Please discuss the specifics of misrepresentation in our country 10

Market misrepresentation, also known as misrepresentation, generally refers to the act of incorrectly or improperly disclosing information and stating facts in the course of an offering transaction.

Market misrepresentation, also known as misrepresentation, generally refers to the act of incorrectly or improperly disclosing information and stating facts in the course of an offering transaction. The main subjects of misrepresentation are issuers and listed companies.

The main types of misrepresentation are: (1) false record, that is, the relevant entity with the obligation to disclose information makes an act of recording in its public documents that is inconsistent with the facts when performing the obligation to disclose information; (2) Misleading statements, that is, statements made by relevant entities with information disclosure obligations in their public documents or through ** to mislead market investors in their misjudgments about their investment behaviors and have a significant impact; (3) material omissions, i.e., the information disclosure obligor fails to fully or only partially record the matters that should be recorded in the information disclosure documents; (4) Improper disclosure, that is, the failure of the information disclosure obligor to publicly disclose the information that should be disclosed within an appropriate period of time or in a statutory manner.

In many cases, misrepresentation is only one part of the breach of contract and tort, for example, an untrue statement, an integral part of an intentional tort such as fraud, defamation, unlawful imprisonment, misappropriation, etc.; In this case, the victim is not required to claim relief for the misrepresentation alone. However, in judicial trial practice, there have been more and more cases in which misrepresentation has been used as the cause of action: consumers claim compensation for losses suffered by listening to false statements in advertisements and purchasing products; The patient is required to bear the responsibility for the accident after the operation because the hospital did not truthfully inform the hospital of the dangers of the operation before the operation; The buyer of the goods wants to take the buyer to court because of the false inspection certificate issued by the Commodity Inspection Bureau; In particular, recently, there have been shareholders in the market who want to claim civil compensation from listed companies, companies, intermediaries, etc., because they falsely report the performance of listed companies.

Therefore, it is necessary to make a distinction on some issues of misrepresentation and its civil liability, outline the legal characteristics of misrepresentation, and grasp the constitutive elements of its civil liability.

1. What is misrepresentation.

1. Misrepresentation refers to the act of the information disclosure obligor violating the relevant provisions of information disclosure, making false records or misleading statements that violate the truth of this major event in the process of issuance or trading, or making material omissions and improper disclosure of information in the information disclosure.

2. Legal basis: Article 113 of the Civil Procedure Law of the People's Republic of China is missing.

Where the person subject to enforcement maliciously litigates, infiltrates arbitration or mediation, and the person subject to enforcement maliciously colludes with others to evade performance of the obligations set forth in the legal documents through litigation, arbitration, mediation, or other means, the people's court shall impose a fine or detention on the basis of the severity of the circumstances; where a crime is constituted, criminal responsibility is pursued in accordance with law.

2. What is a false contract?

A contract that has the characteristics of a formal contract but is not signed by two or more parties is called a false contract.

in accordance with the relevant legal grounds; In any of the following circumstances, in the course of signing or performing a contract, for the purpose of illegal possession, the other party's property is obtained by fraud, and the amount is relatively large, a sentence of up to three years imprisonment or short-term detention is to be given, and/or a fine; where the amount is huge or there are other serious circumstances, a sentence of between 3 and 10 years imprisonment and a concurrent fine is to be given; where the amount is especially huge or there are other especially serious circumstances, a sentence of 10 or more years imprisonment or indefinite imprisonment is to be given, and a concurrent fine or confiscation of property

1. Signing a contract with a fictitious unit or fraudulently using the name of another person;

2. Secured by forged, altered, or invalidated bills or other false property rights certificates;

3. Without the actual ability to perform, the other party is deceived into continuing to sign and perform the contract by first performing a small contract or partially performing the contract;

4. Flee after accepting the property, payment, advance payment or guaranteed property from Cong Xiangren, the other party;

5. Defrauding the other party's property by other means.

The legal consequence of a false statement is that if it is a civil case, it is an act of obstruction of justice, and the people's court may impose a fine or detention according to the severity of the circumstances.

If the false statement constitutes a crime, criminal liability shall be pursued in accordance with law.

