China’s securities market after many years of exploration and development has achieved good results,the market is more and more mature,the scale is expanding constantly,at the same time,in recent years involving crimes of illegal securities market gradually increase,this means that the relevant legal system of securities market of our country is not very perfect,these illegal and criminal cases caused by false statement in securities tort dispute dispute is the most typical.This kind of behavior brings serious profit loss to investors,but also may blow the investment confidence of all kinds of investors,especially small and medium-sized investors,resulting in a situation that is not conducive to the healthy and sustainable development of China’s securities market.In the trial of false statement dispute cases,the most critical problem is to identify the causality in the tort liability caused by false statement,which is also a major difficulty in such cases.Due to the limitation of the legislative environment at that time,the rapid development of the securities market makes the relevant legal provisions on securities false statement in China have some deficiencies,the situation in the judicial practice is constantly testing the applicability of the relevant legal provisions.The first two parts of this paper summarized the main controversies in the identification of the causality of false statements through typical cases in judicial practice.In the cases of false statements disputes adjudicated by courts,the main controversies in practice were summarized,and the research of the whole article was carried out on this basis.Then it introduces the traditional causality theory,analyzes the particularity of the securities market,discusses whether the causality theory in the general tort law can be directly applied to the securities market,and analyzes the reasons why it can’t be applied directly.The third part of our country current situation of the relevant provisions of the securities misrepresentation causality,analyzing securities related law in our country false statement of causality presumption rules,the rationality of the protection of investors,as well as to the cause and effect relationship that plays an important role in the determination of false statements reveal day conform to the law in some possible situation were discussed,and induced type empty false statements were excluded from the legal regulation,but in practice have appear this kind of behavior,the cognizance of the causal relationship between the author of this case for further discussion.The fourth part,on the basis of the legal theory and practical analysis of the causal relationship,puts forward the perfect suggestions for the situation of China’s securities market.For more fair to the protection of the interests of investors and issuers,the author thinks that the law of causality presumption range should be appropriate to relax,in the causation of the securities market under the premise of make a clear division,and then to redistribution of the burden of proof,about disclosing,need on the basis of the various possibilities of defining a clear standard,the last type of empty lure false statements suggest the cognizance of causality. |