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最高人民法院关于审理证券市场因虚假陈述引发的民事赔偿案件的若干规定

法释[2003]2号

颁布日期：20030109 　实施日期：20030201 　颁布单位：最高人民法院

一、一般规定
二、受理与管辖
三、诉讼方式
四、虚假陈述的认定
五、归责与免责事由
六、共同侵权责任
七、损失认定
八、附则

　　２００２年１２月２６日由最高人民法院审判委员会第１２６１次会议通过。现予公布，自２００３年２月１日起施行。
　　二○○三年一月九日
　　为正确审理证券市场因虚假陈述引发的民事赔偿案件，规范证券市场民事行为，保护投资人合法权益，根据《中华人民共和国民法通则》、《中华人民共和国证券法》、《中华人民共和国公司法》以及《中华人民共和国民事诉讼法》等法律、法规的规定，结合证券市场实际情况和审判实践，制定本规定。 一、一般规定

　　第一条　本规定所称证券市场因虚假陈述引发的民事赔偿案件（以下简称虚假陈述证券民事赔偿案件），是指证券市场投资人以信息披露义务人违反法律规定，进行虚假陈述并致使其遭受损失为由，而向人民法院提起诉讼的民事赔偿案件。

　　第二条　本规定所称投资人，是指在证券市场上从事证券认购和交易的自然人、法人或者其他组织。
　　本规定所称证券市场，是指发行人向社会公开募集股份的发行市场，通过证券交易所报价系统进行证券交易的市场，证券公司代办股份转让市场以及国家批准设立的其他证券市场。

　　第三条　因下列交易发生的民事诉讼，不适用本规定：
　　（一）在国家批准设立的证券市场以外进行的交易；
　　（二）在国家批准设立的证券市场上通过协议转让方式进行的交易。

　　第四条　人民法院审理虚假陈述证券民事赔偿案件，应当着重调解，鼓励当事人和解。

　　第五条　投资人对虚假陈述行为人提起民事赔偿的诉讼时效期间，适用民法通则第一百三十五条的规定，根据下列不同情况分别起算：
　　（一）中国证券监督管理委员会或其派出机构公布对虚假陈述行为人作出处罚决定之日；
　　（二）中华人民共和国财政部、其他行政机关以及有权作出行政处罚的机构公布对虚假陈述行为人作出处罚决定之日；
　　（三）虚假陈述行为人未受行政处罚，但已被人民法院认定有罪的，作出刑事判决生效之日。
　　因同一虚假陈述行为，对不同虚假陈述行为人作出两个以上行政处罚；或者既有行政处罚，又有刑事处罚的，以最先作出的行政处罚决定公告之日或者作出的刑事判决生效之日，为诉讼时效起算之日。

二、受理与管辖

　　第六条　投资人以自己受到虚假陈述侵害为由，依据有关机关的行政处罚决定或者人民法院的刑事裁判文书，对虚假陈述行为人提起的民事赔偿诉讼，符合民事诉讼法第一百零八条规定的，人民法院应当受理。
　　投资人提起虚假陈述证券民事赔偿诉讼，除提交行政处罚决定或者公告，或者人民法院的刑事裁判文书以外，还须提交以下证据：
　　（一）自然人、法人或者其他组织的身份证明文件，不能提供原件的，应当提交经公证证明的复印件；
　　（二）进行交易的凭证等投资损失证据材料。

　　第七条　虚假陈述证券民事赔偿案件的被告，应当是虚假陈述行为人，包括：
　　（一）发起人、控股股东等实际控制人；
　　（二）发行人或者上市公司；
　　（三）证券承销商；
　　（四）证券上市推荐人；
　　（五）会计师事务所、律师事务所、资产评估机构等专业中介服务机构；
　　（六）上述（二）、（三）、（四）项所涉单位中负有责任的董事、监事和经理等高级管理人员以及（五）项中直接责任人；
　　（七）其他作出虚假陈述的机构或者自然人。

　　第八条　虚假陈述证券民事赔偿案件，由省、直辖市、自治区人民政府所在的市、计划单列市和经济特区中级人民法院管辖。

　　第九条　投资人对多个被告提起证券民事赔偿诉讼的，按下列原则确定管辖：
　　（一）由发行人或者上市公司所在地有管辖权的中级人民法院管辖。但有本规定第十条第二款规定的情形除外。
　　（二）对发行人或者上市公司以外的虚假陈述行为人提起的诉讼，由被告所在地有管辖权的中级人民法院管辖。
　　（三）仅以自然人为被告提起的诉讼，由被告所在地有管辖权的中级人民法院管辖。

　　第十条　人民法院受理以发行人或者上市公司以外的虚假陈述行为人为被告提起的诉讼后，经当事人申请或者征得所有原告同意后，可以追加发行人或者上市公司为共同被告。人民法院追加后，应当将案件移送发行人或者上市公司所在地有管辖权的中级人民法院管辖。当事人不申请或者原告不同意追加，人民法院认为确有必要追加的，应当通知发行人或者上市公司作为共同被告参加诉讼，但不得移送案件。

　　第十一条　人民法院受理虚假陈述证券民事赔偿案件后，受行政处罚当事人对行政处罚不服申请行政复议或者提起行政诉讼的，可以裁定中止审理。
　　人民法院受理虚假陈述证券民事赔偿案件后，有关行政处罚被撤销的，应当裁定终结诉讼。 三、诉讼方式

　　第十二条　本规定所涉证券民事赔偿案件的原告可以选择单独诉讼或者共同诉讼方式提起诉讼。

　　第十三条　多个原告因同一虚假陈述事实对相同被告提起的诉讼，既有单独诉讼也有共同诉讼的，人民法院可以通知提起单独诉讼的原告参加共同诉讼。多个原告因同一虚假陈述事实对相同被告同时提起两个以上共同诉讼的，人民法院可以将其合并为一个共同诉讼。

　　第十四条　共同诉讼的原告人数应当在开庭审理前确定。原告人数众多的可以推选二至五名诉讼代表人，每名诉讼代表人可以委托一至二名诉讼代理人。

　　第十五条　诉讼代表人应当经过其所代表的原告特别授权，代表原告参加开庭审理，变更或者放弃诉讼请求、与被告进行和解或者达成调解协议。

　　第十六条　人民法院判决被告对人数众多的原告承担民事赔偿责任时，可以在判决主文中对赔偿总额作出判决，并将每个原告的姓名、应获得赔偿金额等列表附于民事判决书后。

四、虚假陈述的认定

　　第十七条　证券市场虚假陈述，是指信息披露义务人违反证券法律规定，在证券发行或者交易过程中，对重大事件作出违背事实真相的虚假记载、误导性陈述，或者在披露信息时发生重大遗漏、不正当披露信息的行为。
　　对于重大事件，应当结合证券法第五十九条、第六十条、第六十一条、第六十二条、第七十二条及相关规定的内容认定。
　　虚假记载，是指信息披露义务人在披露信息时，将不存在的事实在信息披露文件中予以记载的行为。
　　误导性陈述，是指虚假陈述行为人在信息披露文件中或者通过媒体，作出使投资人对其投资行为发生错误判断并产生重大影响的陈述。
　　重大遗漏，是指信息披露义务人在信息披露文件中，未将应当记载的事项完全或者部分予以记载。
　　不正当披露，是指信息披露义务人未在适当期限内或者未以法定方式公开披露应当披露的信息。

　　第十八条　投资人具有以下情形的，人民法院应当认定虚假陈述与损害结果之间存在因果关系：
　　（一）投资人所投资的是与虚假陈述直接关联的证券；
　　（二）投资人在虚假陈述实施日及以后，至揭露日或者更正日之前买入该证券；
　　（三）投资人在虚假陈述揭露日或者更正日及以后，因卖出该证券发生亏损，或者因持续持有该证券而产生亏损。

