Research On The Civil Liability Exemption System Of Stock Exchanges

In order to comply with the trend of registration system reform and fully enhance the enthusiasm of stock exchanges in exercising self-discipline and regulatory functions,the new Securities Law establishes the civil liability exemption system for stock exchanges for the first time,and applies it to the handling of abnormal securities trading situations.The establishment of the civil liability exemption system of stock exchanges in China is justified.In the trend of gradually strengthening the self-regulation and supervision functions of stock exchanges,the scope of application of the civil liability exemption system of stock exchanges should be gradually expanded.Not only that,but also the pre judicial intervention procedure should be set up as a parallel supporting measure for the civil liability exemption system of stock exchanges to build a "protective network" for stock exchanges."Protection" is not equal to "indulgence".While implementing the civil liability exemption system for stock exchanges,regulatory measures for stock exchanges should be improved to ensure that stock exchanges do not enjoy civil liability immunity and reduce the quality of self-regulation.In addition,according to the Securities Law,when exercising abnormal regulatory functions in securities trading,a stock exchange can obtain exemption from civil liability on the premise that there is no major fault.However,it is difficult to determine whether there is a major fault subjectively.Therefore,it is necessary to start by improving the Implementation Rules for Handling Abnormal Trading Situations at Stock Exchanges and refining the criteria for considering the illegality of stock exchange behavior.If a stock exchange violates the implementation rules when dealing with abnormal trading conditions,it can reasonably be presumed that it has subjective fault,so that the civil liability exemption system of the stock exchange can be correctly applied in judicial practice.In addition,as the stock exchange civil liability exemption system has just been established,there may be conflicts with the "principle of limiting litigation rights" embodied in the current judicial interpretation during the application process.A good connection between the two will be conducive to fully exerting the effectiveness of the stock exchange civil liability exemption system.The text of this paper is divided into four parts.The first part is an overview of the civil liability exemption system of the stock exchange,mainly analyzing the legitimacy of the civil liability exemption system of the stock exchange,and exploring the basic content of the system.The second part analyzes the legislative and practical status of China’s stock exchange civil liability exemption system,and explores the existing problems.The third part examines the civil liability exemption system of stock exchanges in the United States and Hong Kong,and draws on the experience that can be applied to the improvement of the civil liability exemption system of stock exchanges in China.The fourth part mainly elaborates the criteria for considering the illegality of dealing with abnormal transactions;Expanding the scope of application of the civil liability exemption system of stock exchanges;Resolve the conflict between the stock exchange civil liability exemption system and the current judicial interpretation;To put forward suggestions on the improvement of the civil liability exemption system of stock exchanges through the introduction of the civil liability exemption system of stock exchanges and supporting measures.