Research On Legal Issues Of Misrepresentation In Security

Throughout the world development of the securities market, listed companies false statements against the interests of the investors in the prohibition cases, false statement of securities not only disturbed the normal trading order of the securities market, hindered the healthy development of securities market, cause huge economic loss, more harm the legitimate interests of small and medium-sized shareholders. At the early development of the securities market in our country, heavy light of the people's consciousness in our country securities false statement civil compensation legislation is not perfect.Because of the lack of judicial theoretical support and practical experience, the practice of the "regulations" in the preceding procedure, causality, controversial in aspects of systemic risk, investors' rights have been hampered, and the securities industry professional stronger, imperfect laws and regulations, the court in this case there will be a reason is not sufficient, stiff, applicable law and even different connection with the given problem, serious damage to the judicial authority. Papers to Zhao Eying v. Fujian Jiuzhou Group false statement case as a starting point, to our country false statement in securities tort compensation system of related legal problems for analysis.Paper research content is as follows:The first part: a Case about Zhao Eying v. Fujian Jiuzhou Group is introduced and the existing three controversial focus, namely the application of the preceding procedure, the cognizance of causation, the determination of securities and the influence of systemic risk.The second part: to accept the securities misrepresentation case analysis of the preceding procedure.In this case prepositional procedure determination and prepositional procedure for the problem.The third part: the securities misrepresentation of causation analysis. In for this case the cognizance of causality in our country, raises some Chinese laws and regulations of securities misrepresentation causality and the problems existing in the judicial practice, introduce the United States about how false statement of causality, enlightenment on our country's legislation and judicial practice.The fourth part: the analysis of the securities market systemic risk.First analysis the case of systemic risk. Systemic risk to decided whether there is a causal relationship and influence the scope of the false statement is very important, it may be a causal relationship between the "intervention factors", namely the plaintiff's loss may be caused by systemic risk, rather than the defendant false statement, in the compensation scope to be thinking about how to eliminate the influence of systemic risk.The fifth part:the improvement of the system of compensation for infringement of false statement of securities in China are suggested. Including the present stage does not need to abolish the prepositional procedure, but should expand the scope of the main body of the punishment; Set up the corresponding security court, setting a time limit for the administrative organ to make administrative punishments and lure type empty false statement of claims procedures and so on.