　　第十九条　被告举证证明原告具有以下情形的，人民法院应当认定虚假陈述与损害结果之间不存在因果关系：
　　（一）在虚假陈述揭露日或者更正日之前已经卖出证券；
　　（二）在虚假陈述揭露日或者更正日及以后进行的投资；
　　（三）明知虚假陈述存在而进行的投资；
　　（四）损失或者部分损失是由证券市场系统风险等其他因素所导致；
　　（五）属于恶意投资、操纵证券价格的。

　　第二十条　本规定所指的虚假陈述实施日，是指作出虚假陈述或者发生虚假陈述之日。虚假陈述揭露日，是指虚假陈述在全国范围发行或者播放的报刊、电台、电视台等媒体上，首次被公开揭露之日。
　　虚假陈述更正日，是指虚假陈述行为人在中国证券监督管理委员会指定披露证券市场信息的媒体上，自行公告更正虚假陈述并按规定履行停牌手续之日。 五、归责与免责事由

　　第二十一条　发起人、发行人或者上市公司对其虚假陈述给投资人造成的损失承担民事赔偿责任。
　　发行人、上市公司负有责任的董事、监事和经理等高级管理人员对前款的损失承担连带赔偿责任。但有证据证明无过错的，应予免责。

　　第二十二条　实际控制人操纵发行人或者上市公司违反证券法律规定，以发行人或者上市公司名义虚假陈述并给投资人造成损失的，可以由发行人或者上市公司承担赔偿责任。发行人或者上市公司承担赔偿责任后，可以向实际控制人追偿。
　　实际控制人违反证券法第四条、第五条以及第一百八十八条规定虚假陈述，给投资人造成损失的，由实际控制人承担赔偿责任。

　　第二十四条　专业中介服务机构及其直接责任人违反证券法第一百六十一条和第二百零二条的规定虚假陈述，给投资人造成损失的，就其负有责任的部分承担赔偿责任。但有证据证明无过错的，应予免责。

　　第二十五条　本规定第七条第（七）项规定的其他作出虚假陈述行为的机构或者自然人，违反证券法第五条、第七十二条、第一百八十八条和第一百八十九条规定，给投资人造成损失的，应当承担赔偿责任。

六、共同侵权责任

　　第二十六条　发起人对发行人信息披露提供担保的，发起人与发行人对投资人的损失承担连带责任。

　　第二十八条　发行人、上市公司、证券承销商、证券上市推荐人负有责任的董事、监事和经理等高级管理人员有下列情形之一的，应当认定为共同虚假陈述，分别与发行人、上市公司、证券承销商、证券上市推荐人对投资人的损失承担连带责任：
　　（一）参与虚假陈述的；
　　（二）知道或者应当知道虚假陈述而未明确表示反对的；
　　（三）其他应当负有责任的情形。

七、损失认定

　　第二十九条　虚假陈述行为人在证券发行市场虚假陈述，导致投资人损失的，投资人有权要求虚假陈述行为人按本规定第三十条赔偿损失；导致证券被停止发行的，投资人有权要求返还和赔偿所缴股款及银行同期活期存款利率的利息。

　　第三十条　虚假陈述行为人在证券交易市场承担民事赔偿责任的范围，以投资人因虚假陈述而实际发生的损失为限。投资人实际损失包括：
　　（一）投资差额损失；
　　（二）投资差额损失部分的佣金和印花税。
　　前款所涉资金利息，自买入至卖出证券日或者基准日，按银行同期活期存款利率计算。

　　第三十一条　投资人在基准日及以前卖出证券的，其投资差额损失，以买入证券平均价格与实际卖出证券平均价格之差，乘以投资人所持证券数量计算。

　　第三十二条　投资人在基准日之后卖出或者仍持有证券的，其投资差额损失，以买入证券平均价格与虚假陈述揭露日或者更正日起至基准日期间，每个交易日收盘价的平均价格之差，乘以投资人所持证券数量计算。

　　第三十三条　投资差额损失计算的基准日，是指虚假陈述揭露或者更正后，为将投资人应获赔偿限定在虚假陈述所造成的损失范围内，确定损失计算的合理期间而规定的截止日期。基准日分别按下列情况确定：
　　（一）揭露日或者更正日起，至被虚假陈述影响的证券累计成交量达到其可流通部分１００％之日。但通过大宗交易协议转让的证券成交量不予计算。
　　（二）按前项规定在开庭审理前尚不能确定的，则以揭露日或者更正日后第３０个交易日为基准日。
　　（三）已经退出证券交易市场的，以摘牌日前一交易日为基准日。
　　（四）已经停止证券交易的，可以停牌日前一交易日为基准日；恢复交易的，可以本条第（一）项规定确定基准日。

　　第三十四条　投资人持股期间基于股东身份取得的收益，包括红利、红股、公积金转增所得的股份以及投资人持股期间出资购买的配股、增发股和转配股，不得冲抵虚假陈述行为人的赔偿金额。

　　第三十五条　已经除权的证券，计算投资差额损失时，证券价格和证券数量应当复权计算。

八、附则

　　第三十六条　本规定自２００３年２月１日起施行。

　　第三十七条　本院２００２年１月１５日发布的《关于受理证券市场因虚假陈述引发的民事侵权纠纷案件有关问题的通知》中与本规定不一致的，以本规定为准。

Trial of Civil Compensation Cases Arising from False Representation in the Securities Market Several Provisions

Ref no: 3700/2003.01.09

(Promulgated by the Supreme People's Court on 9 January 2003 and effective as of 1 February 2003.)

These Provisions are formulated in accordance with laws and regulations such as the PRC, Civil Law General Principles, the PRC, Securities Law, the PRC, Company Law and the PRC, Civil Procedure Law, and in light of the actual circumstances of the securities market and adjudication practice in order to correctly try civil compensation cases arising from false representation in the securities market, regulate civil acts in the securities market and protect the lawful rights and interests of investors.

1. GENERAL PROVISIONS

Article 1: For the purposes of these Provisions, the term "civil compensation cases arising from false representation in the securities market" (Securities False Representation Civil Compensation Cases) shall refer to civil compensation cases brought before the people's court by investors in the securities market who have incurred losses because of false representation in violation of the laws and regulations by those obliged to disclose information.

Article 2: For the purposes of these Provisions, the term "investors" shall refer to natural persons, legal persons or other organizations engaging in securities subscriptions or transactions in the securities market.

For the purposes of these Provisions, the term "securities market" shall refer to the primary market on which the issuer offers shares to the public, the market on which securities are traded through the quotation systems of securities exchanges, the market on which securities companies transfer shares as an agent, and other securities markets whose establishment has been approved by the State.

Article 3: These Provisions shall not apply to civil litigation cases arising from the following transactions:

transactions taking place outside securities markets whose establishment has been approved by the State; and
transactions by way of transfer on securities markets whose establishment has been approved by the State.

Article 4: When hearing Securities False Representation Civil Compensation Cases, a people's court shall emphasize mediation and encourage conciliation between the parties involved.

Article 5: The statute of limitation for bringing civil compensation actions against the party making false representations shall be governed by Article 135 of the Civil Law General Principles, and the action shall commence from the following dates:

the date on which the China Securities Regulatory Commission or its agency publishes its decision on the penalty to be imposed on the party making false representations;
the date on which the PRC Ministry of Finance, other administrative authority or authorities with the power to issue administrative penalties publish(es) the decision on the penalty to be imposed on the party making false representation; or
the effective date of the criminal judgment in the case of a party making false representation that has not been subjected to administrative penalty, but has been declared guilty by the people's court.

Where two or more administrative penalties are imposed on different parties making false representation for the same false representation or where both administrative and criminal penalties have been imposed, the statute of limitation for civil compensation action shall commence from the date of publication of the first administrative penalty decision or the effective date of the criminal judgment.

