On The Civil Liability Of False Statement Of Securities Markets

Civil liability for misrepresentation in China's securities market system problems is the hot spot in recent years. According to regulation and supervision of securities markets, promoting the healthy development of China's securities industry has very important significance. However, with foreign infringement of the legal system more complete than the misrepresentation of China's securities market theory of tort liability study started relatively late. As China's securities market has grown in strength occurred in the stock market in recent years, a series of false statement in the event of civil liability for misrepresentation to securities issues become more prominent. Therefore, our theoretical circles false statement in the securities market should be tort liability theoretical research devoted more attention. Related issues on the above-mentioned study, the author from the interests of the possession and distribution point of view, try to put forward a sound civil liability for misrepresentation in the regulatory approach in order to leverage the use of economic instruments to protect investors, the total elimination of the securities acts of misrepresentation.This article focuses on China's securities market civil liability for misrepresentation of theoretical research, firstly, this paper analyzes elaborately the basic theories of Misrepresentation, combining with the actual case studies the characteristics of the existing theory and existing loopholes. Then, this paper puts stress on the deficiencies of laws and regulations for China's securities, regulatory system, and draw lessons from the legal system in use foreign securities market. At last, this paper puts forwards relevant provisions of the improvement of China's securities market with the system of civil liability for misrepresentation.Thesis is divided into five parts:the first sets the basic theory of misrepresentation of securities market. Firstly, by comparing the academic world for the misrepresentation as defined by broad and narrow two kinds of understanding of misrepresentation, the paper clarifies the meaning of the misrepresentation in China's securities market is narrow. On this basis, the paper analyzes the performance of misrepresentation out of the main, object and the object of a specific nature, and analysis of five major manifestations of misrepresentation. Secondly, the paper describes the characteristics of the civil compensation case of the civil liability for misrepresentation in China's securities market system. Furthermore, this paper analyzes the importance of the civil liability for misrepresentation in China's securities market systemFrom the second part to the fourth part of this paper, it mainly discusses the structures of the civil liability for misrepresentation in China's securities market system. The second part, on the basis of the securities laws and regulations of the relevant provisions of the misrepresentation, makes classification analysis of the main civil rights and obligations of different people and identification methods. The third part interoperates the facts and legal causation and determines the standards and other issues. The fourth section sets out the attribution of the responsibility principle the civil liability for misrepresentation in China's securities market, including the "unified imputation principle" and "the principle of attribution, respectively", and comparative analysis of different civil liability principles on different people.The fifth section summarizes the theory on the basis of the above analysis, and makes further reflection on civil liability for misrepresentation in China's securities market system problems and puts forward proposals to solve the problem. It is considered that during the course of the issuance of securities, the level of civil liability for misrepresentation should be separate and divided, depending on the different responsibilities of the main duty of care should be set different exemptions. Meanwhile, for the misrepresentation of legal norms on civil liability provisions of the causal relationship between the defects, it is proposed that it should make increase on some victims of misrepresentation and misrepresentation before the date of disclosure or correction of the victim to sell the securities investor protection provisions to interest on the securities to achieve more effective protection of investors. In addition, it is discussed that it should expand the scope of compensation, such as including the reasonable expenses paid for people to participate in the proceedings. Moreover, when in the calculation of losses of investors, it is discussed that it should consider the factors that affect the broader market ups and downs and the balance of interests among the listed companies, investors and the interests of the community.