The first country in the country involved in the main board market for multiple methods to manipulate the infringement liability dispute: Fresh compensation for investors to lose 4.7 million yuan

[Dahecai Cube News] According to the Shanghai Financial Court, on September 29, the Shanghai Financial Court issued a first trial of judgment and public judgment to the plaintiff investor's frank manipulation of the securities trading market liability dispute. The case is the first national main board market trading and information -type manipulation of securities manipulation of infringement liability disputes. It is also the first securities infringement case that is applied to the priority of civil compensation liability and pays priority to investors for criminal fines.

The case involves the operation of the main board market, the cause and effect relationship of investors' transactions and operations, and the calculation method of investment losses, and many new legal issues, which are typical significance.

Fresh words have been administrative punishment and criminal conviction for manipulating the stock price and transaction volume of the shares and transaction volume of the shares and transaction volume of the shares of the bump financial information service (Shanghai) Co., Ltd. On March 30, 2017, the China Securities Supervision and Administration Commission made [2017] No. 29 "Administrative Penalty Decision". It is determined that the fresh words will be used from January 17, 2014 to June 12, 2015. The shareholding advantages and information advantages are continuously traded. The transactions and false declarations of securities accounts that are actually controlled by their own actual control will be manipulated to manipulate the securities market illegal acts, ordered the handling of illegal securities in accordance with the law. fine. On December 21, 2020, the Shanghai Senior People's Court issued a criminal judgment of effectiveness to determine that the stock price and transaction volume of shares and transactions using the information advantage to use information advantages to manipulate the securities market. Yuan and recovered illegal income.

Thirteen plaintiff investors advocated the loss of shares of the target company's stock during the manipulation of fresh words, requiring fresh words to compensate all economic losses including investment difference, commission, stamp duty, etc.

Fresh recognition has implemented securities manipulation behavior, but believes that its operations ended on June 12, 2015. Since then, investors' trading behavior has no causal relationship with it; Investors have irrational investment behaviors, and they should bear the corresponding responsibility for investment losses; information -type manipulation constitutes a false statement of securities, and the target company shall bear the main compensation liability and so on.

The Shanghai Financial Court heard that according to Article 77 of the Securities Law in 2014, it is forbidden for anyone to manipulate the transaction price or securities transaction volume of securities market in various means, and to manipulate the securities market behavior to cause losses to investors and actors. The liability for compensation shall be assumed in accordance with the law. Whether the behavior of the fresh words has led to the plaintiff's loss and whether it should bear the liability for civil compensation. The specific determination is as follows:

1. The way, type, and influence period of fresh words and manipulation behavior

The Shanghai Financial Court believes that manipulation is a clear prohibited behavior in the Securities Law, which damages the social function of the securities market effectively allocating resources, promoting capital formation, and protecting investors. If it causes losses to investors, it shall be liable for compensation. In this case, the fresh words are specifically used four methods: continuous trading, carriers or inverted transactions, false declarations, and use of information advantages. The first three belong to the transaction -type manipulation, and the latter one belongs to information -type manipulation. The four methods all serve the same purpose. The time is intertwined and the role is superimposed to each other. It should be regarded as a manipulating securities market as a whole.

Combined with the specific methods of fresh words and the price fluctuations of the target stock, it can be determined that its manipulation is a high -level manipulation. To define the scope of the liability for the liability of the operational infringement compensation, it is necessary to accurately define the time when the price exists, that is, the start and end time of the stock price affected by the manipulation behavior, including the three key points: The effect of manipulating behavior affects the elimination day. In this case, the starting date of the operation was January 17, 2014, and the end of the end is June 12, 2015. The affected date of the manipulation behavior refers to the reasonable time required for the return of the human price due to the manipulation of the manipulation behavior. It is necessary to combine the specific situation of the case. When the information -type manipulation is over, it depends on the impact of its release of information. The rhythm and content of the information disclosure of the company's information disclosure control, while constituting false statements of securities and being punished by administrative punishment. In order to connect with the civil liability of manipulation and false statements, considering the judicial interpretation of false statements, the impact of false information has been clearly stipulated, so it can be referred to in this case. It is confirmed that on the day of November 14, 2016 as information -type manipulation, the entire manipulation of the day was over a year after the entire operation. During the reasonable period of influence, it can be used as the day of the entire manipulation behavior that affects the elimination.

