A Study On Civil Liability Of Securities Fraud

Securities fraud at the academic level,including false statements,fraudulent clients,manipulation of the market and internal transactions,this article is discussed here refers to the false statement of the securities fraud in the core of the law,so the meaning of the two in this article the same.In the narrow sense,securities fraud refers to the subject of the obligation to disclose information,in the process of securities issuance or transaction,contrary to the provisions of the law,make false records,major omissions,misleading statements or improper disclosure behavior.From the actual situation of the securities market,the broad sense of securities fraud also includes information disclosure obligations outside the main body or natural persons in the conduct of information disclosure behavior in violation of the law.The civil liability of securities fraud refers to the corresponding civil liability and other duties in accordance with the relevant laws of the Company Law and the Securities Law and a series of administrative regulations and departmental rules and regulations,and the main body of the information disclosure obligation due to the violation of the information disclosure,the information disclosure participant shall bear the corresponding civil liability for the act in violation of the above provisions.The role of the system in the disclosure of information on the subject or other information disclosure obligations of civil liability,to remedy the loss of securities fraud and the loss of investors to protect the legitimate rights and interests of investors,and thus urge the main body of information disclosure Information disclosure of the relevant behavior to comply with the provisions to avoid the occurrence of illegal acts.This article is mainly composed of the six chapters.The first chapter of this article from the overall securities fraud civil liability concept,doctrine,principles and issues raised.Firstly,the concept of civil liability of securities fraud and securities fraud is introduced respectively.Then,the author introduces the general situation of civil liability of securities fraud from four aspects:tort liability,contractual fault liability,independent liability and contract responsibility.Secondly,the three basic principles of protecting investor interests,risks and interests are consistent with the status quo and market conditions.Finally,it elaborates the plight of judicial practice in our country.The second chapter is about the definition of securities fraud,which is divided into two parts:the formal requirements and the major(the most important essential elements).Firstly,it discusses the form of false statements,improper disclosure,misleading statements.and major omission of four securities frauds.Secondly,through the combination of research methods in the Sino-US legal system on the importance of the provisions of the concept of importance from the importance of the theory and extension of the two aspects of the study,and in view of China's major standards in the use of defects in the United States Related theory to be addedThe third chapter is the exposition of the subject and principle of civil liability for securities fraud.Imputation principles of the civil liability of securities fraud mainly include the fault liability principle,the principle of presumption of fault liability and no-fault liability principle.This chapter disclose the information main body is divided into five different types,with respect to its respective imputation principle and discussed by using the method of comparative study of liability.The fourth chapter focuses on the causal relationship between the damage caused by investors and the securities fraud of the main body of information disclosure.This chapter analyzes the four aspects of causality relationship,transaction causality,loss causality and loss,and points out the deficiency of causality in our legal system by comparative study.The fifth chapter mainly studies the accountability and compensation procedure of civil liability of securities fraud.First of all,it analyzes the advantages and disadvantages of the American litigation system and how it should be used for the system.Secondly,it expounds the basic situation of civil litigation in securities fraud in China,including the concept and reflection of representative litigation system and the disadvantages of representative litigation system Thirdly,on the basis of introducing the concept of pre-program,legislative reasons and existing problems,the author puts forward some suggestions on the reform of pre-program.Finally,from the perspective of securities support litigation and investor protection fund,the latest practice of China's securities fraud civil litigation and compensation system is analyzed and the shortcomings are rethought.The sixth chapter summarizes the whole paper,discusses the definition of the behavior of securities fraud,the principle of imputation and the three aspects of litigation system,and puts forward some suggestions.On the basis of the full text of the conclusion,the future of civil liability for securities fraud is prospected.