The Civil Liability of the False Information of the Securities Exchange Market

• Main Authors: Huang, Jia-Weng, 黃佳文
• Other Authors: Fang, Yuan-Yi
• Format: Others
• Language: zh-TW
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/21949290401450156542

碩士 === 中國文化大學 === 法律學系 === 102 === In recent years, the situation of the false information of the securities exchange market happen frequently. From those cases like Enron, WorldCom in the United States, to the ones like Cheng I Food, INFODISC, and Procomp in Taiwan, the importance of information disclosure can’t be overemphasized. The book “Other People's Money ” written by the renowned U.S. Securities Exchange Act scholar Louis Brandeis mentions " Sunlight is said to be the best of disinfectants; electric light the most efficient policemen,” These two sentences is the best footnote of the disclosure principles. To safeguard the securities exchange market and to ensure that investors would get the true information. In regulations of paragraph 2 of Article 20 of Taiwan Securities Exchange Act, it is “The financial reports or any other relevant financial or business documents filed or publicly disclosed by an issuer in accordance with this Act shall contain no misrepresentations or nondisclosures. ” According to the liability of damages of article 20-1 of Securities Exchange Act, the issuer and its responsible person shall bear non-fault responsibility; employees of the issuer who placed their signatures or seals on the financial report or the financial or business document in question shall bear the fault of legal presumption responsibility; certified public accountant shall bear fault responsibility. The claimants are the bona fide purchasers, sellers, or holders. To compare civil liability with criminal liability, the former seems more useful for investor to fill the loss, and simultaneously maintain the securities exchange market; although the latter may brought unworthy listed companies of violation to justice, making it subject to prison. Therefore the article will focus on the study narrows the civil liability of the Securities Exchange Act.