Research On Civil Liability Of Information-based Manipulating Securities Market

China's securities market has developed rapidly in the past 20 years.However,due to the lag of law and the low cost of illegal activities,the information-based manipulation of securities market behavior has been repeatedly prohibited.The actor uses various information means to induce investment in order to obtain high profits.The irrational decision makes it suffer significant losses.Since China's first information-based manipulation of the securities market civil case,Wang Jianzhong's case,there are no cases in which investors have successfully obtained civil compensation for information-based manipulation of the securities market,mainly because of the imperfections in the civil liability regulations of the information-based manipulation securities market,and there are still some shortcomings in legislation and judicial practice.The legitimate rights and interests of investors can not been guaranteed,which will not only damage the enthusiasm of investors,but also disrupt the normal securities market.It is not consistent with the purpose of legislation in the Securities Law.Therefore,it is necessary to explore and improve the problems existing in the civil liability regulation of information-oriented securities market in China.Through the statistics of the CSRC's administrative penalty decision on information-based manipulation of the securities market for the past five years,and the typical cases of the information-based manipulation of the securities market in the past decade.In view of the analysis of data,starting from the relevant legislation on the civil liability of information-based manipulation market,combined with the newly added content in the Securities Law(Revised Draft)(Three Review Draft)and the case of Hengkang Medical,analysis of the main problems in the civil liability of information-oriented securities market in China: at first,the objective criteria for information-based manipulation of securities market behavior are not clear;secondly,the distribution of burden of proof between the perpetrator and the small and medium investors is unreasonable;thirdly,the representative litigation system cannot be fully applied to China's securities market;fourthly,the small and medium-sized investors are over-reliant Litigation,the remedy is single;fifthly,the standard of civil compensation is not clear.Finally,taking the civil liability of information-based manipulation securities market as the core,from the perspective of protecting the legitimate rights and interests of small and medium-sized investors,and drawing on some experiences of the United States and combining with the actual situation of China's securities market,it puts forward suggestions on the improvement of civil liability of information-oriented securities market.For example,it is recommended that some of the burden of proof be reversed in terms of the burden of proof,so that the actor can bear part of the burden of proof and reduce the difficulty of proof for small and medium investors;in civil litigation,the implied participation and explicit withdrawal system in the United States class action shall be combined in order to expand the authority of the representative on the basis of the application of the representative litigation systems.