塑建中国证券法的灵魂--纲领性反证券欺诈条款研究

在中国现行的证券法制体系下,尚缺乏民事反证券欺诈的纲领性条款,造成反证券欺诈的不力。本文通过分析反欺诈条款的典范——美国证券法10b-5规则和研究证券欺诈行为的特殊性,论述了中国反欺诈条款应具备的特质,据此拟定了纲领性反证券欺诈条款,特别在反欺诈条款中强调了民事赔偿责任、举证责任倒置等。

Constructing the Soul of the Secourities Law in China--the Anti-Frauds Clause

The important reason for the securities frauds,which are more and more flagrant in China securities mareket,is the absence of the anti-frauds clause in present Securities Law system.Thus the paper,by analyzing the most famous American anti-fraud clause,Rule 10b-5,as well as the features of securities frauds,puts forward that China should enact an anti-fraud clause that would emphasize the civil amends liability and inverted onus proof.