Research On The Determination Of Causality In The Tort Liability Of Securities Misrepresentation

In essence,the tort liability of false statements is also regulated by the tort liability law,but it is unique compared with the general tort liability.Therefore,in China ’s current legal and judicial practice,the norms of such cases are also regulated by special tort liability.The most critical element is the identification of causality.In 2022,the Supreme People ’s Court issued "Several Provisions of the Supreme People ’s Court on the Trial of Civil Compensation Cases of False Statement Infringement in Securities Markets." On the original basis,the causality is divided into transaction causality and loss causality.When setting up the identification regulation of causality,it is also considered that on the one hand,it is necessary to protect investors,on the other hand,it is also necessary to safeguard the legitimate rights and interests of listed companies.After measuring the value between the two,it gives the false statement actor more rights of defense.Although the new judicial interpretation has made up for the shortcomings of the old judicial interpretation to a certain extent,there are still some places that have not been paid attention to and unreasonable in the measurement of the interests of all parties.For example,it ignores the regulation of the negative false statement behavior mode existing in practice,the arrangement of the chapter system may deepen the confusion between the important elements and the trust elements,the inconsistent judgment standards for the important elements,and the adoption of the integrated presumption.The way to presume the causal relationship of loss and the limitations of adopting the ex ante view.Among these problems,there are both the need to increase the protection of the rights and interests of listed companies and the need to strengthen the protection of the rights and interests of investors.Therefore,on the basis of balancing the value of the two,there are still many areas for improvement.In this regard,this paper puts forward its own views.In terms of transaction causality,one is to construct regulatory rules for negative false statements and expand the scope of protection for investors;the second is to emphasize the return of materiality to the behavioral level to prevent the confusion of materiality elements and trust elements;the third is to adopt grading standards for major judgment standards and strengthen the protection of bonds.In terms of the causal relationship of loss,the first suggestion is that the court should allow the parties to use the "event analysis method " and the ex ante view to calculate the investor ’s loss to protect investors who have sold securities before the false statement disclosure date;the second is to allow investors to also bear a reasonable burden of proof,to avoid investors lying on the right to sleep,but also to protect the legitimate rights and interests of listed companies.