Research On The System Of Civil Liability For Market Manipulation

Chinese securities market has made remarkable achievements in the past 25 years.However,numerous securities torts can be seen in the securities market that is not mature.The legal rights and interests of small investors cannot be guaranteed because of the legal regulation of the civil liability of the market manipulation tort.It destroys the enthusiasm of the securities investors because they cannot use legal weapons to safeguard their own legitimate rights and interests,which blocks the development of the securities market.Securities market needs sound legal system to regulate it,meanwhile,the legal rights and interests of investors need legal system to protect them.Therefore,in order to deal with increasingly open securities market,as well as the impact of foreign speculative capital,the establishment of a sound system of civil liability for market manipulation tort is urgent to the transformation of Chinese securities market.This article based on safeguarding the legitimate interests of the investors and the legal provisions of the right infringement liability.The article explores and analyzes the related mechanism of the civil liability of the securities industry.The purpose of this exploration and analyzation is to carry out a more comprehensive understanding of the legal liability of the securities industry in the case of illegal legal provisions and studies on the settlement mechanism of civil disputes in market manipulation.In order to provide theoretical support for this article,chapter one expounds the basic theory of civil liability of tort of market manipulation,analyzes the connotation,characteristic,responsibility of market manipulation civil liability for infringement and points out the value of manipulation market tort civil liability system.Chapter two analyzes the status quo of China's legislation and litigation tort civil liability system of market manipulation and put forwards the shortcomings of China's market manipulation tort liability system.Chapter three studies on oversea market manipulation of the civil liability system from the two aspects of legislation and group litigation pattern.This chapter introduces the experiments of other countries(region)in a comprehensive way,analyzes the differences between our country and other countries in this aspect and provides valuable experience forChina.Chapter four tries to make suggestions for improving tort liability of manipulating the market,including the compensation function of civil liability it plays in the legislation,determining the causality of civil liability in securities torts,establishing the reasonable compensation system and drawing lessons from foreign group lawsuit system of perfect representative litigation system.