Research On The Determination Of Causality Of Securities False Statement

With the rapid development of my country’s securities market,securities misrepresentation liability disputes have increasingly become an important part of financial market disputes,so the determination of the causal relationship of securities misrepresentation has received more and more attention.However,due to the fact that there are few regulations on the determination of causality of false statements in my country and the regulations are not clear enough,many problems have arisen in judicial practice,which not only violates the purpose of the Securities Law to protect the interests of investors,but also is not conducive to the healthy development of the securities market.Therefore,it is necessary to solve and prevent problems that have appeared and may appear in the future through the improvement of relevant laws.Starting from the characteristics of securities misrepresentation itself,this paper introduces two basic theories for determining the causality of misrepresentation —market fraud theory and reliance presumption.And further on this basis,the specific factors for determining the causal relationship of false statements are introduced in detail.Secondly,by sorting out the current system and judicial status of the causal relationship of securities misrepresentation in our country,we summarize five practical problems in this aspect in our country: "Several Provisions on the Trial of Civil Compensation Cases Arising from False Statements in the Securities Market""The distinction between transaction causation and loss causation is not clear,there is a problem of ambiguous standards in the determination of the significance of the key factors in the determination of causality and the determination of the disclosure date,and there is a lack of corresponding norms for the increasing number of cases of misrepresentation.Intervention factor provisions are more abstract.In addition,by introducing the basic systems of the United States and Japan in the identification of causality of securities misrepresentation,it draws advanced experience from it and explains its reference to my country.Finally,the corresponding legal improvement suggestions are put forward in view of the five extracted problems: clearly distinguish two types of causal relationships,clarify and refine the criteria for determining materiality and disclosure date,clarify the scope of non-false statement factors,and add falsehoods to lure empty space.State specific rules for finding causality.