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Study on Supplementary Liability of Stock Exchanges

Author: LuXiaoXiang
Tutor: PengYue
School: Nanjing University
Course: Legal
Keywords: Stock Exchange Supplementary liability Regulatory
CLC: D923
Type: Master's thesis
Year: 2011
Downloads: 64
Quote: 0
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Abstract

To regulate the exchange market is one of the basic functions of the stock exchange. The stock exchange regulation is a regulatory securities tort object, the stock exchange and lax regulation gave the the regulatory object to the implementation of securities violations take advantage of the machine. Stock exchange regulatory dereliction of duty with the the regulatory object Securities tort combined losses to investors caused by the dispute has a lot to see. It needs to be discussed, this case should be how to identify the civil liability of the Stock Exchange. This paper argues that the losses for investors, should be liable for damages from the supervision of the implementation of the Securities infringement object first; unable to compensate for the loss of regulatory object, and then by the Stock Exchange in its ability to prevent and stop the damage within bear the added responsibility. Supplementary liability on the stock exchange, the paper is divided into five sections are discussed in detail: the first part of the analysis of the laws, regulations and judicial interpretation on the stock exchange regulatory dereliction infringement provisions. China's securities law and related administrative regulations and judicial interpretations were not provisions of the Stock Exchange, the regulatory dereliction of duty on the part of the civil liability. In judicial practice, the People's Court of the stock exchange regulatory misconduct caused disputes as the handling of infringement cases. According to the provisions of the Tort Liability Act, the Stock Exchange and regulatory objects constitute the applicable share of responsibility without meaning contacted several people infringement. However, according to copies of the application of the responsibility the reasons force proportion identified on the difficulties, and the tort liability system would undermine the securities regulatory object preventive effect. Stock Exchange added responsibility to better take into account the function of the relief function and prevention of the Securities tort liability system. The second part analyzes the Stock Exchange supplementary liability concept, characteristics and properties. Stock Exchange supplementary liability definition is a civil supplementary liability based. Stock Exchange as a supplementary liability performance fault liability, its core feature of its program on complementary and complementary entity. Supplementary liability in nature, stock exchange belong to civil liability and tort liability, in addition to the stock exchange added responsibility can only produce a general relief and general preventive effect, and will not produce additional relief and prevention effect. The third section discusses the stock exchanges supplement the theoretical basis for liability. The first part of the establishment in the market on the basis of the efficient market hypothesis fraud theory as an entry point to bear civil liability theoretical basis for the analysis of regulatory objects first investor losses; from the violation of the law to protect others. Violations and stock exchange regulatory actions Constraint two angle analysis of the need for stock exchange investors assume additional liability. Type of academia pass that \The investor losses calculated, the contrast between the stock exchange regulatory actions and regulatory object Securities infringement relationship with the identification of the causal relationship and the Hand formula in fault Determination. The fifth part focuses on the Stock Exchange supplementary liability allocation of the burden of proof. As the stock exchange regulatory dereliction tort injured subject is extensive, and the difficulties of proof feature, and in a relatively weak position as the plaintiff investors, stock exchanges supplementary liability burden of proof necessary to implement the inversion is presumed Stock Exchange presence of regulatory negligence and supervision of a causal relationship between the loss of dereliction of duty and investors, unless the stock exchange can provide evidence to the contrary will be presumed to overthrow. The sixth section discusses the Stock Exchange, the effectiveness of the added responsibility, including the external validity and internal validity, that the damage suffered by investors in between objects of investors, stock exchanges and regulators should be how to allocate. Stock Exchange supplementary liability system settings should strike a balance between the damage and the prevention of damage to fill, it is necessary to consider the relief of investors, but also consider the effect on the prevention of the stock exchange and regulatory object. Only in this way can the Stock Exchange to maximize the social utility of the supplementary liability regime.

Study on Supplementary Liability of Stock Exchanges

Abstract

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