论证券投资损害诉讼中的信赖和因果关系

Reliance and Causation in Private Securities Litigation

在证券法的欺诈市场民事责任制度中 ,信赖和因果关系问题是一个重要的环节。原告只有基于对被告欺诈行为的信赖 ,并且证明了是该行为导致了其交易行为及所蒙受的损失 ,才有可能要求责任人予以损害赔偿。在证券法律制度最为发达的美国 ,信赖和因果关系的判断标准是通过判例确立下来的 ,我国最新出台的有关虚假陈述引发的证券民事赔偿案件的司法解释对这一问题的规定尚有欠缺。

In the system of civil liabilities of securities frauds, an important factor is reliance and causation. To win the lawsuit, the plaintiff have to prove not only that he relied upon the fraudulent activities of the deferidant, but also that it is the fraudulent activities that caused the securities exchange and the damage. In the U.S. the to judge reliance and causation is established through judicial precedents. There is still adeficiency in the newly enacted judicial interpretation of private securities litigation invoked by misrepresentation.