First, civil liability. In terms of civil liability, the second paragraph of Article 55 of the new Securities Law stipulates: "Whoever manipulates the securities market and causes losses to investors shall be liable for compensation according to law." This clause inherits the provisions of Article 77 of the original Securities Law on civil liability for market manipulation. In practice, according to media reports: "20 19, 19 On February 27th, Chengdu Intermediate People's Court made a public judgment in the first instance on Hengkang Medical Case, the first civil compensation support lawsuit filed by China Investment Service Center, and the original complaint supported by Investment Service Center won the victory. This is the first single plaintiff's successful judgment in the case of civil damages for market manipulation in China since the promulgation of 1999 Securities Law. " It is believed that with the implementation of the new Securities Law, the civil liability for manipulating the market will be further implemented.
Second, administrative responsibility. In terms of administrative responsibility, Article 192 of the new Securities Law stipulates: "It shall be ordered to dispose of its illegally held securities according to law, confiscate its illegal income, and impose a fine of more than one time but less than ten times its illegal income; If there is no illegal income or the illegal income is less than one million yuan, a fine of not less than one million yuan but not more than ten million yuan shall be imposed. If a unit manipulates the securities market, it shall also give a warning to the directly responsible person in charge and other directly responsible personnel and impose a fine of not less than 500,000 yuan but not more than 5 million yuan. " Compared with the provisions of the original Securities Law, the new Securities Law has increased the amount of fines and increased the illegal cost in an all-round way.
Third, criminal responsibility. In terms of criminal responsibility, if the manipulation of the securities market constitutes a crime, criminal responsibility shall be investigated according to the provisions of Article 182 of the Criminal Law of People's Republic of China (PRC) on the crime of manipulating the securities and futures market.
In a word, manipulating the market is a secret and complicated illegal behavior of securities, and its determination needs the organic combination of legal norms and factual judgment. It is believed that the perfection of market manipulation regulation in the new Securities Law and the construction of civil, administrative and criminal "three-dimensional accountability" systems will play a positive role in prohibiting market manipulation, strengthening capital market governance and protecting the legitimate rights and interests of investors.