Study Of Market Manipulation Infringement

Manipuating the market is one of prohibitive trading conducts which have been defined in securities law. Because of legal tradition, china had always put emphasis on criminal liability and administrative liability on regulations of manipuating the market, Ignoring the method of civil liability. In fact, the institution of civil liability can also play an important role on preventing of illegal conduct, punishing of illegal conduct. What's more, the institution of civil liability can also play an important function on compensation-----compensating the loss,which is caused by the infringer through manipuating the marke, investors suffer from. Safeguarding the interests of investors is the most important and primary aim of securities legislation in every nation. In 2005, China modified ((The securities law of the People's Republic of China)) which was issued in 1999, adding the provision of civil liability on manipuating the market. It is to be regretted that the new provision is too abstract, and can not be applied in judicial practice. As a matter of course, China failed to produce a jurisprudence on civil liability of tort on manipuating the market so far. Based on this, the thesis focuses on designing of the relevant provision from the technical aspects of legislation, trying to providing the practical suggestions. Five chapters are formulated and the total words amount to 25 000.The first chapter is divided into two sections. The first section analyses the concept of manipuating the market. like the securities legislation of most nations of the world, China does not have a clear definition of manipuating the market. Author analyses from the legal traditions and legislative technical differences and concludes that our nation's securities legislation must have a clear definition of manipuating the market. through comparative analysis of related concepts, Author defines an accurrate definition. The second section analyses the categories of manipuating the market. Through comparative analysis of the categories of related nations, author points out some the drawbacks of provisions of types of market manipulation:missing sbjective element,inaccuracy in objective element,missing the type of spreading rumors.The second chapter discusses criterion of liability of tort liability of market manipulation. like the securities legislation of most nations of the world, China adopted the criterion of fault liability, I agree. In addition, the author focuses on the relationship between "intention" constitutive element and "motivation" constitutive element. The third chapter is divided into two sections. The first section analyses mainly how to identify the parties of tort liability of manipuating the market. Author focuses mainly on determining method of the plaintiff and concludes that tort liability of manipuating the market does not need to have a subjective "good faith" as the constitutive element. The second section analyses the cause-and-effect relationship of tort liability of manipuating the market. By investigating the characteristics of the cause-and-effect relationship and researching the relevant legislation of the United States, author proposes that China should adopt the rule of inversion of evidential burden of the cause-and-effect relationship.The fourth chapter discusses mainly determining method on the scope of damage compensation. By drawing on the relevant United States legislation, considering China's national conditions,the author propose a practical calculating method.The fifth chapter probes mainly into exemptions reasons for tort of manipuating the market. Regarding the current situation of China's securities market and corresponding legislation, author lists mainly three types of exemptions reasons for tort of manipuating the market:stabilizing operation,green-shoe contracting,Share repurchasing.