| Since the rise of China’s securities market in the1990s, it can be said that the pace of development is unmatchable by any other countries. However, in the process of rapid development, the securities violations are proliferate and rampant, which seriously disrupted the country’s securities market order and greatly damaged the interests of investors, therefore, protecting the interests of investors is very important. From the stock market development around the world, all countries treat investors protection as the most important issue. On the capital market, investors and companies are lips and teeth relationship, they are complementary companies, companies absorb the social capital through the capital market issuance of securities, at the same time, investors buy securities in the capital market to obtain the value of assets. Investors suffer damage in the capital markets, then it will inevitably reduce its active participation in the market, at last it will lead to the entire stock market slump in the long term. At this stage, all countries around the world including China are trying to explore the major issues of how to create a harmonious securities market. All market participants can develop in an open, fair and just environment, Only in such an investment environment, can investors dare to put their savings in the stock market.In this paper, I made the concept of investor protection the center, starting from the principle of openness, whether the system of the principle of openness can achieve the purpose of protecting investors. Having a look at foreign securities laws, they all treat information public as an important system.The securities market is an allocation of capital market, but also a need for a fair and open market.However, false information is rampant, Departing from the principle of openness and contrary to good faith. In this paper, I started from the perspective of investors, testing China’s securities trading system,whether this system can protect investors and achieve the purpose of protection of investment and promotion of the economy. Therefore, this paper took the application of the principle of openness in securities act as the core, starting from the perspective of investors protection investigating the related theory of public policy principles and legal liability for breach of the principle of openness. In order to offer relief for investor losses due to false information, this paper attempted to compare the class action litigation system in United States and representative system in China, exploring the possibility of the class action litigation system application in China and making appropriate recommendations.In addition to the introduction of the paper, it is divided into six chapters. Chapter one, objective analysis of the status quo of China’s securities market and the research background of public principle, leading to the theme of this paper, namely using the means of public policy in order to achieve the purpose of protecting investors. Chapter two, I discussed the basic principles underlying the principle of openness on the securities act, including the meaning, purpose and effectiveness and scholars criticism of the principle of openness, therefore, I could have a deeper understanding of the principle of openness. Chapter three, I analyze the principle of openness on the use of securities law Then I used this principle in the analysis of the current issue and approval system, information disclosure system on securities act and the legal liability for breach of the principle of openness should bear. Chapter four, exploring the application of the principle of openness on securities law in the United States, European Union, Germany. Chapter five, I discussed the remedy for investors who suffered from false information, it is also known as the feasibility of collective action, discussing the relevant provisions,the feasibility of application in China and recommendations of the US class action system, Chapter six, the conclusions and recommendations. |
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