2. ACCEPTANCE AND JURISDICTION

Article 6: Where an investor, on the grounds of injury incurred by himself, institutes civil compensation proceedings against the party making the false representation on the basis of the administrative penalty decision of the relevant authority or the written criminal judgment of the people's court, the people's court shall accept the case provided that it complies with Article 108 of the Civil Procedure Law.

Investors that institute securities false representation civil compensation proceedings shall submit the following evidence in addition to submitting the administrative penalty decision or announcement, or the written criminal judgment of the people's court:

documentation proving the identity of the natural person, legal person or other organization; where the original cannot be provided, a notarized copy of the document shall be submitted; and
evidentiary materials showing investment losses, such as certificate of transaction, etc.

Article 7: The defendant in Securities False Representation Civil Compensation Cases shall be the party making the false representation, including:

persons with actual control, such as sponsor(s) and controlling shareholder(s);
the issuer or listed company;
the securities distributor;
the securities listing sponsor;
professional intermediary service institutions such as accounting firms, law firms and asset valuation institution, etc.;
the senior management personnel such as the responsible directors, supervisors and managers of work units listed in Items (2), (3) and (4) above, and the directly responsible persons of the institutions listed in Item (5) above; and
other organizations or natural persons that have made false representation.

Article 8: Securities False Representation Civil Compensation Cases shall fall under the jurisdiction of the intermediate people's court of cities, cities with independent development plan or special economic zone at the seat of the local people's government of a province, municipality directly under the central government or autonomous region.

Article 9: Where an investor institutes securities false representation civil compensation proceedings against multiple defendants, jurisdiction shall be determined in accordance with the following principles:

the competent intermediate people's court of the place where the issuer or listed company is located shall have jurisdiction, except in circumstances listed in Paragraph Two of Article 10 hereof.
where proceedings are instituted against parties making false representation other than the issuer or the listed company, the competent intermediate people's court of the place where the defendant is located shall have jurisdiction.
where the defendant is a natural person, the competent intermediate people's court of the place where the defendant is located shall have jurisdiction.

Article 10: After a people's court has accepted a case of false representation where the defendant is not the issuer or listed company, it may, on the application of the parties involved or with the agreement of all the plaintiffs, add the issuer or the listed company as a co-defendant. Once this has been done, the people's court shall transfer the case to the competent intermediate people's court of the place where the issuer or listed company is located.

If no party makes this request or the plaintiffs do not agree, but the people's court deems the addition necessary, it shall notify the issuer or the listed company that it is a co-defendant in the case, but may not transfer the case.

Article 11: If, after a people's court has accepted a Securities False Representation Civil Compensation Case, the party subjected to administrative penalty is dissatisfied with such penalty and applies for an administrative review or institutes administrative proceedings, the people's court may rule to suspend the trial.

If, after the people's court has accepted a Securities False Representation Civil Compensation Case, the relevant administrative penalty is revoked, the people's court shall rule to terminate the proceedings.

3. FORMS OF LITIGATION

Article 12: Plaintiffs in Securities False Representation Civil Compensation Cases covered hereby may institute legal proceedings independently or jointly.

Article 13: If multiple plaintiffs institute legal proceedings against the same defendant for the same false representation and there are both independent and joint actions, the people's court may notify the plaintiffs instituting independent action to participate in the joint action.

If multiple plaintiffs simultaneously institute two or more joint actions against the same defendant for the false representation, the people's court may merge them into one joint action.

Article 14: The number of plaintiffs in a joint action shall be determined before the hearing is held. In cases where there is a large number of plaintiffs, the plaintiffs may appoint between two and five representatives. Each representative may appoint one to two agents ad litem.

Article 15: Plaintiffs' representatives shall, upon special authorization of the plaintiffs they represent, attend the hearing, modify or withdraw claims, and engage in mediation or reach mediation agreements with the defendant, on behalf of the plaintiffs.

Article 16: When the people's court rules that a defendant shall bear the civil liability for compensation to a large number of plaintiffs, it may decide the total amount of compensation in the text judgment and append a list of each plaintiff's name, the amount to be awarded, etc. to the end of the written civil judgment.

4. DETERMINATION OF FALSE REPRESENTATION

Article 17: The term "false representation in the securities market" shall refer to acts whereby parties with information disclosure obligations, in the course of issue or trading of securities, violate securities laws and regulations by recording falsehoods or making misleading statements in respect of major events that are contrary to the truth of the facts, or by major omissions when disclosing information or making information disclosure in an inappropriate manner.

"Major events" shall be defined in light of Articles 59, 60, 61, 62 and 72 of the Securities Law and by the content of relevant provisions.

The term "recording falsehoods" shall refer to acts whereby a party with information disclosure obligations records facts that do not exist in an information disclosure document when disclosing information.

The term "misleading statements" shall refer to statements made by a party making false representation in information disclosure documents or through the media, causing investors to misjudge their investments, thus creating major impact.

The term "major omissions" shall refer to the failure by parties with information disclose obligations to record, fully or partially, information that is required to be recorded in the information disclosure documents.

The term "making information disclosure in an inappropriate manner" shall refer to the failure by parties with information disclose obligations to publicly disclose information that shall be disclosed within the appropriate time limit or in the statutory manner.

Article 18: In any of the following circumstances, the people's court shall determine that a causal relationship exists between the false representation and the injurious result:

where the securities in which the investor invested were directly linked to the false representation;
where the investor purchases the securities on or after the date on which the false representation is made and before it is exposed or corrected; or
where the investor incurs losses as a result of the sale of securities, or as a result of continuing to hold the securities on or after the date on which the false representation was exposed or corrected.

Article 19: The people's court shall determine that no causal relationship exists between the false representation and the injurious result if the defendant produces evidence proving that:

the plaintiff has sold the securities before the date of exposure or correction of the false representation;
the plaintiff has made the investment on or after the date of exposure or correction of the false representation;
the plaintiff has made the investment with the knowledge of the false representation;
the loss or part of the loss incurred by the plaintiff has been caused by other factors such as risk in the securities market system; or
the plaintiff made the investment in bad faith or for the purpose of manipulating the price of the securities.

Article 20: For the purposes of these Provisions, the term "the date on which false representation is made" shall refer to the date on which the false representation is made or occurs.

The term "the date of exposure of false representation" shall refer to the date on which the false representation is first publicly exposed in medium such as newspaper, periodicals, radio or television that is distributed or broadcast nationwide.

The term "the date of correction of false representation" shall refer to the date on which the party making the false representation announces a correction of the false representation and carries out the procedures for suspension of trading in accordance with provisions in a medium designated by the China Securities Regulatory Commission.

5. LIABILITY AND EXEMPTION FROM LIABILITY

Article 21: The sponsor, issuer or listed company shall undertake civil liability for compensation incurred by the investor as a result of his/its false representation.

Senior management personnel such as the responsible directors, supervisors and managers, etc. of the issuer or listed company shall undertake the joint and several liability for compensation for losses as referred to in the preceding paragraph. However, where there is evidence proving that they were not at fault, they shall be exempted from liability.

Article 22: Where a person with actual control manipulates an issuer or listed company to violate the provisions of securities laws by making false representation in the name of the issuer or listed company, causing losses to investors thereby, the liability for compensation may be borne by the issuer or listed company. After the issuer or listed company has borne the liability for compensation, it may seek compensation from the person with actual control.

Where a person with actual control makes false representation in violation of Article 4, 5 or 188 of the Securities Law, causing losses to investors thereby, the person with actual control shall be liable for compensation.

Article 23: Securities distributors and securities listing sponsors shall be liable for compensation for losses caused to an investor due to false representation. However, where there is evidence proving that they were not at fault, they shall be exempted from liability.

