A Study On The Cognizance Of Causality Of False Statements In Securities Market

False statements in the securities market,as one of the manifestations of securities fraud,refer to false records,misleading statements,or major omissions and improper disclosures made by the information disclosure obligor in the process of securities issuance or trading.False statements have impacted the compelling information disclosure system of the securities market,directly infringing the investors' right to know and fair trading,and thus incurring losses to investors.The harm of false statements to market order and the legitimate rights and interests of investors is self-evident,but in view of the complexity of the securities market,it is technically difficult to establish the responsibilities of the misrepresentation.Among them,the identification of the causality of false statements has always been an institutional obstacle for investors to seek legal relief.Based on this,this article mainly discusses the problem of identifying the causality of false statements,so as to make up for the shortcomings of the current legal provisions,in order to provide feasible suggestions for China's securities false statements.In addition to the introduction,this article is divided into the following four sections:The first chapter mainly clarifies the legal nature of the civil liability for false statements in securities and the identification of infringement of false statements.In our country's legislation and judicature,the civil liability for securities misrepresentation is stipulated as civil tort liability,but in theory,there are mainly the theory of contract liability,the theory of independent liability of securities and the theory of tort liability.The theory of independent liability of securities is only a concept created based on the particularity of the civil liability of false statements of securities,and its ultimate end point belongs to contract liability or tort liability due to the adjustment object.The contract liability theory is premised on the existence of a contractual relationship,and its scope of application is relatively limited.It cannot properly solve the problem of difficulty for investors to prove.The tort liability theory can break through the limitations of the contract liability theory and can bring investors in the securities issuance market and securities trading market into the scope of legal protection.The disclosure of information must take into account the cost of corporate information disclosure and the cost of obtaining useful information for investors.Therefore,the misrepresentation behavior is different from ordinary civil torts,and must be premised on its significance.The second chapter focuses on the dilemma of causality identification of securities false statements.Misrepresentation mainly occurs in a non-face-to-face market,and transactions performed by network systems make it impossible to specify the relationship between the parties.In addition,the diversity of individuals and the complexity of factors affecting securities prices make it extremely difficult to identify causality.False statement of civil liability as tort liability,if the traditional causality theory and equivalent causality theory are applied to identify causality,it will make it difficult or impossible for investors to complete the liabilities of proof of causality.The third chapter focuses on the extraterritorial legislation on the causality of securities false statements and the evaluation of China's current regulations.China's securities market started late,so it can learn from the legislation of developed countries such as the United States,Japan,the United Kingdom,and district like Taiwan,China in order to provide experience for the improvement of China's laws.China did not provide for the determination of the causal relationship of false statements until 2003.This rule has filled the legislative gap on this issue,but there are omissions of false false statements,reasons for intervention that have not explicitly interrupted the causal relationship,and will be revealed on the correction or investment of securities sold on the previous day is excluded from the scope of legal relief and the problems identified in the key time points are not detailed.The fourth chapter mainly puts forward perfect suggestions for the deficiencies of the current rules.The factual causality is identified using the principle of presumption of trust and the theory of fraud markets,and the legal causality is determined using the "direct consequence theory" and "reasonable foresight theory".At the same time,a specific defense of the causal presumption is put forward.