The Standard Of Securities False Statement

The topic is The Standards of Securities False Statement. The main question is which standard should we choose in the Securities law of China.In the paper, standard for false statements in many country was compared. It consists of five parts.In the first part,from the recognized standard theory dispute of false statement of fact major significant sex and the result of standard how to choice. Then, the material standard theory is analyzed.Part Two, I Analyze the material standards of law in our country. The rule for false statement behavior in the form of a lack of an out clause. In the our country law for significant investors "decision" standard and "stock price", and in the legal practice, expand the scope of these two standards.Part Three has carried on the comparison analysis. First of all to an existing in the legislation of "material facts""significant change""important information" three concepts are analyzed. Secondly, concrete analysis the legislation and cases in the United States, American courts determine the judgment information significant standard has two aspects:on the one hand, from the perspective of rational investors. If a message is considered by rational investors is important, and will materially influence the rational investment decisions of investors, so that information can be considered significant.The fourth part of the article concluded that China should take should be selected investor decision-making,"the main securities price" standard, supplemented by material standards. First, the two standards having intrinsic unity. Secondly, the two standards are complementary. Once again, our legal practice to expand the scope of application of the two standards. Finally, the investor decision-making standards more reasonable with respect to the standard of the "market price".