Second, the motherboard market securities manipulate the applicable transaction of infringement-loss of dual causality, and apply the principles of fraud market theory and the principle of confirmation

The legal definition of fraud requires a causal relationship between the fraudulent behavior and the misunderstanding of the fraudulent person; the civil infringement liability requires the infringer to be liable for compensation only in response to the damage caused by its illegal acts. It should be projected into the securities field, and the trading causal relationship between fraud and investor decision -making should be at the same time, as well as the loss of causality between fraud and the loss of investors. The two analysis frameworks of causal relationship have been commonly used in the practice of false statement of securities false statements in recent years, and practical experience has been absorbed by relevant judicial interpretations. Securities manipulation behavior is also a securities fraud behavior, and should also follow the two judgments of trading causality and loss of causality in terms of causality. The main board market securities manipulation behavior should also be applied to the principles of fraud market theory and the principle of confirmation. Related securities, that is, the relevant securities were bought during the control of high securities, and the relevant securities were sold in the manipulation of suppressive securities. It should be determined that investors' investment decisions and the manipulation of the actor have trading causal relationships. The manipulator can propose a counter -evidence to overthrow, that is, investors know or have fraud and trade, or investors have traded for other purposes.

As far as the cause and effect relationship is concerned, securities prices are affected by various factors such as the broader market, industry, and issuer's own style. The loss caused by these factors is the investment risk of investor trading securities. Causal relationships are not the scope of the liability for manipulation compensation. To accurately determine the cause and effect of loss, the impact of the factors that have not related to the operation of the manipulation on the stock price must be reasonably peeled. solve.

3. The calculation of the loss of the liability for the liability for civil compensation should be used to use the net loss difference method to compare the actual transaction price with the real market price simultaneously

In this case, the net loss difference method — that is, the difference between the actual transaction price of the investor and the real market price of the stock -calculate the amount of loss. The net loss difference method reveals the infringement nature of securities manipulation, that is, the manipulation behavior deviates from the stock price from the real market price, and the investor will bear the additional part of the price between the human price and the real market. Investment losses caused by infringement.

It is also difficult to determine that the real market price is the core of the net loss difference method. In this case, the "Opinions of the Loss of Losses" by professional institutions, the multi -factor model method and major event analysis method adopted, have adopted and recognized as judicial practice in the loss of the loss of multiple securities infringements. In this case, the daily yield of the stock of the target stock based on the above two methods is simulated, and the real market price of the stock of the stock is further simulated, which is scientific and rational.

Fourth, information -type manipulation method and false statement of securities fake statements

The information type manipulation implemented by fresh words can be divided into two steps:

The first is to manufacture fake information manufacturing higher than the price of the real market price of the stock;

The second is to sell stocks to obtain the difference between human price and real market price.

The former is a means, and the latter is the purpose. The release of false information is a means in the information -type manipulation behavior, and at the same time constitutes a false statement, constitutes the principle of legal responsibility, in accordance with the principle of absorption of means, as far as the subject of relevant legal obligations is concerned, information -type manipulation can absorb false statements. Investors can be absorbed. Investors are investors. Investors You can choose one accountability. Considering that the false statement is part of the manipulation of fresh words, investors have been repaid in the case of previous securities false statements, and they should be deducted in this case to avoid repeated compensation. The distribution of the responsibility of the company with the false statement of the securities of the securities of the securities and the liability of the bid and the fresh words does not affect the liability of the fresh words of the investor in the manipulation of the securities manipulation.

In the end, the Shanghai Financial Court ordered the defendant to compensate the plaintiff for a total of more than 4.7 million yuan. Because of the accountable responsibility and criminal liability, it has been unable to bear the liability for civil compensation in this case. Investors may face the risk of no property to execute. According to the principle of civil compensation liability established by Article 232 of the Securities Law in 2014, the Shanghai Financial Court has preserved the corresponding payments in the criminal cases of the securities market in the securities market. After the verdict takes effect, the above amounts can be used to implement the liability for compensation determined by civil judgments, and to the greatest extent to achieve the right to relief of securities small and medium -sized investors.

Responsible editor: Chen Yuyao | Review: Li Zhen | Director: Wan Junwei

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