On The Tort Liability Of Intermediary To The Third Party Through False Statements In The Security Market

After more than20years hard seeking, China’s capital market has become theworld’s second large-scale capital market, China has become truly capital superpower.At the same time, behaviors of securities false statements sometimes occur, which areoften with the participation of the intermediary agencies, damage the legitimate interestsof investors, disturb the order of the securities market, and block the healthydevelopment of the securities markets. At present, however, our country’s relevantprovisions of the civil liability to securities intermediaries false statements is not veryclear, operation is not strong in practice.In this background, this paper sets our country’s securities intermediaries falsestatement infringement liability as the research object, uses the developed countries’experience and relevant system in the securities market as reference, and with the actualsituation in our country as foothold, tries to review our country’s third party tort liabilitysystem on intermediary organizations false statements in security market, and puts someideas to forward the related system perfect in our country.First of all, the first part of this paper did a detailed analysis of the nature of civilliability of securities intermediaries false statements, argued this civil liability shall bequalitative to tort liability. On this basis, the second part defined the main body ofintermediary agencies false statement infringement liability, which includes mainresponsibility-intermediary organizations, and right subject-the third person. Pointed outthat China’s range of intermediary agencies compares stricture, should contain therecommenders into securities intermediaries range, and divide securities intermediariesinto guarantor and securities service organs two kinds to research. Combined with therelated theory of common law and the reality of the situation in China, clearly stated thespecific conditions of the third party as a false statement infringement liability mainbody of rights. In the third part, the writer analyzed constitutive requirements of misrepresentationin Security agencies based on four key elements of traditional infringements. Thenauthor deeply explored some difficult points, like confirming "significance" standards,rationality of fault-presuming for intermediaries, causal relationship in false statementsand etc. The fourth part discussed the compensation liability of securities intermediariesfalse statement infringement, which analyzes the key points of intermediary agencies’joint liability such as rationality of taking point-sponsors’ joint liability, theclassification between agency and other main responsibility, further clarified thecompensation extent, etc.At last, in the fifth part of the article, the author put forward to perfect China’ssecurities intermediaries false statement infringement liability, argued somerecommendations, including the establishment of the dispute settlement mechanism,perfecting the work of intermediary institutions organization form, establishingsecurities intermediaries liability insurance system, etc.