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Research On The Judicial Identification Of The False Statement's Significance In The Amendment Of The Securities Law

Posted on:2021-04-16Degree:MasterType:Thesis
Country:ChinaCandidate:S K WuFull Text:PDF
GTID:2416330647453662Subject:legal
Abstract/Summary:PDF Full Text Request
The determination of materiality has always been the focus of the civil action of securities fraud.Under the background of the modification of China's securities law,this paper discusses how to establish the determination standard of materiality in civil justice,so as to adapt to the newly revised securities law and the increasingly mature securities market in China.This article is divided into four parts,the first part mainly from the basic concept of significant and significant U.S.securities fraud lawsuit cognizance standard evolution false statements were introduced from the aspects such as the development of significant judicial recognition of the basic theory,considered significant changes in the development of standards,established is a fraud of securities fraud litigation elements,for information disclosure is the limit of the disclosure of information,but the meaning is refers to the possibility of information impact on investment decisions;The second part mainly through combing for significant recognition of the civil judicature in our country current situation and the practice of "nine people notes on significant new thinking,to reflect significant judicial cognizance standard of our country,usually in the judicial practice comprehensive applicable" investors decision criteria "and" price sensitive standard "as significant,specified in the" nine people notes a significant judicial cognizance standard shall be in accordance with the administrative punishment,it can produce avariety of problems in practice;The third part mainly combined with the establishment and development of group dispute lawsuit mechanism in our country,especially the successful application of judgment,demonstration as well as the "securities law" for small and medium-sized clothing support litigation and statement out of the established rules and reflects on the summary of the nine people,about the standard of significant,the reform of the litigation mechanism will reduce the cost of investors' rights,in order to prevent rampant litigation,in order to balance the rights and interests of the original,the accused both sides at the same time,should improve the standard of identifying a significant in justice,"to" affect investors decision-making information can be identified as significant sex,it's also reasonable elements of trust in conjunction with fraud;The fourth part mainly combining with the revision,discussed under the condition of the full-scale implementation of registration system,as investors tend to be more rational in the securities market in China,including the registration system reform brings more perfect information disclosure system,judicial has concluded that significant market basis,apply objective standard and on this basis,discuss the rational investors to adapt to the development of China's securities market standard,namely in the property to maintain or increase its value for investment purposes,pay close attention to securities investment value and corporate business performance,investment have basic knowledge and certain investment experience,risk awareness,understanding or control all information has been disclosed,And can question the authenticity of the new information according to the previous information,and can process,transform and analyze the information to a certain extent,while the judiciary should analyze whether the significance is established from the perspective of rational investors.
Keywords/Search Tags:materiality, False statement, Registration system, Information disclosur
PDF Full Text Request
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