The Dilemma And The Way Out Of The Determination Of Civil Liability For Securities Market Manipulation

The function of the security market is to provide a wide range of financing channels for companies and provide investors with high-quality investment channels.The basis for the sound operation of the security market is that the prices and trading volumes of securities can reflect the real supply-demand relationship and the value of the company.Security market manipulation and other illegal acts change stock prices and stock trading volumes by technical means,the manipulation of which may lure investors to trade securities,which may make a lot of interest to stock market manipulation actors,but may cause loss to investors and destroy the normal trading order of the securities market.The security law and the criminal law clearly stipulate the administrative and criminal responsibilities of the operators of the securities market,but seldom stipulate the operators' civil liabilities to the investors.In practice,there are almost no cases that ordinary investors bring civil lawsuits against securities market manipulators,the reason is that due to the complexity of securities trading,investors have difficulties in proving the manipulators in the securities market and the composition of the manipulators in the securities market.Forcing the distribution of the burden of proof according to the traditional civil law will damage the confidence of investors and aggravate the illegal behaviors of the manipulators in the securities market.The ultimate goal of the regulation of security market manipulation should be to protect the interests of investors,which requires the improvement of the existing regulation system.This paper starts from the analysis of the predicament of the existing system to prove the manipulation of the securities market,draws lessons from the advanced practices of foreign laws and regulations,and puts forward the principle of statutory attribution.Administrative organs shall prove the composition of the manipulation of the securities market,and only civil compensation shall be considered in the civil proceedings.This institutional innovation can not only effectively regulate the manipulation of securities market,but also protect the legitimate interests of investors,and promote the healthy development of China's securities market.