The Civil Liability Of False Statement Incontinuous Information Disclosure

In December 2015,the Standing Committee of the National People’s Congress authorized the State Council to implement the stock issuance registration reform,China’s securities market will usher in a new chapter.The prerequisite for the implementation of the stock issuance registration system is a sound information disclosure system,in which continuous information disclosure is particularly important.In order to promote the healthy development of China’s securities market,to ensure the smooth progress of the stock issuance registration system reform,to improve the continuous disclosure of false information in the civil liability system is imperative.This paper starts from the origin of the information disclosure system,combs the concept and form of false statements in China,and finally focuses on the civil liability of false statements,combined with the relevant provisions of the securities legislation and the current trial cases in China,based on the relevant theories of Chinese legal circles,Focusing on the nature and composition of civil liability of false statements in continuous information disclosure.This paper argues that the civil liability of false statements should be a special liability based on tort liability,focusing on the transfer or exemption of the burden of proof of the investor;the subject of civil liability should include all the subjects related to the falsestatement,The status and role of the false statement and the application of different principles of responsibility and the reasons for the defense;in the causal relationship between the proof that the presumption of investor confidence in the false statement is very reasonable,investors only need to prove their securities Transactions and losses can be the causal relationship;the current situation,the use of the difference between the calculation of the difference to determine the loss of investors is more reasonable.China’s securities market development is not yet mature,still need to continue to learn from the experience of other countries,in their own circumstances,a step by step to improve the civil liability system,to protect the interests of investors to provide a good legal system.