The conduct that would be found to be a false statement involves forging or altering evidence to prove its claim; After the burden of proof has been fulfilled for the facts asserted by the opposing party, the legal relationship and corresponding facts are still fabricated to make a defense; The statement of the facts of the case is inconsistent.

1. There are major contradictions and no reasonable explanation can be made; concealing that the other party has fulfilled some or all of its obligations and cannot make a reasonable explanation when asserting its own rights; Recusal from stating the facts of one's own involvement, or the facts that one knows or should know, does not know, does not remember, etc., and cannot make a reasonable explanation; refusing to express an opinion on the authenticity of their signature or sealed documentary evidence, and refusing to express an opinion after the adjudicators have explained the legal consequences; Where there is other documentary evidence that has sufficient evidence to mutually corroborate the authenticity of the documentary evidence, but still apply for appraisal and obstruct the litigation; Where a court is still requested to investigate and collect evidence that is already in possession or should be in possession, and a reasonable explanation cannot be made, as well as other methods that obstruct civil litigation activities through means such as statements or applications and cannot make a reasonable explanation.

Civil Procedure Law of the People's Republic of China

Article 115:Where parties maliciously collude with each other in an attempt to infringe upon the lawful rights and interests of others through methods such as litigation or mediation, the people's courts shall reject their requests and give fines or detention based on the severity of the circumstances; where a crime is constituted, criminal responsibility is pursued in accordance with law. Article 116:Where persons subject to enforcement maliciously collude with others to evade performance of obligations set forth in legal documents through methods such as litigation, arbitration, or mediation, the people's courts shall give fines or detention based on the severity of the circumstances; where a crime is constituted, criminal responsibility is pursued in accordance with law. Article 117:Where units with an obligation to assist in investigation or enforcement exhibit any of the following conduct, the people's courts may impose fines in addition to ordering them to perform their obligation to assist:

1) The relevant unit refuses or obstructs the people's court's investigation and collection of evidence;

2) After receiving the people's court's notice of assistance in enforcement, the relevant unit refuses to assist in making inquiries, seizing, freezing, transferring, or selling property;

3) After receiving the people's court's notice of assistance in enforcement, the relevant unit refuses to assist in withholding the judgment debtor's income, going through the formalities for the transfer of relevant property rights and licenses, or transferring the relevant tickets, licenses, or other property;

4) Other refusals to assist in enforcement.

People's courts may fine units that exhibit any of the conduct provided for in the preceding paragraph on their principal responsible persons or directly responsible personnel; Those who still do not perform their obligation to assist may be detained; and may submit a judicial recommendation for disciplinary punishment to the Supervision Organs or relevant organs.

1. Interim Measures for the Prohibition of Fraudulent Acts

Article 11 stipulates that "it is forbidden for any unit or individual to make untrue, seriously misleading or material omissions, any form of false statement or induce investors to make investment decisions without knowing the truth of the facts, the facts, nature, prospects, laws and other matters of the issuance transaction and related activities".

2. Several Provisions of the Supreme People's Court on the Trial of Civil Compensation Cases Arising from False Statements in the ** Market

3. ** Law

Article 63 The information disclosed by issuers and listed companies in accordance with law must be true, accurate and complete, and there shall be no false records, misleading statements or material omissions.

Article 193 Where an issuer, listed company or other person with information disclosure obligations fails to disclose information in accordance with regulations, or the information disclosed contains false records, misleading statements or material omissions, it shall be ordered to make corrections, given a warning, and imposed a fine of not less than RMB 300,000 but not more than RMB 600,000. The directly responsible managers and other directly responsible personnel are to be given warnings and fined between 30,000 and 300,000 RMB.

Where an issuer, listed company or other person with information disclosure obligations fails to submit the relevant report in accordance with regulations, or the report submitted contains false records, misleading statements or material omissions, it shall be ordered to make corrections, given a warning, and imposed a fine of not less than 300,000 yuan but not more than 600,000 yuan. The directly responsible managers and other directly responsible personnel are to be given warnings and fined between 30,000 and 300,000 RMB.

Where the controlling shareholder or actual controller of an issuer, listed company, or other person with an obligation to disclose information instigates the commission of the illegal conduct in the preceding two paragraphs, punishment is to be given in accordance with the provisions of the preceding two paragraphs.

