On The Causation Of Tort Liability Of Misrepresentation In Securities Market

The thesis is on the causation of tort liability of Misrepresentation in securities market.China 2004 "Amendment to the Constitution" the first paragraph of Article 13:The state protects by law the right of citizens to inherit private property. Have the effective protection of private property rights, members of society can be mobilized to actively engage in economic activities, thus beneficial to the prosperity and development of socialist market. In the securities market, the legal protection of private property rights of individuals more reflected in the property interests of securities investors protection, especially emphasis on the protection of small investors, securities market regulatory system should be the basic goal. But also to avoid the legal system become relevant securities to engage in securities trading portfolio "investment insurance system", should be effectively balanced the interests of the securities market in all of the main property.China's securities market started late, but from small to large, growing rapidly. However, we should also be noted that, with the prosperity and development of the securities market, various types of harm the legitimate rights and interests of middle and small investors, endless violations, especially Misrepresentation, insider trading, market manipulation and so much more numerous, not only undermines our security healthy market order, and may fundamentally undermine investors confidence in the securities market and thus undermine the basis for development and prosperity. Therefore, how to crack down on illegal securities market and protect the interests of securities investors increasingly prominent problem. Legislation to protect our country on this issue is more a focus on criminal and administrative aspects, and in the civil aspects of the legislation is less the characteristics of poor quality, so to establish and improve China's securities market civil liability system, the task is permanent in nature, Theorists and Practitioners is required persistent efforts.Causation constitutes the core elements of tort liability, tort and the damage is the result of contact between the logical link, in resolving the status of tort liability in the very prominent. Tort liability in securities in violation of the main and the victims are many factors that caused the victim's lost all kinds of complicated, so the chain of causality long-winded and miscellaneous. Securities law violations arising in many types of civil liability, this article only a Misrepresentation as the starting point, and further focus on its core theory - cause and effect relationship of research to try to Misrepresentations on China's securities market in the causal relationship Improvement of the issue of benefit.On the one hand, securities law as a branch of private law system, is the civil law of the special law. On the other hand, developed countries than the securities markets, securities law system in China is not yet mature, well-established rule of law abroad and judicial experience, and borrowing against our need. Therefore, this research path is: first of all to the civil law as the basic theory of causality point of this study, a comparative study of tort liability in the current two legal theories of an important theory of causation. Second, the introduction of the U.S. Securities Act on Liability for Misrepresentation causation requirement, and focused on the "presumption of reliance theory" and "fraud on the market theory." Finally, the introduction of our development on this issue, combined with China's national conditions, compared to the relevant provisions of the Securities Act, Misrepresentations on improving our tort theory of causality in some personal recommendations.The first part focuses on the two legal tort law, the basic theories of causation.In common law, the tort liability in the cause and effect relationship has been divided into: causation in fact and Proximate causation in two stages. Causation in fact offender violations and the victims have lost the link between the fact and Proximate causation to prove the damage suffered by the victim not the perpetrator in the law caused by violations of a victim is too far away results, so that perpetrators need not be held responsible. One of the causation in fact rules there are two types: "but for" rule and the "substantive elements of the rules." The former can only be built on the assumption that a single causal model, in order to make up for "but for" rule in the application of the defect, scholars have proposed the "substantive elements" rule. Determination of Proximate causation there are "The direct consequence theory" and "The foreseeability theory" two recognized rules, intentional tort cases, mainstream " The direct consequence theory " to determine the legal reasons, for negligence violations, the " The foreseeability theory " an authority theory.In civil law, the tort liability of the causal relationship is divided into the causal relationship between responsibility and the establishment of the causal relationship between areas of responsibility. The former inquiry led to the defendant's behavior and whether the plaintiff's injury played a role in resolving the issue is whether to establish a tort liability for damages. Inquiry led to the damage which plaintiff many conditions which are legal reasons, to solve the problem is how much the defendant should bear the liability within. Causation civil law in a number of theories exist, this article on the "causal relationship theory" and the "objective of the regulation theory" a study.The second part, the causation of tort liability of Misrepresentation in the U.S. securities market.Different from the traditional tort of Misrepresentations by at least two sections of the chain of causation can be established that the Misrepresentations caused investors trust, the trust of investors based in the heart of securities transactions. Therefore, the traditional "but for" rule, to determine the Misrepresentations of fact causation can not solve the problem.In the U.S., victims of Misrepresentations to the securities market infringer for damages based on the action of two types: A class of securities legislation in the United States to give investors some clear provision to the right to appeal, such a provision explicitly set the investors enjoy the right of appeal is called "express right to appeal" . The other is the number of securities law prohibited legal norms, the legal norm itself does not provide investors can bring a civil action, but with the development of judicial practice, the court give the investor may bring a civil action powers in accordance with such provisions of the right to appeal the formation known as the "implied right of appeal."The third part introduces a Misrepresentation of China's securities market development of causal theory, then the judicial interpretation on China's relevant evaluation made. Finally, give two proposals to the Construction of causation of Misrepresentation in China securities market. Establish divide structure of causation of Misrepresentations, and Active learning " fraud on the market theory ".