On The Legal Regulation Of Illegal Securities Information Dissemination

Our attention is focused on the listed company’s false statement, major omissions and other illegal activities in the field of the disclosure of securities information in our country. But illegal activities about the dissemination of the securities information are ignored. The author discussed the regulation of illegal behavior about securities information dissemination and correlation theories.On the basis of analysis of present situation of the illegal dissemination behavior regulation, the author view that problems caused by the the object of regulation is rare, behavior definition is not clear, legal liability setting is not reasonable,and seldom connection between laws and regulations. And through the analysis of the United States of America and Taiwan area of our country,two representative legislative models and their inspiration,the author deems that Taiwan model is more suitable for our country,and put forward corresponding legal counter measure on the the regulation of illegal behavior about dissemination of the securities information.Firstly, the introduction part shows the background, purpose and significance of the study.The second part mainly expounds the theoretical basis of this paper. First, the concept and characteristics of the illegal behavior of securities information dissemination. Then author analyzes the regulation of the behavior by the Constitution and the law and economics respectively, and tries to make clear the necessity and limit of the regulation.The third part is the part of the regulation and causes of illegal behavior about dissemination of the securities information.The problems caused by the the object of regulation is rare, behavior definition is not clear, legal liability setting is not reasonable,and seldom connection between laws and regulations. This part of contents do foreshadowing for following chapter five.The fourth part is about two representative legislative mode of the United States and China’s Taiwan area. Specifically, it discusses the two models and their advantages, "Classified as the control of the market" and "List separately". The author believes that in the context of the reform of the registration system, the Taiwan area’s respectively model is more suitable.The fifth part puts forward the conception of the regulation of the illegal behavior. In the prevention mechanism:cultivating rational investor groups, strengthening the self-discipline management system. The disciplinary mechanism: expanding the object of regulation and clearing behavior standards and legal responsibility,and connecting the relevant laws and regulations. The relief mechanism in the civil aspects:perfecting the securities civil court proceedings and the lawsuit mediation system.