to punish the misrepresentation crimes have some loopholes and are out of line with the provisions in the securities law. On the other hand, there is legislative blank in punishing the misrepresentation crimes committed by the underwriters and sponsors. The author discusses the loopholes in the legislation to put forward suggestions to improve the legislation.Part III: The author briefly introduces the criminal legislations in punishing the misrepresentation crimes in securities market of USA, GB, Germany, Japan, HK SAR and Taiwan region at the beginning of this part. Then the author makes comparisons with the provisions in our criminal law in the aspects of objective behaviors, the subjects of crime and the subjective elements of crime. The author puts forward the assumptions that the crime with circumstances is needed in this crime by using overseas legislations for reference at the end of this part.Part IV: The necessity of rebuilding the criminal legislation in punishing the misrepresentation crimes is given by the author at the beginning of this part. Then the author points out that our country should apply the form of criminal code to punish the securities crimes. The author puts forward his specific measures to rebuild the criminal legislation in punishing the misrepresentation crimes. We should abolish the crime of fraud to issue shares or bonds, set up the misrepresentation crime in the securities market, modify the crime of fabricating and spreading false information to adversely affect stock exchange, the crime of providing false testifying papers and the crime of producing testifying papers that are highly inconsistent with the facts, split the crime of cajoling investors into buying or selling securities and remain the crime of disclosing illegally or hiding important information. The author wants to punish the misrepresentation crimes by building a new system of criminal legislation.