Research On Civil Compensation Liability For Securities Misrepresentation

With the deepening of reform and opening up,my country’s securities market has achieved leapfrog development from scratch and from small to large.With the rapid development of the securities market,some illegal securities trading behaviors such as insider trading,market manipulation and false statements have also been derived.Among them,securities misrepresentation is a typical form of illegal securities trading,which seriously infringes on the legitimate interests of investors.Based on this,in order to strengthen the protection of investors,my country has successively promulgated relevant laws,regulations and judicial interpretations such as the Securities Law,Several Provisions on the Trial of Civil Compensation Cases Arising from False Statements（hereinafter referred to as the “Several Provisions” in2003）.However,in spite of this,civil compensation cases for securities misrepresentation in my country are still common.Based on the situation that the number of misrepresentation and civil compensation cases in practice is repeated and the implementation of the central government’s “zero tolerance” requirement for financial fraud in the capital market,the Supreme People’s Court revised and improved the 2003 “Several Provisions” in 2022.The 2022 “Several Provisions”further refine the trial rules for securities misrepresentation civil compensation cases,but the 2022 “Several Provisions”are not comprehensive,and there are some issues in judicial practice that need to be resolved urgently.By sorting out the difficulties in court trials in judicial practice,and on the basis of drawing on existing research results,this paper puts forward feasible suggestions to solve the problem of civil compensation liability for securities misrepresentation,hoping to further protect the legitimate rights and interests of investors.This article is divided into four chapters altogether.The first chapter expounds the evolution of the civil compensation liability system for securities misrepresentation in my country.By sorting out the development trend of my country’s securities market in the past 30 years,it is found that my country’s securities market has experienced leapfrog development.The second chapter discusses the practice of the civil compensation liability system for securities misrepresentation.This chapter uses the case analysis method to analyze the problems and causes in my country’s judicial practice with 68 second-instance judgments as sample cases.The third chapter expounds the legislation and precedents of the foreign securities misrepresentation civil compensation liability system.The fourth chapter introduces the thinking of perfecting the civil compensation liability system for securities misrepresentation.Based on the analysis above,this chapter considers the problems existing in the civil compensation liability system for securities misrepresentation in my country,and puts forward suggestions for improvement.