Securities Service Institutions And False Statements Civil Responsibility,

Professional securities service agencies play a key role in the securities market. The investors rely on their reports in making their decisions. However, in recent years, more and more false statement issues arise in the securities market. Many professional service agencies and persons participate in those false statement conducts, which cause great damages for the investors. However, the investors have no effective remedy for these damages. Based on the principles of the civil law, the author researches the civil liabilities of the professional service agency for its false statement and the legal relationships in the securities market and attempts to give a reasonable explanation for the civil liabilities of false statement. The first section of this article focuses on the securities service agencies and provides an overview of their legal status in legal relationship under the securities information disclosure rule。The second section discusses the nature and criterion of civil liability and points out that the false statement is a kind of tort and the principle of presumed-fault liability shall be applied. The third section analyzes the professional service agency's false statement conduct, fault evaluation criteria and causation according to the principle of criterion of liability and examines the factors in establishing the false statement liability of the professional service agency. The forth section concentrates on the case of joint tortfeasors who shall be liable jointly and severally for the false statement. The fifth section researches relevant Chinese legislations and queries the liable person, form of conduct and criterion of liability in Chinese...