Comment On Shi Mou V.peking University Pharmaceutical Securities False Statement Liability Dispute

Misrepresentation of securities is a serious damage to information disclosure system of securities market.It not only hinders the healthy and orderly operation of the securities market,but also infringes on the legitimate rights and interests of investors.Since 2001,there have been frequent cases of securities infringement in China's securities market,disputes over liability for false statements of securities are particularly common.However,the securities legislation of our country is not perfect,the application of law in judicial practice is also difficult.Therefore,it is of great significance to further clarify the identification criteria of related issues by analyzing specific cases.This paper analyses Shi Mou's case against Peking University Medicine and other securities false statement liability disputes,on the basis of the defendant's subject qualification,the identification of false statements and the judgment of causality,drawing on the relevant provisions of American Securities Legal System,the following conclusions are drawn: the qualified defendant in the case of securities false statement liability disputes should have two requirements,one is that the false statement behavior has been carried out.Second,it should be punished by administrative punishment or criminal punishment for false statement,that is,the element of "illegality" in the theory of tort law.In the securities legislation of our country,nine kinds of special groups,such as state functionaries,which only have the obligation of negative omission not to make false statements,are brought into the scope of the defendant,which makes the definition of the scope of the subject too broad and does not conform to the nature of civil liability for false statements of securities.The identification of false statement behavior should establish the materiality standard,that is,when the event involved in false statement is material,the subject of behavior constitutes false statement,and the judgment of whether an event is serious or not should be based on investor decision-making and price significant influence,and should be based on investor decision-making standard,and the criterion of importance should be unified as investor decision-making standard step by step.For the judgment of causality,the relationship between transaction causality and loss causality is distinguished,that is,the relationship between false statement behavior and investors' investment decision and the relationship between transaction causality and investment loss,the defendant may bear civil liability for false statements only if both causation is available.In the securities legislation of our country,only the cognizance of causality of false positive statements is defined,and there is no stipulation on how to judge the causality of the type of misrepresentation,provisions should be added to the legislation to fill the legal gap.