Research The Rules Of Identified Causality In Tortuous Liability Of Insider Trading In Securities Law

This paper was divided into a total of three parts, introduction, conclusion and main body which was separated into four chapters respectively discussed the research of causality in tortuous liability of insider trading.Chapter one, comment and analyze on the different opinions of scholars in tort causation of insider trading. Summary of Chinese scholars analyses of causality theory in tortuous liability of insider trading, there are three different views which were inherited common law system and continental law system:1. Factual causation;2. Purpose of rules;3.Common possibility, All of these theories for the causation of insider trading rules and standards are identified inconsistencies.Chapter two, discuss on the tort causation of insider trading was identified by extraterritorial law. This chapter focuses on the three countries are the United States, Japan and the United Kingdom. By understanding the legislation and judicial practice of these three countries on tort causation of insider trading were figured out which rules and legislation were applied to the causal relationship.Chapter three, first this chapter exposed legislation on insider trading of tort liability in China, But there were no corresponding rules about the causation relationship, so in this paper, the use of judicial practice in the court found that the rules applicable to the causal relationship between the insider trading and the consequences of the damage during the trial. Studies on two types of case, in the first part was to analyze civil cases, then analysis the administrative cases affirmed that rules were applied to for causation of insider trading.Chapter four, Proposed to improved rules that identified the causation of tort liability of insider trading. This chapter was divided into two parts:1. Conclude insider trading liability for tort causation problem;2. Suggestion of rules, based on comparative analysis and empirical analysis, make recommendations for insider trading liability rules of causation.Securities insider trading is a violation as great harm, not only directly violated of the "fair, justice and open" principle of the securities market, but caused huge damage to the majority of investors in securities and loss the confidence and expectations of investor in the stock market as well. Therefore, in order to develop and prosper securities markets in most countries are prohibited insider trading. And other countries, especially the U.S. has always been a model for prohibiting insider trading rules, most of these countries learned from the approach of America when they enacted the system of prohibition insider trading, prohibiting insider trading and pursuing the liability in the United States used in administrative, civil, criminal. Meanwhile in China according to insider trading regulation, Chinese government mainly used in administrative responsibilities and criminal to pursue the liability of insider trading, however, enacting integrated civil liability played an indispensable role in prohibited insider. With the purpose of writing this article is to be able to increase research material for the study of civil liability for insider trading. There are two major methods used in this paper:comparative analysis and empirical analysis that aims to solve theoretical problems in practice. Finally, for the perfection the causality relationship in tortuous liability of insider trading gives my own suggestions.