A Study On Civil Liability Of False Statement In Securities Intermediary

Investors is a major consumer of information disclosure of securities market, isalso the main victims of illegal information disclosure, investors according to thesecurities market main body to disclose information to determine the price of thesecurities, and investment decisions, therefore, true, accurate, complete and timelydisclosure of information is relevant in securities issuance and trading market mainbody of the obligation. Securities professional intermediaries involved in theproduction or provide information is an important reference for investors makeinvestment decisions, however, securities intermediaries in securities market falsestatement events, the serious damage to the legitimate rights and interests of investors,the securities market information disclosure system of harm and the honest creditfoundation of market economy.In the face of our country securities market false statement behavior ofprofessional intermediaries, investors as the biggest victims, but cannot obtain theeffective legal relief, that is because of the false statement of securities law in ourcountry the legal responsibility, focus on the administrative responsibility andcriminal responsibility shall be investigated for responsibility, ignore the civilcompensation to the victims. And the provisions of agency of false statement civilliability the relatively principle, too general, not enough refining, lack of operability.Therefore, fully realize the securities intermediary institutions, the importance of thefalse statement civil liability system and in-depth research, this system to establishand improve the securities intermediary institutions false statement civil liability ofthe relevant laws and regulations and is of great significance. In this paper, starting from the development of securities market, theintermediary institutions in our country the status quo of civil liability, draw lessonsfrom the stock market development is relatively perfect laws and regulations of thecountry, combined with the situation before the related case, trying to establish andimprove intermediary agency false statement civil liability system of theoreticalframework. First outlined the intermediaries false statement civil liability system. Andthen analyses the theory of the intermediary institution false statement civil liabilitybasis, on professional intermediaries false statement civil liability under the premiseof all kinds of theories, the nature of agency civil liability has carried on the deepdiscussion, think our country should draw lessons from tort liability said to perfectrelevant legislation. And then discusses the agency the components of the falsestatement civil responsibility, from the substantive law of intermediary agencies of thefour element of the false statement civil liability and imputation principles anddefense and so on, and that presumption of fault liability shall be investigated forintermediary organizations should be taken to civil liability imputation principle.Finally discusses the agency false statement civil responsibility lawsuit mechanism,analysis of China’s current securities civil compensation lawsuit mechanism has faults,comparing the group lawsuit system, combined with China’s laws and regulations andthe relevant provisions of the supreme people’s court judicial interpretation, theintermediary institutions of our country false statement civil action mechanism of theestablishment of a perfect and implementation mechanism are proposed.