| Since the new century,there have been more and more civil disputes caused by false statements in the securities market.The issue of the civil liability of false statements has become a concern in many countries.For this reason,China’s "Securities Law" and "Several Provisions of the Supreme People’s Court on the Trial of Civil Compensation Cases Caused by False Statements in the Securities Market" have clearly stipulated the subject of civil liability for securities false statements-"false statement actors".Among them,"other institutions or natural persons who make false statements" as the pocket clauses have become supplements other than "identifiers of false statements" such as promoters,controlling shareholders,issuers,listed companies,securities underwriters,etc.,which are clearly marked.But what qualifications should other institutions and natural persons here meet? To what extent does it have to participate in false statements? Only then can he be deemed to be an "acter of misrepresentation" and he shall bear relevant civil liabilities.This is an unclear part of existing legislation.Based on this,this article intends to take the Zhejiang Xiangyuan Culture Company’s false statement case as a sample,especially regarding Zhao Wei or Long Wei Media as the "other institution or natural person making false statements" as the defendant in this case,which has aroused heated debate.Part of the influential cases was analyzed,trying to refine the focus of the case disputes,and linking China’s actual and extraterritorial practices to study the issue of "civil liability for false statements of securities."This article includes the following: Part 1: Cases and disputes.By reviewing the basic situation of the case and the results of the court’s decision,the analysis of the focus of the case has laid the foundation for the further development of the following,and it is also the main research content of this article.The second part is the legal analysis of the focus of the dispute.This part takes the focus of case disputes as a starting point,and analyzes the relevant literature at home and abroad as well as the provisions of legislation and judicial interpretation one by one.This section includes four aspects: one is the general statement of false statements by listed companies;the second is the analysis of the definition of "other institutions or natural persons who make false statements";the third is the analysis of the nature of the civil liability of false statements and proposing their own infringement The affirmation of liability theory;the fourth is to explore the determination of the causality ofcivil liability for false statements;the fifth point is to analyze the type of liability of "other institutions or natural persons who make false statements" in false statement cases,and propose that in this case should be The type of liability determined is joint and several liability.Part III: Legal thinking triggered by this case.According to the facts of the case and the aforementioned legal analysis,relevant legal thinking has been triggered.By exploring the problems in the legal regulation of false statements in China’s "other false statement institutions or natural persons",it is concluded that the problems in the regulation of false statements in "other false statement institutions or natural persons" in China include the high cost of a single lawsuit.2.The scope of "other institutions or natural persons with false statements" is not clear.Through analysis of these two main issues,we have finally come up with suggestions for improving China’s system of civil liability caused by false statements. |
