Civil Liability For Misrepresentation In Securities Research

The security market is the pet of market economy. Just like the development of market economy, the security market can not develop without the safeguard of rule by law. To protect the investors' lawful interests is the fundamental objective of the security law and the foundation of development of security market. Misrepresentation is one of the frequent infringement acts in security market, which seriously damages the lawful right of investors and does no good to healthy development of the security market. As the French legal saying goes, 'no remedies, no rights'. To protect the investors' interests, it is necessary to punish those who conduct misrepresentation. The legal liabilities for misrepresentation include civil liability, administrative liability and criminal liability, which are parallel and not contrary to each other. Among these three liabilities, civil liability has priority. This thesis discusses the confirmation of false statement in entity questions of civil liability, the subjects of misrepresentation, the application of civil liability, the scope of damages and the calculating method of the loss. The main body of the thesis is divided into four parts.Part one is the confirmation of misrepresentation. misrepresentation means that the obligators of disclosure of information violate the duty of disclosure of information, making misrepresentation or record in information-disclosing documents presented or published. Its specific forms include untrue false statement, misrepresentation of omission, misleading false statement and wrong prediction. misrepresentation is a special infringement act that infringes investors' right to know the information, which violates the basic civil principle of honesty and credibility, infringes the investors' property and makes the security market inefficient. Hence, those who make...