Study On The Holder’s Right To Claim Civil Compensation In The Case Of False Statement In Securities Market

In my country’s judicial practice,there are many cases where holders suffer property losses due to securities misrepresentation,such as the case of Mo Chuandong v.Guangdong Meiya Group Co.,Ltd.in 2009,and Qian Jiping,2016.Qian Xiaowen v.Shanghai Chuangxing Resources Development Co.,Ltd.Securities Misrepresentation Compensation Dispute,Sun Guishou v.Zhejiang Xiangyuan Culture Co.,Ltd.Securities Misrepresentation Compensation Dispute in 2019,etc.In these cases,the defendant’s misrepresentation was caused in the securities market There was a great shock,and there were a large number of plaintiffs.However,my country’s "Securities Law" and the Supreme People’s Court’s "Provisions on the Trial of Civil Compensation Cases Caused by False Statements in the Securities Market" only provide relevant provisions on civil remedies for investors who are bought after the statement date and sold after the disclosure date.Regarding the determination of causality,the relevant legislation of our country mainly draws on the "presumption of trust" rule of the United States,and uses the presumption stipulation to determine whether the plaintiff has the qualification of the subject of civil compensation claim and to delimit the scope of compensation.The above has led to the limitation of the requirement for the establishment of causality,narrowed the scope of holders’ right to claim compensation.Then,how to go beyond the limitations of the presumption rules in the "Several Provisions" and expand the scope of claimants,so that investors outside the prescribed scope can also obtain compensation for losses in accordance with the law,and who can claim compensation according to those laws and regulations,and from which responsible entities can they seek compensation? The issue of how to allocate the burden of proof is the focus of this article.This article intends to focus on these issues and analyze the relevant theories and legislative cases.First,it explains the legislative cases in the United States,Japan,and Taiwan in my country,and then combines relevant current laws and cases in my country to examine the legal cases of Chinese holders in securities misrepresentation civil cases.The loss suffered,the nature of the exercise of the right to claim compensation,the nature and constitutive elements of the civil liability for misrepresentation,the new insights into the causality determination rules,and the discourse approach of the distribution of the burden of proof are explored.