Criteria For Determining The Materiality Of False Statements In Corporate Bonds

The reform of the registration system aims to realize the free choice of the market with sufficient information.False statement refers to the violation of the information disclosure obligation by the information disclosure obligor.The materiality identification standard plays a role of balancing interests in the construction of the information disclosure system,and measures the circumstances in which the issuer should be obligated to disclose information,and the extent to which the false statements should be subject to civil compensation.The current law stipulates a variety of materiality identification standards,of which the volume-price sensitive standard can prove that the false information has materiality,and has the effect of denying the certification of other identification standards.In the case of false statements in the issuance,trading and withdrawal stages of corporate bonds,the volume-price sensitivity standard has obvious applicable defects in determining the significance.This paper believes that the core standard should be the solvency standard that is appropriate to the basic legal relationship of corporate bonds,and give full play to the advantages of other identification standards,so as to meet the requirements of information disclosure under the reform of the registration system,and the judiciary can also effectively compact the responsibility of information disclosure obligors and achieve fair protection for investors.