Improve The System's Vision Of China's Securities Civil Liability For Misrepresentation

Misrepresentation under Security Law directly breaches the Mandatory Disclosure System that was regarded as the core system of modern security markets. This thesis is on the point to bring forward improvable assumptions and methods to the civil liability in the field of security misrepresentation.Chapter 1 fully described the basic concepts and theory of misrepresentation, then got the conclusion that this is a new type of tort liability compared to contract liability,contracting fault liability and independent liability, and it must be applied into the conducts of Misrepresentation as soon as possible.Chapter 2 has made commentary on claim subject and liability subject in the cases of security misrepresentation. Associating with security laws in other countries and regions, the writer pointed out the existence defects in these two subjects and advanced the improvable suggestions.Chapter 3 argued on the criteria of liability,the sharing and exemption of liability upon these liability subjects, such as security publishers,security underwriters and sponsors,senior executives,intermediary agencies and actual controllers.Chapter 4 was about the causation. Inversion of persuasion burden is a characteristic in the cases of misrepresentation. The thesis proposed what legislation pattern should be adopted into our country from two aspects of fact and legal.Chapter 5 discussed assumptions of some unsolved problems in lawsuit proceedings, also was the key innovation in this thesis. It is discussed mainly form the following five ways, they were the preceding procedure, the feasibility of adopting the group action, the carrying out of the risk action, the non-action ways, and also the establishing of the compensatory fund on the security market.