4. Criminal Law

Article 160 Whoever conceals important facts or fabricates material falsehoods in prospectuses, stock warrants, or measures for raising corporate or enterprise bonds, or issues ** or corporate or enterprise bonds, where the amount is huge, the consequences are serious, or there are other serious circumstances, shall be sentenced to fixed-term imprisonment of not more than five years or short-term detention, and/or a fine of not less than 1% but not more than 5% of the amount illegally raised.

Where a unit commits the crime in the preceding paragraph, the unit is to be fined, and the directly responsible managers and other directly responsible personnel are to be sentenced to up to five years imprisonment or short-term detention.

Article 161:Where a company or enterprise that has an obligation to disclose information in accordance with law provides false financial accounting reports to shareholders and the public or conceals important facts, or fails to disclose other important information that should be disclosed in accordance with law, seriously harming the interests of shareholders or other persons, or has other serious circumstances, the directly responsible managers and other directly responsible personnel are to be sentenced to up to three years imprisonment or short-term detention and/or a fine of between 20,000 and 200,000 RMB.

Answering the determination of false statements in any of the following circumstances: 1. Fabricating or altering evidence to prove their claims; 2. After the other party has fulfilled the burden of proof on the facts asserted, the legal relationship and the corresponding facts are still fabricated to defend it; 3. The statement of the facts of the case is inconsistent.

1. There are major contradictions and no reasonable explanation can be made; 4. When asserting one's own rights, concealing that the other party has fulfilled part or all of its obligations and cannot make a reasonable explanation; 5. Avoiding the act of stating the facts of one's participation or answering the facts that one knows or should know, and cannot make a reasonable explanation by not knowing, not knowing, not remembering, etc.; 6. Refusing to express an opinion on the authenticity of their signature or sealed documentary evidence, and refusing to express an opinion after the adjudicators have explained the legal consequences;

8. Applying to the court to investigate and collect evidence that has already been or should be in possession, and cannot make a reasonable explanation; 9. Other obstructions to civil litigation activities through means such as statements or applications and cannot make reasonable explanations. The consequence of a false statement is that the people's court may impose a fine or detention according to the severity of the circumstances; where a crime is constituted, criminal responsibility is pursued in accordance with law.

Dear, these are all misrepresentations.

According to the Several Provisions of the Supreme People's Court on the Trial of Civil Compensation Cases Arising from False Statements in the Market (hereinafter referred to as the "Provisions"), civil compensation cases arising from false statements in the market refer to civil compensation cases in which market investors file a lawsuit with the people's court on the grounds that the information disclosure obligor has made false statements in violation of the law and caused them to suffer losses. Among them, misrepresentation refers to the act of making false records or misleading statements about major events that violate the truth of major events in the process of issuance or trading, or material omissions or improper disclosure of information when disclosing information. At the same time, in accordance with Article 6 of the Several Provisions and the requirements of current judicial practice, the preconditions for initiating litigation in this type of case are the penalty decision made by the China Securities Regulatory Commission (CSRC) or its dispatched agencies, the Ministry of Finance and other administrative organs, or the criminal judgment found by the court to be guilty of the false statement and has taken effect.

In short, if an investor suffers losses in the domestic A-share and B-share markets due to the misrepresentation of the information disclosure obligor, and the misrepresentation has been punished by the public authority, the investor may file a lawsuit with the intermediate court where the issuer or listed company is located to demand compensation from the misrepresentation.

Misrepresentation relies on information flow.

It disrupts the formation mechanism of the market and harms the interests of the market, investors and listed companies. The harm of misrepresentation is mainly reflected in the fact that, first, it leads to the inability to truly reflect the value of listed companies, and small and medium-sized investors are easily confused and bored by false statement information, and make wrong investment decisions. Second, after the misrepresentation is revealed, the stock price will fluctuate significantly, and the investors will suffer property losses during the misrepresentation.

The third is to infringe on the credibility of the information disclosure system, form unfair competition, and undermine the capital market.

Good ecology. Fourth, it damages the integrity image of listed companies and reduces the company's brand value.

and credibility, the company and its directors and supervisors Gao Fengcha will also be punished for this.