Research On Legal Responsibility Of Litigants In Securities Network Forums

The rapid development of Internet technology in the21st century, promote theexpansion of the securities business in the networking field, brought unprecedentedprosperity in securities network, but also make the traditional securities law research facingnew challenges. Securities network forums as a new platform for information exchange andcommunication, which greatly improves the convenience of the exchange, reduces the costof dissemination of information, improves the information asymmetry in some extent, andenhances the transparency of security markets. At the same time, the biggest challenges of itssecurities regulation include the anonymous infringers, the low cost of torts, theextensiveness and convenience of infringement information, and the complexity to define thelegal responsibility. How to distribute the rights and obligations between the litigants ofsecurities network forums in a fair way, how to define the scopes of its responsibilities in areasonable way, to minimize regulatory costs, effectively curb the spread of harmfulinformation, achieve maximum benefits in developments of securities network forums.Thishas become an important issue facing the world.The United States although did not form the legal system for securities regulators innetwork forum, but different judgments made by Justices at different stages of the Internet,card the basic ideas of the securities regulatory, point out the value of the considerations andthe equitable legal interests, make the regulatory focus on reflection and reconstruction forInternet service providers’ legal liability. IOSCO put forward different proposal for directlycontrol of country and not directly control of country in network forum. Except of the bindingof external measures, IOSCO more inclined to the effectiveness of internal measures,emphasizing the significance of investor education and training, encouraging securitiesnetwork forum to achieve good self-autonomy.At present, our securities network business is still in its infancy, legislative and judicialexperience is still inadequate. This paper attempts to clarify the legal responsibilities oflitigants on securities network forums through a comparative analysis, discussions of jurisprudence, analysis of legal provisions, absorb and learn from U.S. practical experiencein securities regulation and IOSCO’s recommendations, combine the principles of ourtraditional Securities Law with related topics of modern Network Law, Information Law,explore its legal system construction in responsibility subject,doctrine of liability fixation,constitutional elements of liability, and the way to assume liabilities, hoping to provide auseful and constructive suggestions for legal research about Network Securities.