The manipulation of securities market and its civil liabilities 论操纵市场行为及其民事赔偿责任
Chapter two is securities liability for tort, in which i analyse and study civil liability for typical tortious acts, such as false statement, insider trading, manipulation of securities market and fraud on clients 在对证券侵权责任从总体上作简短的分析后,对几种典型的证券侵权行为展开了论述,包括不实陈述、内幕交易、操纵市场、欺诈客户等。
This dissertation follows three chapters . in chapter l, it points out that the manipulation of securities market is intrinsically a sort of fraudulent torts, by analyzing the legal nature of the manipulation in light of such basic theories as jurisprudence, civil law and commercial law 本文共三章。第一章利用法理学、民商法学等基本理论分析了操纵市场行为在商法上的性质,指出操纵市场行为实质是一种欺诈性的侵权行为。
Part one defines the manipulation of securities market as such a serial of acts as affecting trading prices of securities by artificial means, inducing others to transact securities, etc . manipulative activities shall be seen as a kind of fraud . in the end, this part compares the said activities with speculation and the other similar term 第一部分:首先指出操纵行为是指利用各种人为手段影响证券交易价格,诱使他人买卖证券的一系列行为,并明确地将操纵行为定性为欺诈行为,然后对操纵与投机、做市商的做市行为进行比较。
The main tort activities in the securities market can be classified as follows : 1 ) falsified or misleading information on important omissions that result in losses for investors during securities transaction; 2 ) manipulation of securities market; 3 ) securities exchange personnel with inside information; and 4 ) issuance of securities to the public without prior approval by authorized body according to law 《证券法》中的证券侵权行为包括虚假陈述,误导、重大遗漏,操纵市场,内幕交易,发行人擅自发行证券等。产生民事侵权责任的构成要件是:首先,有侵权行为存在,即存在虚假陈述,误导、重大遗漏行为,操纵市场行为,内幕交易行为和发行人擅自发行证券行为。
People may have witnessed the pages and pages of elaboration on this issue in various publications . however, it may be safe to say that the civil liabilities arising from the manipulation of securities market remain a forbidden domain on which no academic has made a full and profound research . the author feels obliged to shoulder this commitment and thus set the theoretical exploration of civil liabilities of manipulators as the gist of the thesis 本文试图从操纵行为最原初的意义出发,探究操纵证券市场行为的定义、操纵行为主体、行为者物质条件、损害客体等问题,并在此基础上展开其民事责任方方面面问题的研究,力图构建以侵权行为法为框架的操纵证券市场行为的民事责任理论体系。