On The Civil Liability Of Securities Market Manipulation In China

The manipulation of the securities market is the behavior of the participants in the securities market who have enough money,data resources from various ways,post convenience or the information asymmetry of the securities market to destroy normal trading order of the securities market and induce the investors to make irrational trading decisions,which bring huge losses to the investors.The manipulation of the securities market,as one of the important types of securities fraud will destroy the relationship between supply and demand of the stock market,distort the price formation mechanism of the securities market,seriously interfere with the normal flow of social capital,and threaten the normal operation of our country's economy.Though the civil,criminal and administrative responsibilities of the securities market have been confirmed,but the practice of civil liability is particularly difficult,which makes the legitimate rights and interests of the majority of investors can not be guaranteed and the legislative purpose of Securities Law is difficult to achieve.This paper is divided into three parts:The first part mainly introduces and analyzes the present situation of civil liability in securities market of our country.Firstly,this part summarizes and combs the legislation of civil liability in securities market.Secondly,it explores the problems of China's securities market civil liability in practice on the basis of a large number of cases to do empirical analysis,combining with the existing laws and regulations.The second part reflects the harm caused by the manipulation of securities market,according to the problems exposed in the practice of the security market and the practical difficulties in the implementation process.This part analyzes the harm caused by the manipulation of the securities market to the main body.It points out that the operator should bear the legal responsibility for the adverse consequences of manipulating the market behaviors.The third part,in order to improve the civil liability of China's securities marketas the core,we have already adopted legislation to absorb and draw lessons from other countries and regions,and combined with the actual situation of our country.Firstly,establish and refine rules.Specific provisions of the civil liability of manipulating securities market behaviors,such as the establishment of the subject,the scope and amount of damages and the distribution of the burden of proof and so on;Secondly,improve and standardize the regulation,establish a diversified regulatory model,building the supervision system,which plays a good role in supervising the securities market.