December 6，Shandong University Interdisciplinary Legal Research Forum (Eighth Issue) "Seminar on Difficult Issues in bet365 casino blackjack Compliance Practice" was held in the conference room on the first floor of Yifu Law Building, Honglou Campus, Shandong University。This forum is hosted by bet365 app、Sponsored by the Institute of Interdisciplinary Law, Shandong University。The forum specially invited 10 academic and practical experts to conduct in-depth exchanges and discussions around the theme of this forum，From Shandong Provincial Higher People’s Court、Jinan Intermediate People’s Court、Qingdao Intermediate People’s Court、Beijing King & Wood Mallesons、Hengfeng Bank Co., Ltd.、Research Institute of Economics, Shandong University、China University of Political Science and Law, School of Civil and Commercial Economics and Goertek Co., Ltd.、More than 50 people including Yunding Technology Co., Ltd. attended this seminar。
Beginning of meeting，bet365 app Professor、Zhang Haiyan, executive vice president bet365 casino blackjack Institute of Interdisciplinary Law at Shandong University, expressed her heartfelt thanks to all the guests for attending the meeting。
At the lecture stage，Wang Lei, judge of the Second Civil Division of the Higher People's Court of Shandong Province, gave a speech titled "Discussion on Several Practical Issues in Liability Disputes for Securities False Statements"。bet365 casino blackjack shared about the functional positioning of securities civil litigation in protecting investors’ rights and interests、How to calculate investment losses in bond misrepresentation cases、Personal thoughts on internal recovery issues of jointly liable entities。First，bet365 casino blackjack pointed out based on practical experience，Civil litigation should remain "in place and not offside" in handling securities misrepresentation disputes、The prudence of helping without causing trouble，Focus on the national advantages of relying on “joint efforts and joint management” of securities market supervision，Continue to exert the positive effect of government-agency linkage in the financial field。Secondly，bet365 casino blackjack refines theoretical and practical controversies，Analysis and comparison of the two loss calculation methods of principal and interest repayment and loss compensation in bond misrepresentation cases，Consider the communication and collision of multiple perspectives、Continuous enrichment of theoretical and institutional supply，Conducive to the scientific evolution of various controversial issues such as loss calculation。Last，bet365 casino blackjack is based on practical needs and personal thinking，Internal recovery path for jointly and severally liable persons in securities misrepresentation disputes、Proposed his own opinions on issues such as share calculation。
Judge Zhang Wei of the Second Civil Division of the Jinan Intermediate People's Court gave a speech on the topic "Principles for Determining Operational Risks in Securities Misrepresentation Litigation"。bet365 casino blackjack takes operational risk as the core issue，Based on the analysis of liability status for securities misrepresentation，Answer in turn the practical questions of whether operational risks exist and how to determine them。First，bet365 casino blackjack pointed out that it was because of the ambiguity of the legal provisions，That is why the existence of operational risks has become a controversial issue。Secondly，bet365 casino blackjack sorted out referee precedents，And vividly describe the importance of operating risks to the determination of liability for securities misrepresentation，Thus the argument should confirm its existence。Last，bet365 casino blackjack emphasized that determining operational risks is a reflection of the court’s discretion，The principle of proportionate fault should be integrated、Sufficiency of evidence provided by listed companies and scientific and reasonable methods to determine the proportion of operating risks。
Judge Zhang Mingfang of the Financial Tribunal of Qingdao Intermediate People's Court gave a speech on "Several Difficulties in Determining Investment Difference Loss in Practice"。bet365 casino blackjack mainly elaborated on the proportion of blame and responsibility、The connotation of precise accountability。First，bet365 casino blackjack explains how to accurately quantify investors’ losses，How to eliminate losses not caused by false statements，Especially how to identify the market environment、Multi-dimensional analysis of the impact of macroeconomic and other factors on investor losses。Secondly，bet365 casino blackjack discussed intermediaries、Identification of responsibilities of directors, supervisors and senior management，How to accurately define its role in false statements and the issue of proportional joint and several liability。Last，bet365 casino blackjack combined typical cases，Discussed securities market risks、The impact of factors such as corporate operating conditions on investor losses, etc.。
Yang Ting, partner of Beijing King & Wood Mallesons, gave a speech titled "Practical Discussion on Liability Disputes for Misrepresentation in Bonds"。First，She explained the difficult issues of identifying false statements in practice，Focus on whether bankruptcy documents can be used to identify misrepresentations，She thinks，Relevant facts stated in bankruptcy documents，It may be a clue to discover that the issuer is involved in misrepresentation。The people's court or regulatory agency can use the above clues to find out the facts，Determine false statements based on sufficient evidence，But only in the case of bankruptcy documents，Not enough to determine the existence of misrepresentation。Secondly，She discusses the distinction between stocks and bonds that misrepresent materiality criteria。She thinks there should be a stock misrepresentation case、Distinguish between bond misrepresentation cases，At the same time, factors that can affect the "solvency" should be carefully identified，Avoid using a single factor or single indicator to determine the impact of relevant matters on "solvency"。Last，She shared her views on the typing of transaction causality and identification of individual cases。She thinks，Whether the presumption of reliance is applicable if the requirements for transaction causation exist，And the two disputes about how to disprove the presumption of reliance。The bond market even in the context bet365 casino blackjack application bet365 casino blackjack "presumptive causation rule"，It is still necessary to pay careful attention to the particularities of different trading markets，Be highly cautious in judging the causality of transactions in the bond market，And we should adhere to type thinking in counter-evidence to overturn transaction causality。
