A Study On Civil Liability For False Statement In The Securities Market

With the continuous development of China’s securities market,the variety of securities trading is increasing,the amount of investment is increasing substantially,and various kinds of securities illegal cases are also emerging in an endless succession,especially the number of securities false statement civil liability cases is increasing sharply.The newly revised securities law of the People’s Republic of China came into effect on March 1,2020,adding special chapters on "information disclosure" and "investor protection",which will bring new changes to the judgment rules for such cases.Due to the professionalism of the securities market is strong,controversial focus more,not very clear,relevant laws and regulations of this kind of case law enforcement measure the regional difference is larger,in the case of false statement behavior that the information in the "significant" specific inspection standards,implementation,and expose day point in time,the calculation method of system risk and investment loss provisions are relatively fuzzy,make the parties to the legal consequences are difficult to form a reasonable forecast.Misstatement infringes upon the rights and interests of medium and small investors in the securities market,such as the right to know about securities information and the right to fair trading,and causes economic losses.Under the background of the new law’s amendment,how to identify the civil liability of the information disclosure obligor,how to obtain the civil compensation for the investors and how to balance the legitimate rights and interests of the securities market subjects are worthy of the common concern of the theoretical and practical circles.Before that,compared with foreign countries,the research on the civil liability of securities in China started late and developed slowly,and the system was not mature enough.Although the specific situation is stipulated in the judicial interpretation,it lags behind the new problems in practice due to its early promulgation.By analyzing the cases of false statement of civil liability,this paper summarizes the trial experience and deficiencies,and explores the adjudication rules of such disputes to guide the case trial,in an attempt to put forward my own opinions on the balance of legal interest between the information disclosure obligor and the investors,so as to provide Suggestions for judicial practice.This paper is mainly divided into three chapters to discuss:The first chapter mainly starts from three typical cases of civil liability for false statement of securities concluded by the Supreme Court and the Supreme Court,and summarizes the focal points of disputes in these cases according to the reasoning part of court judgment documents.The second chapter mainly addresses the controversial focus of common case analysed whether the actions of information disclosure obligor constitutes the problem of false statement of securities,the loss of the false statement behavior and investors involved in the causal relationship between the recognition of the problem,in the case of the false statement civil compensation liability,and judge the reason of different referees,etc.The third chapter mainly draws the following suggestions: on the basis of the research on the relevant provisions of the new securities law,in the identification of false statement behavior,should make a comprehensive analysis of the two paths of internal identification standards and external performance types.In the judgment of the importance of information,the binary criteria of investment decision standard and security price standard are adopted and the case comprehensive evaluation is combined.In addition,in terms of the causal relationship,it is necessary to distinguish the causal relationship between trading and loss,fill in the gaps of false statements of lures and gaps,and specify the identification of time points such as the implementation date and the disclosure date.Thirdly,in the determination of the scope of civil compensation for false statements,it is necessary to combine cross-domain knowledge for joint analysis,identify the system risk,select appropriate reference index and quantify it as a specific proportion in combination with expert opinions.Loss calculation methods can be optimized through cutting-edge technologies such as big data and artificial intelligence.Gradually popularize the application of moving weighted average method,and with the help of loss calculation software,improve the speed of calculation,the scientific calculation results,and strive to restore the real loss to protect the legitimate interests of investors,to maintain the stability and healthy development of the securities market.