Study Of The Causal Relationship Between The Securities In The Tort Of False Statements

There are many object in stock market and the risk factors are very complex with the charictersistics of non-face features, highly technical securities violations and hidden means. These factors make the issue of causation securities violations more complex.The United States is the most developed country in the civil securities, after long-term theoretical research and judicial practice, the civil damages in securities litigation, the U.S. formed a more mature theory of causality. In the US securities violations which are claiming infringement liability based on two categories:"the express right to appeal" and the "implied right of appeal" under the cause and effect. In implied right of appeal, because its language is vague, investors filed pursuant to the rules of proceedings, including the causal relationship and a number of specific requirements to be determined by the court. Presumption to trust and fraud market theory were well spent. For a long time, China's securities legislation, the provisions on civil liability for securities fraud, legal certainty and rules in the operability of no substantive change. Supreme People's Court in 2003 promulgated the "Trial of the securities market because of false statements in a number of provisions of civil compensation cases. " Not only provides a causal relationship including a number of entities and the issue, but also including some procedural aspects of the provision made for Court cases of false statements and providing a more systematic basis for a more operable. However, "Requirement" in the system design there are still some problems. Of course, protecting the interests of ,investors should be the primary objective of the Securities Act, and the analysis of "require" the defendant's burden of proof in the Central Plains and the U. S. market theory of fraud different. you can find "require" too much emphasis on the protection of investors. The last part introduced the securities misrepresentation tort causation identified Legislation. Presumption of causation by applicable burden of proof with the principles and to "major" of the facts based on presumed causal relationship between the legislative proposals.Therefore, this article based on the particularity of securities transactions, drawing on civil compensation system of the U.S. Securities and causation presumption rules. Based on the theoretical and practical point of view why the civil suit over the securities causation presumption to apply such as the use of presumpti on of causal relationship, it is helpful to do detailed research to help China's judicial practice.