The Study Of Legal Issue To The Days Of Mispresentation In Securities Market

Chinese securities market has experienced a change in the development process from scratch,is revising the perfect course constantly over the last 20 years.However,the development process from scratch lasted several hundred years in west.The development of Chinese securities market is,as it were,a miracle in the history of the development of the world's securities market.But it is undeniable that there are still a lot of defects in establishing construction system and supervision and regulation mechanisms in Chinese securities market,which also results in some relatively serious "unlawful act of securities transaction",securities misrepresention is one of the illegal actions of securities market.Securities mispresentation refers to the actions that the relevant subjects(including the listed companies,intermediaries,the principal persons in charge of the listed companies and other obligors of information disclosure)in the securities market violated the Securities Law and other relevant laws and regulations,did not disclose information truthfully,accurately,and adequately in the issuance and transaction of securities,and published false records or misleading statements against the truth of the facts,or occurred major omissions and improper disclosure of information in the disclosure of information.The information sharing of investors and listed companies is not peer-to-peer.As a rational investor,the reason that buying a lot of stocks in a company is based on the trust that the disclosure information of the listed companies published is accurate and adequate.Once a listed company has committed a securities mispresentation,the priceof the company's stock will move up and finally formed the bubble.Once the false statement is revealed,the stock price bubble will burst rapidly,and the stock price will drop to its true level,which will cause huge losses to those investors who knew nothing about the securities mispresentation.Accordingly,securities mispresentation will bring great turbulence and huge impact to the securities market.In order to eastablish a healthy securities market,securities mispresentation should be cracked down severely.In 2003,the Supreme People's Court issued judicial interpretation in order to guide securities mispresentation cases in securities market,which provides the necessary guidance for below courts.In such cases,the focus of controversies are mainly on the affirming of disclosing day,causality identified,system risk identified,loss calculation and so on.Four chapters are included in this paper,it mainly focuses on how to identify the main time points in the cases of securities mispresentation,namely the implementation day,correction day or disclosing day,and the base day of the false statements in securities market.The identification of time base points is directly related to whether the investors have the qualification of plaintiff and how much compensation they can get,is the key to solve such cases.