Study On The Scope And Computational Method Of The Compensation For Misrepresentation In The Securities Market

It is an extremely challenging topic in the domain of tort law that to determine the scope and amount of compensation . The listing and trading in securities market have the characteristics of universality of participation, instantaneity of transaction, and the valuation of securities is also difficult to determine, which makes the determination of the scope and amount of compensation for the tort of misrepresentations more complex and difficult comparing with common tort liabilities. Even in the USA, which has a developed securities market, there is not a written law, which is specific and broadly adopted by courts on how to determine the losses of securities investors caused by misrepresentation. The United States Congress attempted to design a computational method which was simple and definite when they established the Private Securities Litigation Reform Act of 1995, but finally they failed. The present Securities Law of our country has no provisions regarding the determination of the scope and computational method of compensation for misrepresentation in securities market, only then the Rules of the Supreme People's Court Concerning the Trial on the Cases over Civil Compensation Caused by Misrepresentation in Securities Market (hereinafter referred to as "Rules") issues some specific rules to it. This Rules breaks through the general principles on the computational method and scope of civil compensation in the former securities law and causes it to be more concrete and to have more feasibility. However, in view of the fact that the former fundamental research and judicial practice is insufficient, as well as the specialization and complexity of securities industry, the author thinks that some of the rules is still worth discussing, therefore, this thesis analyzes further the present "Rules" by using the rationales of civil law, suggests that distinguish two kinds of situation, regulate or not, and take two steps to perfect the system of civil compensation for misrepresentation in securities market.This thesis is divided into three chapters, its brief content is as follows: Chapter One: the provisions on the scope and computational method of...