Research On The Allocation Of Joint And Several Liability For Securities Misrepresentatio

The securities market is a multi-body market,and the current joint liability system for securities misrepresentation in China focuses too much on investor protection,ignoring the maintenance of the ecological balance of the securities capital market.It is necessary to improve the joint liability distribution mechanism for securities misrepresentation to promote the sustainable and healthy development of the securities capital market.It is a prerequisite for the distribution of joint and several liability for false statements to distinguish the duty of information disclosure between the responsible subjects.Therefore,it is necessary to clarify the duty distinction standard,and improve it by refining the practice rules,introducing expert witnesses and respecting the agreement between the parties.In terms of the application type of joint and several liability,in view of the lack of flexibility of traditional joint and several liability,the theory of semi-superimposed torts may be used as a theoretical basis to introduce partial joint liability.Because partial joint and several liability is a kind of mixed liability,it is necessary to further distinguish the types of liability: intentional torts are more dangerous and morally reprehensible,so only full joint and several liability can be applied;The negligent torts are less harmful and should be applied proportionate joint and several liability.In the identification of liability share,the degree of fault should be taken as the basis for dividing proportional joint liability share,and the depth rule of the United States should be introduced to limit proportional joint liability,so as to solve the problem of failure of proportional joint liability when the total compensation is too high,and realize the reasonable distribution of risk liability.As for the division of the final share of each responsible person,it is not only necessary to comprehensively consider the fault and cause force,but also to consider the economic status and profit of the responsible person.