Reports Infrigement Liability Of Listed Company By The Media

The media reports of listed companies, the main important body in the stock market, plays important roles, including information disclosure and supervision by public opinion, investors' education and services, assisting and improving supervision of the regulatory body. However, media reports of listed companies is like a "double-edged sword". If the report is untrue, constitute infringement will occur and the legitimate rights and interests of listed companies and investors will be prejudiced. Therefore, the reasonable regulation towards the media reports of the listed company is necessary since it can assume responsibility for inaccuracy of infringement. In practice, the media reported violations of listed companies is mainly included in the following circumstances: breach disclosure, disclosure of inside information; false statement; collaboration and deception between the listed company and institutional investors; exaggerate reports which can mislead the people; inappropriate reports and comments of listed companies. As for subjects of liabilities of report infringement of listed company, there are three types, which are media and its branches, the author of manuscript and the staff in the company, reproductive media including general authors of manuscripts and infringement reports. As for forms of liabilities, there are publicly correction, infringing act cessation, side effects removing and the reputation restoration, apologizing and loss compensation. However, in the need of the right to freedom of expression for media and the supervision of listed companies, balance of legitimate rights and interests between investors and listed company, and fair and justice of law, the intervention of administration of justice towards the reports of the listed companies should be limited. Thus, it is necessary to set up a Liability Exemption System. During the media reports of listed companies, if circumstances are as following, such as the content of reports is basically true, the terms are proper; criticism and comments are fair and well-intentioned; some information of the reports is from authorities; listed companies have agreed or already known; it is listed company or the other's fault; limitation of actions has expired and so on, the media can be exempt in order to promote the development of media which is being regulated.