The Civil Liability Of Securities Law

On October 27, 2005 , in the 18th conference of the tenth session of Standing Committee of National People's Congress of People's Republic of China, "Securities Law" and " Corporation Law" were revised and passed, and was put in force from January 1, 2006. In these two laws, it was integrallty stipulated for the frist time that the civil liability which should be undertaken by each kind of doers who carry on the irregularity actions on our country securities market, which ended the fettle that the civil liability in our country securities market was lacked. From the point of view of legal theory, the civil liability is in the core of liability system of securities law, also is the key point of perfecting it. The civil liability of securities law is the basic safeguard that can make the civil law relationship of securities law smoothly launch and be with the perfect ending, and the final tache of regulation of securities private law. From this significance, Amending and promulgating these two laws is a milestone in process of our country securities legislation.But when we saw the progressive significance of these two laws, we also should see that there are many problems on settling the civil controversy that the small or medium investor request to get their damaged property back. For instance there are many limitations on the assignment of onus probandi, the scope of atonement and judicial district, ect. Without the perfect civil liability system of securities law, the whole securities civil law will not play its role that conducts the securities activity, and maybe even the entire system will be disintegrated. From the point of view of developing the securities market, the civil liability is the safeguard that make the securities market orderly and effectively run, and the direct way that maintenance the investor′s right. Therefore, the emphasis of this article is on analyzing the present situation of our country securities law, on the basis putting forward some proposals for profecting the civil liability system of our country securities law.This paper is divided into four chapters:ChapterⅠ: The generalization of civil liability of securities law In this chapter, analyze the definition, characteristic, nature, value goal and its realization way which the civil liability of securities law has. Thereinto as the private law, for the three aftereffects that it has, it becomes the necessity that perfect the securities civil liability as soon as possible. The paper determines the nature of securities civil liability as the tort liability and breach liability, and its mainly liability is the the tort one. The discussion of securities civil liability has extremely significance on studying the assignment of burden of proof and the scope of recovery, ect. The value goal which the civil liability in the securities law has makes it have the vital significance for our country securities market that establish and perfect the civil liability of securities law. In order to make the civil liability play its role, finally in this chapter analyze the realization way of it, which lay the foundation that perfect the civil liability of securities law.ChapterⅡ: The necessity and premise of perfecting the civil liability of our country securities lawThe significance of further perfecting the civil liability system of our country securities law has makes this paper have the research value. Constructing and developing any system all should take root in the suitable soil. For the development of the civil liability system of our country securities law, it is the necessity that provide the suitable macroenvironment. In this part, I put forward four major premises of it.ChapterⅢ: Study the present situation of the civil liability of our country securities lawIn this chapter, firstly study the civil liability in "Securities law" that was passed in October 27, 2005. Then analyze the system barrier of our country which stop the civil liability of securities law to develop. Finally analyze the problems that exist in the system of civil controversy as one of realization ways of the civil liability. This chapter is the important point of the paper.ChapterⅣ: Further perfect the civil liability system of our country securities lawThis is the valuable part of paper. Analyses in above parts are for further perfecting the civil liability system of our country securities law. On the basis of our country existing civil liability system, I put forward some suggestions on the choice of form and the form of lawsuit so on.