Research On Civil Liability About Illegally Increasing Holdings Of Shares In Stock Market

The securities market has strong characteristics such as the professionalism of market participation,the complexity of market structure,and the dynamic nature of information changes.These characteristics make it difficult for the illegal acts in the securities market to be regulated in all aspects and to be effectively enforced.With the entry into force of the Securities Law(Revised in 2019),the administrative responsibility for illegally increasing holdings in the securities market has been further strengthened,which is conducive to the effective implementation of the large-scale shareholding disclosure system in the securities market and to effective punishment.And prevent illegal increase in holdings,thereby reducing the space of information asymmetry between transaction subjects.It can be seen from the system review of the legislative status of violations and increased holdings,the administrative responsibility for illegal holdings in the securities market almost occupies most of the regulatory channels.Extremely serious illegal holdings will be punished by criminal liability and civil liability will be regulated The number of legal provisions is not only small,but also not very operable.The imbalance of the three types of legal liability makes it difficult for civil liability to be substantially implemented.In the practical case of illegal increase of holdings,the excessive cost of civil relief makes it difficult to exert the independent value of civil liability,and the violation of investors' legitimate rights and interests caused by illegal increase of holdings is also difficult to be relieved.The shortcomings caused by the shortcomings of the system of civil liability are becoming more and more obvious.Civil liability in an awkward position in legislation requires the effective construction of a legal-level system.The legal regulation of illegal holdings in the securities market is to better balance the relationship between stimulating the vitality of the securities market and maintaining order in the securities market.Therefore,we need to continually improve the civil liability system for violations of increased holdings in the face of the shortcomings of the current system of civil liability for violations of increased holdings.The mutual complementation of the three responsibilities can form an interconnected responsibility system in order to effectively stimulate market vitality and maintain order in the securities market.