Our Country Securities Market False Statement Civil Liability System Research

This thesis mainly makes a research on the civil liability system for misrepresentation on the stock market, which mainly includes three parts: Introduction, main body and Conclusions. And the main body can also be divided into three parts.The Introduction part mainly introduces some big cases in China and US from the beginning of21st century, then further introduces the development of China’s securities laws on the civil liability system of misrepresentation.The first part of the main body is an overview of misrepresentation, which mainly includes the definition, legal form and the material standards.The second part talks about the basic issues of the civil liability, which mainly includes the character, defendant and constitutive requirements. The three parts runs as follows:the first one is about the character. And the scholars have different opinions which are contract liability, independent liability and tort liability. The second is about the constitutive requirements. And the thesis runs from the misrepresentation behavior, subjective fault, consequence and causality. The third is about the defendant, which contrasts the regulation of China with foreign countries. And the defendant mainly includes the issuers of securities, the senior management personnel, the intermediaries providing service for securities issuers and the personnel stating the responsibility bearing in the applications documents.The third part of the main body mainly makes an analysis of the civil liability from the view of procedural law. And the further analysis goes from the two parts: litigation form and the system of civil compensation realization. As to litigation form, it mainly introduces representative lawsuit system, the group lawsuit system and litigation take-on system; meanwhile makes some suggestions on improving the system of China’s civil compensation realization.The Conclusions part gives a general view of China’s situation and reasons of the misrepresentation, and proposed the prospect of the civil liability system.