The Research on Civil Liabilities of Securities Fraud

• Main Authors: Yan-huey Duh, 杜妍慧
• Other Authors: Chih-ming Jau
• Format: Others
• Language: zh-TW
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/pgvgx8

碩士 === 國立高雄大學 === 法律學系碩士班 === 97 === The management of the securities exchange in Taiwan has been focusing on administrative management and criminal punishment so far. By doing this, it is expected that illegal trade and behaviors can be restrained, and a sound stock market can be established, so that the investor’s rights and interests will be protected and the civil economic will be developed ultimately. However, for some investors who cause others’ damages by engaging in exchanges against the Securities and Exchange Act, the most important issue is how to make up damages through civil compensate liability, and to leverage civil liability with executive and criminal liability in order to stabilize the development of the stock market. The study probed into securities fraud and civil compensate liability by focusing on the regulations related to securities fraud, information fraud, misstatement or concealment on prospectus; such issues, which can be raised both in the issuance market and the trading market, when arising in the issuance market, are subject to mis-reveal of information under Article 20, 20-1, 32 of the Securities and Exchange Act; when arising in the trading market, are subject to the provisions under Article 20 and 20-1. The study researched on the basic principles of securities fraud at first, thus the core ideology for preventing securities fraud can be understood. Moreover, many of the civil compensate regulations in Taiwan are identical with the United States of America and Japan. Nevertheless, an instruction and analysis on the context and laws of the civil compensate liability for securities fraud in the States and Japan were also included for helping us to identify the methods and purposes for Taiwan’s legislation, and the similarities and differences among Taiwan, the States and Japan. Separately, the components and law effects for general securities fraud, information fraud, and the misstatement or concealment on prospectus were also analyzed, and the legislations, practices, theories from other nations and the operation of Taiwan’s legal practices were reviewed as well, in order to proceed a comparison and discussion, so that the deficiencies of Taiwan’s current civil compensate system for securities fraud can be uncovered, and directions for improvement can be suggested.