Civil Liability For Misrepresentation In Securities

Securities issuance market is a market in which many subjects participate. Their rights and obligations are derived from the information disclosure. Information disclosure plays a non-substitutive role in securities market and thus becomes the key of securities regulation in various countries. In Chinese securities market, misrepresentative behavior abounding in securities market of our country, because the stipulations of civil liabilities system are not conducive in being implemented, the interests of investors cannot be guaranteed during the course of application of law. In view of misrepresentative behavior abounding in securities market of our country, this thesis plans to beginning with the theoretical foundation of Information Disclosure System. The author, based on an investigation of theories and demonstration of securities law of various countries, researches the civil liabilities system of information disclosure, analyzes the deficiency of civil liabilities of misrepresentation in securities law of PRC , plans to make a preliminary discussion about how to establish civil liabilities system of securities issuance in our country ,and then advances his proposal to improve civil liabilities of misrepresentation and protect the interests of investors from the view of substantive and procedural law. Hoping to protect the interests of investors through system design and also plans to put forward reasonable proposals for standardization of securities market of our country.