Senior management personnel such as the responsible directors, supervisors and managers shall undertake the joint and several liability for compensation borne by securities distributors and securities listing sponsors. The cause for exemption of liability shall be as stipulated in the preceding paragraph.

Article 24: Where professional intermediary service institutions and their directly responsible persons make false representation in violation of Article 161 or 202 of the Securities Law, causing losses to investors thereby, they shall be liable for compensation for the proportion of the loss they caused. However, where there is evidence proving that they were not at fault, they shall be exempted from liability.

Article 25: Other organizations or natural persons that have made false representations, as specified in Paragraph Seven of Article 7 hereof, in violation of Article 5, 72, 188 or 189 of the Securities Law, causing losses to investors thereby, shall be liable for compensation.

6. JOINT TORT LIABILITY

Article 26: Where a sponsor provides a guarantee for information disclosure by an issuer, the sponsor and issuer shall undertake joint and several liability for compensation for losses incurred by investors.

Article 27: Where a securities distributor, securities listing sponsor or professional intermediary service organization knows or should have known that the issuer or listed company has made false representation but fails to make rectification or issue a qualified opinion and a joint tort has been constituted, it shall undertake the joint and several liability for losses incurred by the investor.

Article 28: If the senior management personnel such as the responsible directors, supervisors or managers etc. of an issuer, listed company, securities sponsor or securities listing sponsor are any of the following circumstances, they shall be determined as making joint false representation and shall undertake the joint and several liability with the issuer, listed company, securities sponsor or securities listing sponsor for losses incurred by investors:

they participate in the false representation;
they know, or should have known, of the false representation and fail to expressively indicate an objection; or
other circumstances for which they are responsible.

7. RECOGNITION OF LOSSES

Article 29: Where a party making false representation on the securities issue market causes losses to an investor, the investor has the right to request compensation from the party making the false representation in accordance with Article 30 hereof. If the false representation leads to a suspension of the issuance of the securities, the investor has the right to request the party making false representation to refund and compensate for any paid share capital and the interest incurred at the bank interest rate for current deposits for the same period.

Article 30: The scope of civil liability for compensation of a party making false representation on the securities market is limited to the actual loss incurred by the investors as a result of the false representation. Actual losses incurred by investors include:

investment differential loss; and
the commission and stamp duty for investment differential loss.

Interest on the capital in the above paragraph shall be calculated at the bank interest rate for current deposits for the same period from the date of purchase to the sale of the securities or the base date.

Article 31: Where an investor sells the securities on or before the base date, the investment differential loss shall be calculated based on the difference between the average purchase price of the securities and the actual average price at which the securities are sold, multiplied by the quantity of securities held by the investor.

Article 32: Where the investor sells or retains the securities after the base date, the investment differential loss shall be calculated based on the difference between the average purchase price and the average closing price on each trading day from the date of exposure or correction of the false representation to the base date, multiplied by the quantity of securities held by the investor.

Article 33: The term "the base date for calculation of investment differential loss" shall refer to a cut-off date stipulated for the purpose of limiting the compensation within the scope of loss incurred as a result of false representation, by deciding a reasonable time period for the calculation of loss after the false representation has been exposed or corrected. The base date shall be determined according to the following respectively:

the date of exposure or correction of the false representation to the date on which the accumulated trading volume of the securities affected by the false representation reached 100% of the negotiable securities; but the trading volume of securities transferred by way of block-trade agreements shall not be included in the calculation.
the thirtieth trading day after the date of exposure or correction of the false representation if the date stated in the previous provision cannot be decided before the court hearing.
one trading day prior to the date on which the securities were delisted if the securities have already been withdrawn from the market.
one trading day prior to the date of suspension of the securities if trading in the securities has already been suspended; if trading has been resumed, the base date shall be determined according to Item (1) of this Article.

Article 34: The income from the period for which an investor held shares based on his shareholder status, including profit shares, bonus shares, shares obtained from conversion of common reserve funds, and shares of rights issue, additional share issue and assigned shares purchased by the investor with his funds during the period in which he held shares, shall not be offset against the amount of compensation paid by the party making the false representation.

Article 35: When calculating investment differential loss in the case of securities whose rights have been excluded, the price and quantity of securities shall be calculated as if the rights had been restored.

8. SUPPLEMENTARY PROVISIONS

Article 36: These Provisions shall be effective as of 1 February 2003.

Article 37: These Provisions shall take precedence over any provisions in the Questions Concerning the Acceptance of Civil Tort Dispute Cases Arising from False Representation in the Securities Market Circular issued by this Court on 15 January 2002 that are not in accord with these Provisions.

就《最高人民法院关于审理证券市场因虚假陈述引发的民事赔偿案件的若干规定》

李国光答记者问

作者：王焕平发布时间：2003-01-10 08:36:44

《最高人民法院关于审理证券市场因虚假陈述引发的民事赔偿案件的若干规定》（以下简称《规定》），将于２００３年２月１日正式施行。１月９日，最高人民法院副院长李国光就《规定》出台的背景、主要内容以及意义接受了本报记者的采访。

记者：最高人民法院在２００２年１月１５日发布了《关于受理证券市场因虚假陈述引发的民事侵权纠纷案件有关问题的通知》（以下简称《通知》），那么，相对于《通知》，《规定》有什么特点？它是在什么样的背景下发布的？

李国光：《规定》是最高人民法院继２００２年１月１５日发布《通知》以后，公布的审理证券民事赔偿案件适用法律的第一个系统性司法解释。

中国证券市场经过十二年的发展，在有效配置社会资源和对国有大中型企业公司制和股份制改造、推动社会主义经济市场化进程等方面，起到了不可替代的重要作用。但是应当看到，我国证券市场仍属于新兴市场，正处于规范和转轨时期，在市场规范和运行机制方面存在着一些不应忽视的缺陷，侵权行为也时有发生，必须强化监管力度，不仅应当依法追究行为人的行政或者刑事责任，而且行为人也应当对受其侵害的投资人承担相应的民事赔偿责任。

２００２年１月１５日，最高人民法院发布了《通知》。迄今为止，有关法院已经受理了近９００件要求虚假陈述行为人承担民事赔偿责任的案件。然而，我国目前有关证券侵权行为的民事责任法律制度尚不健全，现行证券及公司法律对证券侵权行为追究民事赔偿责任，在主体的确认、责任的构成、归责的原则、损失的计算等方面，规定得十分原则，或者基本上没有涉及。而这些问题又是审理这类案件所必须解决的。我国加入世贸组织后，证券市场加快了向成熟化和国际化发展的步伐。中国证监会与有关部门最近出台了合格境外机构投资者可以在我国证券投资的ＱＦＩＩ制度、向外商转让上市公司国有股和法人股以及加快发展和培育投资机构等一系列政策。与此同时，行政主管机关加大了对证券市场的违法违规行为的查处力度。最高人民法院根据证券市场的发展需要和审判实践的需要，加快了制定审理虚假陈述证券民事赔偿案件适用法律的司法解释的步伐，经过深入调查研究，多次召开国内和国际研讨会进行研究论证，在广泛征求中央有关部门、专家学者和各级法院意见的基础上，经最高人民法院审判委员会讨论通过，形成了现在这部司法解释。

记者：作为最高人民法院继２００２年１月１５日发布《通知》以后，公布的审理证券民事赔偿案件适用法律的第一个系统性司法解释，《规定》主要有哪些内容？

李国光：《规定》共分八个部分共计三十七条，调整和适用范围是证券市场上因虚假陈述行为引发的侵权民事赔偿法律关系。《规定》对证券市场的虚假陈述界定为，信息披露义务人违反证券法律规定，在证券发行或者交易过程中，对重大事件作出违背事实真相的虚假记载、误导性陈述，或者在披露信息时发生重大遗漏、不正当披露信息的行为。《规定》根据侵权行为方式，将虚假陈述行为分为虚假记载、误导性陈述、重大遗漏和不正当披露四种。

