Securities Civil Causality Analysis

The cognizance of causation is very important in the securities civil liability, and also is essential to the development and perfection of the securities civil liability. The newly amended Securities Law makes a great progress in civil liability, however, there are still some deficiencies need to be made up, such as that the cognizance standards for causation are not defined clearly, which inevitably leads to the discordance of application of law, thus the interests of the investors are not protected thoroughly and effectively.The cognizance of causation is discussed systemically in comparative study method and operative analysis method in the dissertation in order to encourage practical solutions to the existing problems.In the first part of the dissertation, a description of the definition and features of civil liability and securities civil liability are presented. Then the classification, property of securities civil liability are analyzed, which in whole offers a basis for further discussion of causation in securities civil liability.Then the author analyzes relevant problems of cognizance of causation in securities civil liability, especially the difference of causations of civil liability between Common Law countries and Civil Law countries. And then the author analyzes the existing cognizance standards of causation in China, and brings forward some advices for the perfection of relevant principles in this respect.In the last part of the dissertation, the causation of securities civil liability are thoroughly analyzed, using the existing operative standards of US and Japan as examples, and some enlightenments are drawn from the comparative discussion. Then some new legislation proposals are envisaged, based on the current legal situation and demand of China.Comparative method is taken in the dissertation. The article compares the differences of standards in cognizance of causation of civil liability in different legal systems and different countries, and also the existing situation in China is analyzed objectively. With the intention to improve the legislation and practice of cognizance of causation in securities civil liability, the deficiencies are pointed out based on the study of comparison, and specific proposals are putforward by the author.