On the improvement of my country’s legal liability system for securities misrepresentation as follows

1. The information disclosure system is the cornerstone of the existence and development of the securities market. In the securities market, listed companies communicate important aspects of their operations and management to investors through information disclosure, and investors rely on this information to make investment decisions. Some serious misrepresentation cases that have been exposed in the securities market have not only caused economic losses to investors, but also shaken the foundation of the securities market and seriously affected the development of the economy and society.

2. However, the provisions of my country’s criminal law to punish the crime of false statements in securities are flawed and are not coordinated with the securities law. Therefore, it is necessary to improve my country’s criminal legislation regarding false statements in the securities market to curb false statements. crime.

1. Legal analysis of the networking of the securities market

1. The networking of the securities market is a research hotspot. This popularity is because it involves two focuses that are currently attracting much attention: One is that with the rapid development of our country's economy, people's concept of investment and financial management is increasing day by day, and securities investment, especially stock investment, has formed a wave. Since 2007, the investment enthusiasm of Chinese investors has attracted the attention of the world.

2. The other is the Internet. The Person of the Year for Time magazine in 2006 was a computer monitor with a big word "You" in the center of the screen. This "you" is you, me, him, or her. Countless netizens have become the man of the times in 2006.

3. This kind of network invasion has also come to China. Since 2005, the annual growth rate of computer users in our country has reached more than 30%. According to the "China Internet Survey Report" released in 2008 by the DCCI Internet Data Center under the Internet Society of China, the number of Internet users in China reached 182 million in 2007 and is expected to reach 244 million in 2008.

2. Comparative study on the crime of manipulating the securities market

1. In our country, the behavior of manipulating the securities market has been considered an "open secret". "Most stocks are not related to their profitability." In comparison, the price is so high that it loses its investment value and can only become a tool for speculation and gambling." 1 It can be seen that although the securities market has not been established in our country for a long time, manipulation of the securities market has already occurred from time to time.

2. Manipulating the securities market has serious social harm. It distorts normal market prices, misleads the flow of investment funds, and causes serious deviations between securities values ??and prices. This not only violates the principles of openness, fairness and impartiality in the securities market, but also seriously damages the functions of the securities market in raising funds, optimizing resource allocation and the market's fair competition order, and may even endanger the financial system and trigger an economic crisis.

3. Therefore, it is imperative to effectively supervise the securities market and resolutely crack down on criminal activities that manipulate the securities market. The theoretical research on the crime of securities manipulation in our country is currently in its infancy and development stage. Especially because the criminal legislation for the crime of manipulating the securities market in our country is not long ago, there are many problems reflected in theory and judicial practice, which urgently need to be studied in depth.

4. At the same time, manipulating the securities market is a highly professional economic activity, and the crime of manipulating the securities market is also quite complex and highly professional.

3. Understanding and application of cover clauses for the crime of manipulating securities and futures markets

1. Since the case of "Wang Jianzhong's Stealing Trade" was convicted of manipulating the securities market, the Criminal Law and the Securities Law The legitimate basis for identifying new types of manipulation that are not expressly stipulated in the PRC but under the blanket clause of market manipulation has always been the focus of academic discussion. Furthermore, based on the reality of differences between the existing market manipulation norms and the ideal model of one-to-one correspondence between criminal law and its prefix securities law, administrative law enforcement has always been tilted in practice.

2. In view of the above problems, the two higher authorities issued the latest judicial interpretation of market manipulation crimes on June 18, 2019. The first article at the beginning explains the application of the cover clause, which includes solicitation and trading. There are seven new manipulation behavior patterns including manipulation, "grabbing" trading manipulation, major event manipulation, control information manipulation, false declaration manipulation, hoarding spot market manipulation, and other manipulation methods.

3. Based on this background, this article takes a critical look, integrates the content of the new judicial interpretation of market manipulation into the current legislation related to manipulation, interprets and analyzes it, and raises possible questions about the theory of bailout clauses. . Regarding the understanding and application of cover clauses, we still adhere to the methodology of homogeneous interpretation rules, identify the nature of manipulation and homogeneity standards, in order to clarify the scope of criminalization of cover clauses for market manipulation behaviors and the specific judgment rules for the six new types of manipulation.