《规定》属于侵权行为法范畴，其调整的民事赔偿法律关系是因财产权益被虚假陈述行为侵害而产生。该法律关系包含虚假陈述行为人，虚假陈述行为，被侵害的投资人损失与虚假陈述行为之间因果关系，虚假陈述行为人的归责、赔偿范围和损失计算等诸多法律内容。主要内容有：

一、关于原、被告的确定。原告和被告的确定，是民事赔偿诉讼得以启动和进行的重要前提。《规定》第六条第一款对这类案件的原告资格作出了明确的规定，即投资人以自己受到虚假陈述侵害为由，依据有关机关的行政处罚决定或者人民法院的刑事裁判文书，对虚假陈述行为人提起的民事赔偿诉讼，符合民事诉讼法第一百零八条规定的，人民法院应当受理。第二款规定，投资人提起虚假陈述证券民事赔偿诉讼，除提交行政处罚决定或者公告，或者人民法院的刑事裁判文书以外，还必须提交身份证明文件和进行交易的凭证等投资损失证据材料。不能提供身份证明原件的，应当提交经公证证明的复印件。提交身份证明文件，是基于投资人必须证明确因自己的合法权益受到侵害而提起诉讼，而将以他人名义开户的不法行为人排除在虚假陈述证券民事赔偿诉讼之外。交易凭证是投资人用以证明其所投资的证券种类及损失情况。

《规定》第七条对被告进行了列举式规定，援用了证券法第六十三、七十二、一百六十一、二百零二条，和《股票发行与交易管理暂行条例》第１７条规定内容，对可能成为被告的虚假陈述行为人作出了明确规定：①发起人、控股股东等实际控制人；②发行人或者上市公司；③证券承销商；④证券上市推荐人；⑤会计师事务所、律师事务所、资产评估机构等专业中介服务机构；⑥上述②③④项所涉单位中负有责任的董事、监事和经理等高级管理人员以及⑤项中直接责任人；⑦其他作出虚假陈述的机构或者自然人。其中证券上市推荐人和控股股东等实际控制人，证券法和《股票发行与交易管理暂行条例》虽无明确规定，但在证券民事赔偿诉讼中，完全有可能成为被告。

二、关于诉讼方式的确定。为了方便当事人诉讼和人民法院对案件的审理，及时有效地保护投资人合法权益，《规定》针对我国证券市场现状和实际国情，在第三部分对证券民事赔偿诉讼明确规定了原告可以选择单独诉讼或者共同诉讼方式提起诉讼。根据民事诉讼法第五十四条和相关司法解释的规定，《规定》确定的共同诉讼是人数固定的代表人诉讼方式，即原告人数应当在开庭审理前确定。共同诉讼的原告人数众多的可以推选二至五名诉讼代表人，每名诉讼代表人可以委托一至二名诉讼代理人。由于目前证券市场投资人以自然人为主，一旦发生侵权行为，受侵害的投资人不仅数量众多，而且诉讼请求各不相同，情况相当复杂。在没有民事诉讼前置程序和当事人诉讼请求意愿不明的情况下，人民法院对人数不确定的权利人发出公告、通知登记参加诉讼，不仅与“不告不理”诉讼原则相悖，而且使得诉讼周期拖长，人民法院难以进行审理，投资人合法权益难以及时有效得到保护。应当说，《规定》对诉讼方式作出的安排是符合证券市场实际情况的。

三、关于因果关系的确定。原告的损失与被告的侵权行为之间是否存在法律上的因果关系，这是认定侵权行为的必要条件。《规定》按照我国民法的侵权赔偿诉讼的因果关系理论，参考国外普遍采用的市场欺诈理论和信赖推定原则，在第十八条和第十九条对因果关系的认定作出了明确规定。即同时具备以下情形的，认定虚假陈述与损害结果之间存在因果关系：投资人所投资的是与虚假陈述直接关联的证券；投资人在虚假陈述实施日及以后，至揭露日或者更正日之前买入该证券；投资人在虚假陈述揭露日或者更正日及以后，因卖出该证券发生亏损，或者因持续持有该证券而产生亏损。如被告能证明投资人存在以下事由的，认定虚假陈述与损害结果之间不存在因果关系：在虚假陈述揭露日或者更正日之前已经卖出证券；在虚假陈述揭露日或者更正日及以后进行的投资；明知虚假陈述存在而进行的投资；损失或者部分损失是由证券市场系统风险等其他因素所导致；属于恶意投资、操纵证券价格的。

四、关于归责和免责事由。民事赔偿责任的归责和免责，是民事侵权案件实体审理的关键。《规定》在第五部分对各虚假陈述行为人所承担的民事赔偿责任，按无过错责任、过错推定责任和过错责任顺序，分别作出了明确规定。对发起人、发行人或者上市公司，根据证券法第十三条、第六十三条和《股票发行与交易管理暂行条例》第１６条、第１７条的规定，确立的是无过错责任。除非这些被告证明投资人存在《规定》第十九条关于虚假陈述与损害结果之间不存在因果关系事由，或者投资人提起的诉讼已经超过诉讼时效等，他们应当对与其有因果关系的投资人损失承担民事赔偿责任。《规定》对发行人、上市公司的负有责任的董事、监事和经理等高级管理人员；证券承销商、证券上市推荐人及其负有责任的董事、监事和经理等高级管理人员；专业中介服务机构及其直接责任人，在第二十一条第二款、第二十三条和第二十四条，规定为过错推定责任。这些虚假陈述行为人如能证明自己无过错，或者投资人存在《规定》第十九条关于虚假陈述与损害结果之间不存在因果关系事由，或者投资人提起的诉讼已经超过诉讼时效等，应予免责。《规定》对上述责任人以外的其他作出虚假陈述的机构或者自然人，在第二十五条确立为过错责任。这些机构或者行为人承担民事责任的前提是其主观上具有过错、客观上造成投资人损失。

五、关于赔偿范围和损失计算。确定赔偿范围和损失计算是审理民事赔偿案件的最实质的内容，亦往往为诉讼参与人和社会各界所关注。《规定》按照民法关于侵权赔偿的一般原则，在排除投资人因证券市场系统风险等所造成的亏损的基础上，在第二十九条和第三十条规定虚假陈述行为人在证券发行市场导致投资人损失承担民事赔偿责任的范围，是返还和赔偿投资人所缴股款及银行同期活期存款利息；在证券交易市场导致投资人损失承担民事赔偿责任的范围，是投资人因虚假陈述实际发生的损失，包括投资差额损失、投资差额损失部分的佣金和印花税以及该两项资金自买入至卖出证券日或者基准日，按银行同期活期存款利率计算的利息损失。如果证券发行市场被虚假陈述的证券得以上市交易，并且证券发行市场投资人持续持有该证券，其有权选择按证券交易市场民事赔偿范围请求赔偿损失。《规定》第三十三条对运用于损失计算的合理期间，规定了几种方法。合理期间确定后，采用投资差额损失计算方法，根据投资人不同时间卖出或持有证券的情况，按第三十一条、第三十二条、第三十四条和第三十五条规定的计算方法，以及证券市场特殊情况下的计算方法，计算得出投资人因虚假陈述造成的损失金额。

