Research On Civil Liability System Of Securities Information Disclosure Of China

Information is the core element of securities market and information disclosure is the eternal subject in securities law.The securities market of China belongs to the emerging securities market.Compared with western developed countries’ mature securities markets,the securities’ legal system of china are not perfect,and there are still many deficiencies in the system of information disclosure civil liability.China’s securities legal system has always pay less attention to civil liability,and paid more attention to administrative and criminal penalties.In another word,China’s legal system emphasizes on management,ignores the protection of the rights of the investors,so it is particularly important to study and improve China’s securities information disclosure civil liability system in order to lay a foundation for discussing the civil liability system of securities information disclosure.Based on the securities market civil responsibility system of China,this paper focuses on the combination of legal theory and juridical practice and comparative study of major foreign civil liability of securities information disclosure system.This paper discusses operation of system,problems,foreign experience,suggestions,etc.On the basis of in-depth study and discussion of key issues and foreign experience,this paper puts forward suggestions to improve China’s securities information disclosure civil liability system.This paper includes four parts below:The first part mainly introduces the overview of China’s securities information disclosure civil liability system including the definition,the theoretical basis and the evolution of legislation of the system.The second part mainly carries on the legal analysis to the legal operation of our country securities information disclosure civil liability system,and respectively discuss and analyze the legal system,judicial operation and existing problems of that.The third part mainly introduces the foreign securities information disclosure civil liability system,including implied civil liability,form of action,predictive information exemption liability system,etc.The comparative analysis of them is to benefit that of China.The fourth part finally puts forward the advice on how to improve the civil liability system of China’s securities information disclosure.Through theoretical andcomparative analysis,combining with judicial practice,this part puts forward seven suggestions which belongs to substantial law and procedural law on improving the civil liability system of China’s securities information disclosure.