Civil libility in securities law means that the civil parties in securities market shoud burden the bad result, if they violate forbidden obilgation in the course of issuing and trading described in securities law and regulation. Civil liabity in securities law is the most important and direct proective means and remedy for the investors, after they sustain losses. This dissertation undertakes a study of the causality in the civil liability, it studies the causality theoretically and technically.
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