| Since the establishment of Shanghai Stock Exchange,the first stock exchange in China in November 1990,China’s stock market has made remarkable achievements in capital amount,number of investors and number of listed companies,but in its development process,it inevitably encountered many problems,such as securities fraud,imperfect laws,etc.Among the many problems in the stock market,the false statement in the stock market is a problem that exists with the birth of the stock market but can not be eradicated all the time.False statement in the securities market refers to the behavior that the information disclosure obligors violate the securities laws and regulations,make false records or misleading statements against the truth of major events in the process of securities issuance or trading,or make major omissions or improper information disclosure when disclosing information.Through the analysis of Dalian Dafu Holding Co.,Ltd.and Zhu Yingjie’s securities false statement liability dispute cases,I think deeply about the major events of false statement,the definition of the disclosure date of false statement,the causal relationship of false statement and the "small amount of damages" caused by false statement.With the establishment and gradual development of the securities market,the company law,the securities law,the Interim Measures against securities fraud.The provisions on hearing civil compensation cases caused by false statements in the securities market(hereinafter referred to as the provisions)issued by the Supreme Court for the first time stipulates the causality of false statements in Securities: under the condition of meeting the importance of information,investors can be presumed to be investors only by proving that they buy securities between the implementation date of false statements and the disclosure date As a result,it is presumed that the loss of selling or holding securities on or after the disclosure date(correction date)has a causal relationship with the misrepresentation.However,there are many contradictions between the rules of presumption of causality established in some regulations and judicial practice.The core argument of this paper is to explore the root causes behind the loopholes of the rules and to realize the rule reconstruction of the presumption of causality of false statements in securities.There is a problem when dealing with "small amount and large amount" cases.Either Small and medium-sized investors choose to give up their rights,or the court spends a lot of manpower and time to organize many investors to sue individually or jointly,the new securities law to be implemented in 2020 has added a special chapter on investor protection and information disclosure,which will improve investor protection and strengthen information disclosure,at the same time,the representative action system is put forward,which is helpful to improve the confidence of the majority of investors,especially the small and medium-sized investors. |
