Study On The Liability Of Compensation Fund "Rat Trading" Behavior Of Damage

In recent years, with the continuous development of Chinese securities market,the fund the "rat" trading accidents are rising. Compared to the "Securities Law"promulgated in 2012, "Securities Investment Fund Law" to fund "rat" trading although made provisions, but its provisions are still not specific enough. Inparticular, he civil liability of the law on the fund "rat" trading behavior of bearing did not make any provisions, the majority of the people on the base due to fund "rat" trading behavior damage seeking relief,still lack a clear legal basis. In order to protect the interests of small investors, prevent fund "rat" trading behavior, establish fund "rat" trading behavior damages system has be imperative. In view of this, the author choose the specialized research on this issue.This paper is divided into four parts to discuss, the main contents are as follows:The first part of "preface", first elaborated the research background of this paper, through the analysis of the fund "rat" trading of the typical cases, presents fund "rat" behavior lack of problems in China’s current system of compensation for damage in the system and then analyzes the fund "rat" trading for research and development of the liability for damages, through reviewing the results of the present related to this problem from the perspective of law research, and points out that the lack of research on this problem in this field of law, proved that it is necessary to further strengthen the research of the problem, finally, the research methods of this paper and the possible innovations are described.The second part "the fund’rat’trading behavior and its legal nature", the concept of fund "rat" trading behavior should be discussed, and the harm to the behavior is analyzed, then based on screening of insider trading,trading on nonpublic information and breach of trust three related concepts,legal nature of the fund "rat" trading is discussed. The author thinks,the fund "rat" trading behavior nature belongs to the breach of trust, it should be in accordance with the perfidious act shall bear the corresponding liability for damages.The third part "damage fund ’rat’ trading behavior elements" liability is the focus of this paper, emphatically discusses the fund "rat" trading behavior four components shall bear the liability for damage,which the subject element, subjective element, objective element and causation. The main elements, the author thinks, fund managers, fund companies, fund custodian may become the subject of compensation liability fund "rat" trading behavior Normal circumstances, the fund mangers are the main responsibility, but the fund companies and the fund custodian also assume joint responsibility; in subjective elements, fund "rat" behavior as a breach of trust, the perpetrator shall there subjective intent, but this deliberately without direct intent; in the behavior f elements, illegal fund "rat" behavior people must be have the infringement of the fund share holder of property rights; the causal relationship between elements,there must be caused by causally and result between fund "rat" behavior of the illegal acts and fund share holders of the damage.The fourth part "the fund ’rat’ trading damage compensation liability", distribution problem of compensation fund "rat" trading behavior, scope of damage compensation liability, and damage compensation liability are discussed. The author thinks, the responsibility for damages, should be based on the fund mangers to implement the "rat" behavior of the profits as the foundation, combine to determine the account of the fund share holders of the loss, in the aspect of damage compensation responsibility,should be allowed to fund share holders to initiate generation table lawsuit, accountability subject of liability for damage; in compensation for damage distribution, should be set up the announcement registration and distribution system to ensure that the compensation for damage distribution of the orderly.