On Professional Intermediaries In The Stock Market Information Disclosure In Legal Liability

Capital security market, as an important part of the modern financial markets, is playing a more and more important role to the healthy development of national economic with its function of strongly raising money and effectively allocating resources. However, with the presence of misrepresentation of information, insider-trading, manipulative practices, etc, the vast investors hold more concerns on the securities markets. And so, it is very urgent to constitute a unified liability system including criminal, administrative and civil liability, especially civil liability, to strongly protect the interests of market participants and keep the order of security market. Strengthening and completing the legal liability of accountant firm, law firm and other professional intermediary organizations, and urging them to carefully shoulder legal responsibility, as an important part in the system of the disclosure of information, should have far-reaching meaning in our national security market development. This thesis is largely concerned on the theoretical and legally practical improvements, observing the security regulations in a nation which has a mature security law such as the united states, analyzing the legal responsibilities given rise to by participants' information misrepresentation of the professional intermediary organizations in Chinese security market and putting forward suggestion on how to complete the civil liability of the professional intermediary organizations.