Xian's manipulation of the securities market case involves 4 types of manipulation,interweaving civil liability,administrative liability,and criminal liability.The act of disclosing false information in the securities market is prohibited and punished by administrative law,and even by criminal law.Investors who are disguided by false information can obtain relief by civil litigation.The manipulation of the securities market violates both administrative law and criminal law.In Xian's case,the application of the priority principle of civil compensation protects the rights and interests of small and medium-sized investors to its upmost.Besides,the"safe harbor"provisions provide special protection for information providers,and exempt their civil liability for compensation in the case of incorrect prediction,which encourages listed companies to actively disclose their development forecast and future plan.
关键词
操纵证券市场/法定犯/虚假信息披露/预测性信息披露/民事赔偿优先原则
Key words
manipulation of the securities market/statutory offense/disclosure of false information/disclosure of predictive information/priority principle of civil compensation
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