Research On Civil Liability Of Manipulating Securities Market

Manipulating the securities market behavior With the economic development,the number of cases is growing rapidly,the amount involved is increasing,and the types are diversified,resulting in a significant increase in the distrust of investors in the market.In the long run,it will adversely affect the long-term stable and healthy development of the securities market and the national economy..Although this aspect is because the current administrative punishment of China's securities law is insufficient,and the relevant laws and regulations have not been revised,the penalty standards have not adapted to the needs of economic development,and the illegal costs have gradually decreased.However,in practice,the relevant cases of manipulating civil penalties in the securities market have not been collected on the Chinese refereeing documents.At the time of the detailed process of handling the relevant lawsuits in the network,it was found that although the current manipulation of the stock price civil case can be filed by the court,the current law does not specifically stipulate the civil liability of manipulating the securities market,which leads to the fact that the referee is unfounded.For this reason,investors are basically unable to claim for manipulation of securities market behavior through litigation.By analyzing the statistical data of administrative punishment of market manipulation from 2001 to 2018,this paper draws the urgency of manipulating the civil liability legislation of the securities market in China,and combines the specific systems and cases of civil liability in the securities market by combining relevant countries and regions,as well as domestic research.And put forward the problems existing in China's current manipulation of the civil liability system of the securities market and put forward relevant suggestions.In addition to the introduction,this article is divided into four parts.In the introduction,this paper presents the data of China's manipulation of the securities market from 2001 to 2018 in tabular form,and analyzes the characteristics of China's manipulation of the securities market behavior-the number of cases is growing rapidly,the amount involved is increasing,and the types are diversified.However,because China's manipulation of the securities market does not have legal provisions,the fact that it is difficult to carry out rights protection in actual cases leads to the conclusion that China needs to establish a relevant civil legal system.The first part is the act of identifying the behavior of the securities market.This part first reviews the laws governing the behavior of the securities market in China,and finds that the current law of manipulating the securities market in China is not systematic and the administrative law is mostly.Try to establish a framework for manipulating the civil law of securities market behavior,that is,based on the securities law manipulation of the securities market,the manipulation of securities market behavior is divided into false transaction type,real transaction type,information disclosure type and other behaviors.The laws and regulations or judicial interpretations specifically regulate the behavior of the securities market,and its methods refer to the Tort Liability Law of China.The second part is the principle of imputation of manipulating the civil liability of securities market behavior.This part mainly combines the principle of liability of foreign countries and regions to manipulate the securities market,and concludes that China should classify and discuss the types of securities market in the process of relevant legislation.Among them,the false manipulation behavior and the information disclosure behavior apply the principle of fault presumption,and the real transaction behavior should adopt the principle of fault liability,but the“form of evidence principle”in American law should be introduced.The third part is to manipulate the causal relationship of the securities market.This part through the academic and practical disputes on the jurisprudence behind causality,combined with the legislation of other countries and regions,to determine the causal relationship of China's manipulation of the securities market should use the causal relationship presumption,to reduce the burden of the victim's evidence.The fourth part is to manipulate damages in the securities market.This part analyzes the principle of damage compensation in the securities market and the calculation system of extraterritorial damage.It is concluded that the calculation method of the civil compensation principle and loss of the manipulation of the securities market should be borrowed from the United States to combine the actual loss method with the manipulation of the profit method.If the benefit is greater than the victim's loss,the actual loss method shall be applied.If the profiter's profit is less than the victim's loss,the conclusion of the profit-making method shall be applied.At the same time,this part proposes the manipulation of the securities from the scope of compensation,calculation method and calculation method.Market damages advice.