Study On The Civil Liability System Of Misstatement In Securities Market

China’s securities market is now in the new stage of development, but lots casesof false statement have occurred in securities market. Daqinglianyi Case、 HangxiaoSteel Case、Wuliangye Case，these cases severely not only damaged the interests ofthe broad masses of investors and hindered the normative and orderly development ofChinese securities market. This article is on the base of Wuliangye misstatement Case,analyses several related problems of securities civil lawsuit system, uses foreignrelated legislation and judicial practice for reference,thus to improve relevant system.This article consists of three parts: introduction, text and conclusion. The text isdivided into three chapters.The introduction describes a series of problems existing in system of civil liability insecurities legislation and judicial practice, emphasize the method of solution andsignificance of solution.The first chapter introduces the Wuliangye misstatement civil compensation caseand the case has led to the procedural and substantive issues. The procedural issuesinclude prepositional procedure and litigation pattern; substantive issues include thecognizance of misstatement in Securities and the civil liability of certified publicaccountant.The second chapter analyses the procedural issue in Wuliangye misstatementcivil compensation case. This chapter explains the laws and regulations of our country concerning the prepositional procedure and litigation pattern, and then introduces therelevant legislation of other countries and regions. Finally, the chapter makes acomparative study of civil lawsuit system between China with other countries.The third chapter researches the substantive issue in Wuliangye misstatementcivil compensation case. First the chapter introduces the rules for cognizance ofmisstatement in Securities according to Chinese litigation, then makes a comparativestudy with other countries. Finally the chapter states the relevant questions inWuliangye case, through the comparison of Chinese and foreign system, improves therelevant legislation in china.The conclusion makes a brief summary on countermeasures and suggestions onthese issues.