记者：《规定》制定公布的意义表现在哪些方面？

李国光：第一，《规定》对中国证券市场法制化和规范化进程将产生积极促进作用。完备的证券市场法律制度，不仅可以使侵权行为人受到行政或者刑事责任制裁，而且通过追究侵权行为人民事赔偿责任，可以有效地规范市场参与人的行为，充分保护投资人合法权益，保障证券市场健康运行，增强证券市场的投资信心。我国证券市场属于新兴市场，这就决定了我们在现阶段的一个重要任务，是抓紧完善各项法律制度，健全市场运行机制。在规范市场主体法律责任方面，侵权民事责任是不可缺少的，应当与行政责任和刑事责任同时存在。而我国现阶段在民事侵权方面的立法相对薄弱，导致人民法院在处理相关案件方面缺乏具体的适用标准。最高人民法院经过深入调查研究和充分论证，立足于基本国情和证券市场现状，借鉴发达国家的成功经验，根据审判实践需要，本着由点及面和逐步介入的原则，制定和公布了《规定》。这将为证券市场侵权民事责任法律制度的逐步完善，起到积极作用；为规范证券市场投资融资行为，保护投资人合法权益提供具体有效的司法依据。

第二，《规定》对建立和完善证券市场侵权民事责任法律制度作出了积极的努力。《规定》对现有的原则性的证券法律规定进行了细化，填补了司法实践适用法律的空白。首先，它确立了现阶段民事赔偿价值取向是，从我国基本国情和证券市场现状出发，兼顾市场主体各方合法权益，通过依法追究虚假陈述行为人的民事赔偿责任，有效填补投资人的合理损失，从而预防和遏止侵权行为的发生，依法规范证券市场秩序。其次，《规定》对虚假陈述行为及其存续和影响市场期间的几个重要时间概念给予了认定和解释。对该侵权行为的科学分类，对投资损失与虚假陈述行为的因果关系等问题，进行了合理概括。特别是《规定》确定了计算损失的合理期间。计算损失必须先确定虚假陈述被揭露或更正后股价回到摆脱虚假陈述影响的相对正常位置，所要经过的一段合理运行期间。其目的是将虚假陈述影响股价的因素从其他引起股价波动的因素中分离出来。《规定》还坚持以过错责任为基础，兼顾其他归责原则，首次以司法解释清晰的条文对各类虚假陈述行为人进行了具体和细化的归责和免责；对投资人应当获得赔偿的损失范围作出了明文规定；根据证券发行市场和交易市场的不同情况、投资人在不同时间卖出或者持有证券的情况以及证券市场特殊情况，确定了损失的计算方法等。这些针对虚假陈述行为民事责任设置的规定和制度，展示了近年来人民法院在市场经济应用法学方面调查研究和理论创新的成果，必将为证券市场侵权行为民事责任制度的建立、完善和发展，奠定良好的基础。

第三，《规定》为保护广大投资人的合法权益提供了必要的司法保障。根据统计，截至２００２年１０月底，我国证券市场的投资人开户数已达６８００余万户，其中绝大多数是自然人。这些自然人投资主体，大多数信息不通畅、投资操作手法落后，一旦发生侵权行为，他们将首先成为受害者。《规定》以保护广大投资人合法权益为宗旨，正是“三个代表”重要思想在证券法律制度上的具体实践。只有广大投资人的合法权益得到有效保障，才能有资本市场的投资信心和投资主体。一个有着诚实信用、投资人对未来充满信心的证券市场，才会日益发展和壮大。

《人民法院报》

最高人民法院关于受理证券市场因虚假陈述引发的民事侵权纠纷案件有关问题的通知

颁布日期：20020115 　实施日期：20020115 　颁布单位：最高人民法院

　　各省、自治区、直辖市高级人民法院，解放军军事法院，新疆维吾尔自治区高级人民法院生产建设兵团分院：
　　经研究决定，人民法院对证券市场因虚假陈述引发的民事侵权赔偿纠纷案件（以下简称虚假陈述民事赔偿案件），凡符合《中华人民共和国民事诉讼法》规定受理条件的，自本通知下发之日起予以受理。现将有关问题通知如下：
　　一、虚假陈述民事赔偿案件，是指证券市场上证券信息披露义务人违反《中华人民共和国证券法》规定的信息披露义务，在提交或公布的信息披露文件中作出违背事实真相的陈述或记载，侵犯了投资者合法权益而发生的民事侵权索赔案件。
　　二、人民法院受理的虚假陈述民事赔偿案件，其虚假陈述行为，须经中国证券监督管理委员会及其派出机构调查并作出生效处罚决定。当事人依据查处结果作为提起民事诉讼事实依据的，人民法院方予依法受理。
　　三、虚假陈述民事赔偿案件的诉讼时效为两年，从中国证券监督管理委员会及其派出机构对虚假陈述行为作出处罚决定之日起计算。
　　四、对于虚假陈述民事赔偿案件，人民法院应当采取单独或者共同诉讼的形式予以受理，不宜以集团诉讼的形式受理。
　　五、各直辖市、省会市、计划单列市或经济特区中级人民法院为一审管辖法院；地域管辖采用原告就被告原则，统一规定为：
　　1、对凡含有上市公司在内的被告提起的民事诉讼，由上市公司所在直辖市、省会市、计划单列市或经济特区中级人民法院管辖。
　　2、对以机构（指作出虚假陈述的证券公司、中介服务机构等，下同）和自然人为共同被告提起的民事诉讼，由机构所在直辖市、省会市、计划单列市或经济特区中级人民法院管辖。
　　3、对以数个机构为共同被告提起的民事诉讼，原告可以选择向其中一个机构所在直辖市、省会市、计划单列市或经济特区中级人民法院提起民事诉讼。原告向两个以上中级人民法院提起民事诉讼的，由最先立案的中级人民法院管辖。
　　六、有关中级人民法院受理此类案件后，应在三日内将受理情况逐级上报至最高人民法院。
　　2002年1月15日

最高人民法院关于涉证券民事赔偿案件暂不予受理的通知

法明传[2001]406号

颁布日期：20010921 　实施日期：20010921 　颁布单位：最高人民法院

　　各省、自治区、直辖市高级人民法院、解放军军事法院、新疆维吾尔自治区高级人民法院生产建设兵团分院：
　　我国的资本市场正处于不断规范和发展阶段，也出现了不少问题，如内幕交易、欺诈、操纵市场等行为。这些行为损害了证券市场的公正、侵害了投资者的合法权益，也影响了资本市场的安全和健康发展，应该逐步规范。当前，法院审判工作中已出现了这些值得重视和研究的新情况、新问题，但受目前立法及司法条件的局限，尚不具备受理及审理这类案件的条件。经研究，对上述行为引起的民事赔偿案件，暂不予受理。

中华人民共和国最高人民法院
　　　　　　　　　　　　　　　　　　　　　　　　　２００１年９月２１日

最高人民法院关于上海水仙电器股份有限公司股票终止上市后引发的诉讼应否受理等问题的复函

[2001]民立他字第32号

颁布日期：20010717 　实施日期：20010717 　颁布单位：最高人民法院

　　上海市高级人民法院：
　　你院沪高法[2001]236号《关于上海水仙电器股份有限公司股票终止上市后引发的诉讼应否受理等问题的请示》收悉。经研究，答复如下：
　　一、水仙公司作为上市公司，虽已被证监会终止上市，但其作为独立法人的资格并不因此受到影响，对债权人以水仙公司为被告提起的民事诉讼，只要符合《中华人民共和国民事诉讼法》第一百零八条规定的起诉条件，人民法院以受理为宜。
　　二、根据《中华人民共和国公司法》和《中华人民共和国证券法》的规定，证监会是依法具有行政职权的证券市场的监督管理者。证监会按照其法定职权针对特定的上市公司作出的退市决定，属于《中华人民共和国行政诉讼法》上规定的可诉的具体行政行为，股东对证监会作出的退市决定提起的诉讼，人民法院应当依法受理。
　　三、关于正在审理、执行的民事案件是否中止审理、执行的问题，法律已有明确规定，不属请示的范围，你院可根据案件的具体情况依法视情而定。以上意见供参考。
　　二○○一年七月十七日

Trial of Civil Damages Cases Arising from Misrepresentation in the Securities Market Several Provisions1 3700/03.01.09

(Promulgated by the Supreme People's Court on January 9 2003 and effective as of February 1 2003.)

