A Study On The Determination Of Civil Liability For Securities False Statements

From 2020 to 2022,China’s securities false statement litigation ushered in many changes and major developments,which caused a great degree of discussion and controversy.The Shanghai Financial Court ruled on the first "Zhong’anke" case,which essentially cancelled the pre-procedural procedure of securities false statements,and issued a new judicial interpretation of false statements tort.I The false statement litigation of China Securities has entered a new stage of iterative update of the litigation mechanism and the continuous progress of adjudication views.There are still many urgent problems to be solved in the civil liability of securities false statements.The first chapter summarizes the civil liability for false statements of securities and the relevant subjects involved.First of all,the concept,behavior and civil liability of false statements of securities are identified.According to the new judicial interpretation,the civil liability for false statements of securities caused by the information disclosure obligor’s violation of the information disclosure obligation is a tort liability.The roles and responsibilities of each subject in the false statement of securities are mainly divided into issuers,securities companies and securities service institutions.Brokerages and securities service institutions are both securities intermediaries,but their functions and legal responsibilities are quite different.Securities companies play a leading role in all intermediaries.In order to raise funds to issue securities,the issuer needs to fulfill its information disclosure obligations in accordance with the law,and the intermediary agency is the auxiliary of the issuer and also serves as the "gatekeeper" of the securities market.The second chapter mainly introduces the current situation of securities false statements,classifies and sorts out major cases according to the way of judicial responsibility.According to different forms of civil liability,it is mainly divided into four types of judgment: all joint and several liability,proportional joint liability,partial supplementary liability and fixed amount,and then related to the Securities Law.The departmental law and judicial interpretation policy documents are sorted out to explore the relationship between the judgment results of current cases and laws and regulations.The third chapter analyzes the theoretical basis of the existing legal system,and based on the combing and observation of cases and legal theory,summarizes the problems existing in the judgment of civil liability for false statements in current legal practice,mainly about the different judgments of the liability of intermediary institutions in the same case,and the legal basis is contradictory.Conflict,how to define the responsibility of intermediaries from the perspective of legal liability,whether the presumption of fault liability distinguishes between intention and negligence,and how to determine the due diligence obligation.Based on the analysis of cases and theories,the fourth chapter aims at the existing "legal loopholes" that are difficult to explain at the level of legal or judicial interpretation,puts forward a perfect strategy for liability identification,clarifies the connotation of diligence and due diligence obligations,clarifies the rules for the identification of infringement,stipulates the mode of bearing "proportional joint and several liability",and re-examines the gatekeeper mechanism.Explore the establishment of a fault supplement system to fill the gap,and finally achieve the goal of balancing industry development and investor protection.