These Provisions are formulated in accordance with such laws and regulations as the PRC Civil Law General Principles, the PRC Securities Law, the PRC Company Law and the PRC Civil Procedure Law and in the light of the actual circumstances of the securities market and practical adjudication experience in order to correctly try civil damages cases arising from misrepresentation in the securities market, regulate civil activities in the securities market and protect the legitimate rights and interests of investors.

1. GENERAL PROVISIONS

Article 1: For the purposes of these Provisions, the term "civil damages cases arising from misrepresentation in the securities market" (Securities Misrepresentation Civil Damages Cases) means civil damages cases where a securities market investor institutes proceedings with a people's court on the grounds that a party with a disclosure obligation violated law provisions by making misrepresentations and thereby caused him to incur loss.

Article 2: For the purposes of these Provisions, the term "investor" means a natural person or a legal person or other organization engaging in securities subscription or trading in a securities market.

For the purposes of these Provisions, the term "securities market" means the primary market, in which issuers offer shares to the public, the market in which securities are traded via the quotation systems of securities exchanges, the market in which securities companies handle share transfers on an agency basis and other securities markets whose establishment has been approved by the State.

Article 3: These Provisions shall not apply to civil actions arising from the following trading activities:

(1) share transactions occurring outside stock exchanges whose establishment was approved by the State; and

(2) transactions by method of transfer by agreement occurring in stock exchanges whose establishment was approved by the State.

Article 4: When hearing Securities Misrepresentation Civil Damages Cases, the people's court shall emphasize mediation and encourage conciliation by the parties.

Article 5: The statute of limitations for civil damages actions in respect of representations shall be governed by Article 135 of the Civil Law General Principles and, depending on the circumstances set forth below, commence to run on one of the following dates:

(1) the date on which the China Securities Regulatory Commission or its local agency publishes its decision to punish the misrepresenting party;

(2) the date on which the Ministry of Finance of the People's Republic of China, another administrative authority or an authority with the power to impose administrative penalties publishes its decision to punish the misrepresenting party; or

(3) the effective date of the criminal judgment in the case of a misrepresenting party that has not been subjected to administrative penalty, but has been found guilty by a people's court.

Where two or more administrative penalties are imposed on two or more misrepresenting parties for the same misrepresentation or where both administrative and criminal penalties are imposed, the statute of limitations for civil damages actions shall commence to run on the date of publication of the earliest administrative penalty decision or the effective date of the criminal judgment.

2. ACCEPTANCE AND JURISDICTION

Article 6: People's courts shall accept cases where investors, on the grounds of injury incurred by them as a result of misrepresentation, institute civil damages proceedings against the misrepresenting parties based on the relevant authority's administrative penalty decision or the people's court criminal judgment, provided the cases comply with Article 108 of the Civil Procedure Law.

Where an investor institutes securities misrepresentation civil damages proceedings in connection with misrepresentation, in addition to submitting the administrative penalty decision or public notice or the written criminal judgment of the people's court, the investor must also submit the following evidence:

(1) documentation proving the identity of the natural person, legal person or other organization; if the original cannot be provided, a notarized copy should be submitted; and

(2) evidentiary materials showing investment losses, such as proof of transactions, etc.

Article 7: The defendants in Securities Misrepresentation Civil Damages Cases shall be the misrepresenting parties, including:

(1) persons with actual control, such as sponsors and controlling shareholders;

(2) issuers or listed companies;

(3) securities distributors;

(4) securities listing sponsors;

(5) professional intermediary service institutions, such as accounting firms, law firms and asset appraisal organizations;

(6) the responsible directors, supervisors and senior management personnel such as managers, etc. of those of the units mentioned in the above Items (2), (3) and (4) which are involved in the case, and the directly responsible persons of the institutions mentioned in Item (5); and

(7) other organizations or natural persons that have made misrepresentations.

Article 8: Securities Misrepresentation Civil Damages Cases shall be under the jurisdiction of the intermediate people's courts of special economic zones, cities with independent development plans and cities that are the seat of the people's government of a province, municipality directly under the central government, or autonomous region.

Article 9: Where an investor institutes securities misrepresentation civil damages proceedings against multiple defendants, jurisdiction shall be determined according to the following principles:

(1) the competent intermediate people's court of the place where the issuer or listed company is located shall have jurisdiction, except in circumstances as described in the second paragraph of Article 10 hereof;

(2) where proceedings are instituted against misrepresenting parties other than issuers or listed companies, the competent intermediate people's court of the place where the defendants are located shall have jurisdiction; or

(3) where all defendants are natural persons, the competent intermediate people's court of the place where the defendants are located shall have jurisdiction.

Article 10: After accepting proceedings instituted against a misrepresenting party other than the issuer or a listed company, the people's court may join the issuer or listed company as a co-defendant, either upon application by a party or after obtaining the consent of all plaintiffs. After effecting such joinder, the people's court shall transfer the case to the competent intermediate people's court of the place where the issuer or listed company is located.

If no party applies for, or the plaintiffs do not consent to, such joinder, but the people's court is of the opinion that the joinder is necessary, the people's court shall notify the issuer or listed company of its status as co-defendant in the proceedings, but may not transfer the case.

Article 11: If after accepting a Securities Misrepresentation Civil Damages Case, a people's court accepts an application for reconsideration of an administrative penalty filed, or administrative proceedings instituted, by a party subjected to an administrative penalty who is dissatisfied with such penalty, the people's court may decide to suspend the trial.

If, after the people's court has accepted the Securities Misrepresentation Civil Damages Case, the related administrative penalty is cancelled, the people's court shall rule to terminate the proceedings.

3. TYPES OF ACTION

Article 12: The plaintiffs in securities-related civil damages cases covered hereby may choose to institute either individual or joint actions.

Article 13: If multiple plaintiffs institute actions against the same defendant for the same misrepresentation and there are both individual actions and a joint action, the people's court may notify the plaintiffs of the individual actions to participate in the joint action.

If multiple plaintiffs simultaneously institute two or more joint actions against the same defendant for the same misrepresentation, the people's court may merge the proceedings actions into one joint action.

Article 14: The number of plaintiffs in a joint action shall be determined before the hearing is held. If there are a large number of plaintiffs, between two and five plaintiff representatives may be elected. Each plaintiff representative may appoint one to two agents ad litem.

Article 15: Upon special authorization by the plaintiffs they represent, plaintiff representatives shall participate in the hearings, modify or relinquish claims, and engage in mediation proceedings or reach settlement agreements with the defendant, on behalf of the plaintiffs.

Article 16: If the people's court finds that a defendant must bear civil liability for damages to a large number of plaintiffs, it may decide the total amount of damages in the main text of the judgment and attach a list of each plaintiff's name, amount of damages due, etc. to the end of the written civil judgment.

4. DETERMINATION OF MISREPRESENTATION

Article 17: The term "securities market-related misrepresentations" means acts where parties with a disclosure obligation violate securities laws by recording falsehoods or making misleading statements in respect of major matters in the course of the issue or trading of securities that are contrary to the facts, or by making disclosures with major omissions or making disclosures in an inappropriate manner.

Major events shall be identified in light of Articles 59, 60, 61, 62 and 72 of the Securities Law, and related provisions.

The term "recording falsehoods" means the act whereby, when disclosing information, a party with a disclosure obligation records non-existent facts in the disclosure document.

The term "misleading statements" means statements made by a misrepresenting party in a disclosure document or through the media that cause investors to misjudge their investments and that have a major impact.

The term "major omissions" means information that a party with a disclosure obligation is required to record in a disclosure document but that such party completely or partially fails to record therein.

The phrase "making disclosures in an inappropriate manner" means the failure by a party with a disclosure obligation to publicly disclose within the appropriate time limit, or in the statutory manner, information that such party is required to disclose.

Article 18: The people's court shall determine that a causal relationship exists between a misrepresentation and the injurious result if:

(1) the securities in which the investor invested were directly connected to the misrepresentation;

(2) the investor purchased the securities on or after the date on which the misrepresentation was made and before the date on which the same was exposed or corrected; or

(3) on or after the date on which the misrepresentation was exposed or corrected, the investor incurred a loss as a result of the sale of the securities or is incurring loss as a result of his continuing to hold the securities.

Article 19: The people's court shall determine that no causal relationship exists between the misrepresentation and the injurious result, if the defendant produces evidence proving that:

(1) the plaintiff sold the securities before the date on which the misrepresentation was exposed or corrected;

(2) the plaintiff made the investment after the date on which the misrepresentation was exposed or corrected;

(3) the plaintiff made the investment with clear knowledge of the misrepresentation;

(4) the loss or part of the loss incurred by the plaintiff was due to the risk of the securities market system or other such factors; or

(5) the plaintiff made the investment in bad faith for purposes of manipulating the price of the security.

Article 20: For the purposes of these Provisions, the term "the date on which the misrepresentation was made" means the date on which the misrepresentation was made or occurred.

The term "the date on which the misrepresentation was exposed" means the date on which the misrepresentation was first publicly exposed by a national newspaper, periodical, radio station, television station or other such medium.

The term "the date on which the misrepresentation was corrected" means the date on which the misrepresenting party voluntarily announces a correction of the misrepresentation in a medium designated by the China Securities Regulatory Commission for the disclosure of securities market-related information and carried out the procedures to suspend trading of the securities in accordance with provisions.

5. FIXATION OF LIABILITY AND CAUSES FOR RELEASE

Article 21: Sponsors, issuers or listed companies shall bear civil liability for damages in respect of the loss incurred by investors as a result of the misrepresentations made by the former.

The responsible directors, supervisors and senior management personnel such as managers, etc. of the issuers and listed companies shall bear joint and several liability for the losses mentioned in the preceding paragraph. However, they shall be exempted if evidence proves them to be free of fault.

Article 22: If a person with actual control manipulates the issuer or listed company so as to cause it to violate the provisions of securities laws by making misrepresentations in the name of the issuer or listed company and causing investors to incur loss, the liability for damages may be borne by the issuer or the listed company. After the issuer or listed company has borne the liability for damages, it may seek compensation from the person with actual control.

If a person with actual control makes misrepresentations in violation of Article 4, 5 or 188 of the Securities Law, the liability for damages shall be borne by the person with actual control.

Article 23: Securities distributors and securities listing sponsors shall be liable for damages in respect of the loss caused to investors due to misrepresentation. However, they shall be released from such liability if evidence proves them to be free of fault.

The responsible directors, supervisors and senior management personnel such as managers, etc. shall jointly and severally bear the liability for damages that is borne by the securities distributors. The cause for release from liability set forth in the preceding paragraph shall likewise apply to their liability.

Article 24: If professional intermediary service institutions and the persons directly responsible therefor make misrepresentations in violation of Article 161 or 202 of the Securities Law and thereby cause investors to incur loss, they shall be liable for damages in respect of the portion for which they are responsible. However, they shall be released from such liability if evidence proves them to be free of fault.

Article 25: Other organizations and natural persons that have made misrepresentations, as referred to in Item (7) of Article 7 hereof, in violation of Article 5, 72, 188 or 189 of the Securities Law, thereby causing investors to incur loss, shall be liable for damages.

6. JOINT TORT LIABILITY

Article 26: If the sponsors provide a guarantee for the disclosure by the issuer, the sponsors and the issuer shall bear joint and several liability for the loss incurred by the investors.

Article 27: If securities distributors, securities listing sponsors or professional intermediary service institutions know or ought to know of the issuer's or listed company's misrepresentation but fail to make rectification or to issue a qualified opinion, such failure shall constitute a joint tort and such distributors, sponsors or institutions shall bear joint and several liability for the loss incurred by the investors.

Article 28: If responsible directors, supervisors or senior management personnel such as managers, etc. of an issuer, listed company, distributor or securities listing sponsor are characterized by any of the following circumstances, they shall be determined to have carried out joint misrepresentation and shall bear joint and several liability with the issuer, listed company, distributor or securities listing sponsor for the loss incurred by the investors:

(1) they participated in the misrepresentation;

(2) they knew of or ought to have known of the misrepresentation and failed to clearly express objection thereto; or

(3) other circumstances for which they are required to assume responsibility

7. DETERMINATION OF LOSS

Article 29: If a misrepresentation made on the primary securities market causes loss to investors, the investors have the right to demand that the misrepresenting party pay damages in accordance with Article 30 hereof; if the misrepresentation causes the suspension of the issuance of said securities, the investors shall have the right to demand that the misrepresenting party refund the subscription monies plus compensation in the form of interest at the bank interest rate for current deposits over the same period.

Article 30: The scope of the liability for civil damages to be borne by the misrepresenting party on the securities trading market shall be limited to the loss actually incurred by the investors as a result of the misrepresentation. The actual loss incurred by investors includes:

(1) investment differential loss; and

(2) the commission and stamp tax for the investment differential.

The interest on the funds involved in the preceding paragraph shall be calculated at the bank interest rate for current deposits over the same period as that from the date of purchase to the date of sale of the securities or the reference date.

Article 31: If the investor sells the securities on or before the reference date, his investment differential loss shall be calculated based on the difference between the average purchase price of the securities and the average price the securities were actually sold at, multiplied by the quantity of the securities held by the investor.

Article 32: If the investor sells or retains the securities after the reference date, his investment differential loss shall be calculated based on the difference between the average purchase price of the securities and the average of the closing prices on each trading day during the period from the date on which the misrepresentation was exposed or corrected to the reference date, multiplied by the quantity of the securities held by the investor.

Article 33: The reference date for the calculation of investment differential loss is a cut-off date that occurs after the exposure or correction of the misrepresentation and that is stipulated in order to determine a reasonable time period for the calculation of the loss by limiting the damages due to the investors to the loss incurred as a result of the misrepresentation. The reference date shall be determined in accordance with the following circumstances:

(1) the date on which the cumulative trading volume of the securities influenced by the misrepresentation reaches 100% of the potential circulation of the securities as calculated from the date of exposure or correction; however, the trading volume of securities transferred by means of block-trade agreements shall not be included in the calculation;

(2) if determination based on the preceding rule is impossible prior to the court hearing, then the reference date shall be 30 trading days after the date of exposure or correction;

(3) if the securities have been already withdrawn from the market, the reference date shall be one trading day prior to the date on which the securities were delisted; or

(4) if trading in the securities has already been suspended, the reference date may be one trading day prior to the date of suspension; if trading in the securities has resumed, the reference date may be determined based on Item (1) of this article.

Article 34: The gains obtained by the investor based on his shareholder status may not be set off against the amount of damages owed by the misrepresenting party. Such gains include profit shares, bonus shares, shares obtained from share increases effected by means of conversion of funds in the provident fund, and the following shares purchased with the investor's own funds during the period in which the shares were held by the investor: shares that are the subject of rights issues, newly issued shares and those shares in a listed company's rights issue in respect of which the holders of State-owned or legal person shares have assigned their rights to other legal persons or members of the public.

Article 35: When calculating the investment differential loss, the price and quantity of securities that are trading ex-rights shall be calculated as if the rights had been restored.

8. SUPPLEMENTARY PROVISIONS

Article 36: These Provisions shall be implemented as of February 1 2003.

Article 37: In the event of any inconsistencies between the Questions Concerning the Acceptance of Civil Tort Dispute Cases Arising from Misrepresentation in the Securities Market Circular issued by this Court on January 15 2002 and these Provisions, these Provisions shall prevail.


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