Ma Xiangwei, General Manager of the Legal Affairs Department of Hengfeng Bank Co., Ltd., gave a speech titled "Discussion on the Dilemma of Misrepresentation in Bank Bond Underwriting Business"。bet365 casino blackjack first introduced the bank bond underwriting business，bet365 casino blackjack believes that it has been affected by the downward economic situation in recent years，Continuous exposure to credit risk in the inter-bank bond market，Bond defaults are increasing。Resolving risks、In process of disposal，The problem of issuer’s financial fraud is gradually exposed，This triggered a series of bond misrepresentation cases。Secondly，bet365 casino blackjack shared the dilemma of misrepresentation in bank bond underwriting business，bet365 casino blackjack believes that the current misrepresentation in the bond underwriting business is legally applicable、Diligence and responsibility、Gatekeeper status、Market factors、Dilemmas such as proportional joint and several liability。Last，bet365 casino blackjack made several suggestions on misrepresentations in bank bond underwriting business，First, it is recommended that the Supreme Court give clear guidance on the adjudication of such cases，Second, it is recommended that the court fully consider the actual situation of my country’s financial market and the development of inter-bank bond underwriting business when hearing such cases，Third, it is recommended to refer to useful experience in the securities field，Introduce third-party professional institutions to evaluate market factors in the bond field as soon as possible。
In the comment stage，Professor of Shandong University Economic Research Institute、Wei Jian, President of the Humanities and Social Sciences Journal of Shandong University, first sorted out the speeches of each speaker，Point out the feedback from practitioners from all walks of life，can be found，my country’s capital market，Especially in segments such as the inter-bank market，The relevant specifications are not specific enough to cause controversy in practice。bet365 casino blackjack proposed that the current development direction of my country’s capital market regulations should be re-evaluated，To ensure the healthy development of the capital market as the institutional goal。Aimed at realistic problems，bet365 casino blackjack made two suggestions，First, measures should be taken to encourage rational investment、Reduce vicious investments；Second, investors’ interests should be comprehensively considered from a diversified perspective，Provide it with more realistic protection。
Professor of the School of Civil, Commercial and Economic Law of China University of Political Science and Law、PhD supervisor Geng Lihang takes the core view that liability for false statements should be limited，Combining my country’s normative framework and judicial precedents on this issue，Pointing out that liability for misrepresentation should be limited is a conclusion gradually discovered through practice。simultaneously，bet365 casino blackjack examined the effects of the system，Suggesting too severe a liability for misrepresentation results in a lawsuit，The adverse effects of "killing a company"，Contrary to the original intention of the normative system。On how to alleviate the problem of excessive deterrence of intermediaries，bet365 casino blackjack pointed out that the current proportional joint and several liability model is not very effective，On the contrary, it leads to the simplification of the issue of responsibility judgment。Therefore，bet365 casino blackjack proposed that the compensation rate model could be explored，To avoid the practical problems of proportional mode。
Liu Lingyun, a partner at King & Wood Mallesons in Beijing, first emphasized the need for greater coordination between administrative supervision and civil justice，This is reflected in the fact that the administrative penalties imposed by regulatory agencies are the prerequisite for judging the significance of false statements，The court assumes more responsibility for final discretion。Determination of loss regarding misrepresentation of securities，bet365 casino blackjack believes that there is a combination of infringement and breach of contract in his behavioral liability，Should be determined based on the actual situation。In response to claims of infringement，bet365 casino blackjack advocated that it should also be based on the activity of market transactions，Comprehensively judge whether the loss compensation principle is applicable。Last，bet365 casino blackjack discussed the issue of joint and several liability，Proposed that in judicial practice, the degree of fault of intermediaries should be distinguished and the liability limit should be set，Advocates recovery of tort liability rather than pure contractual liability，To avoid the relativization and dilution of responsibility。
bet365 app associate professor、Yu Yongning, deputy director (temporary post) of the Public Interest Litigation Procuratorial Department of the Shandong Provincial People’s Procuratorate, believes that the legal system itself bears increasing social responsibilities，The more important it is for everyone to feel the fairness and justice in the case，The more it will affect the purity of the judge in the refereeing。bet365 casino blackjack believes that a comprehensive consideration needs to be given to the reality of each case and the significance of the false statements。bet365 casino blackjack mainly discussed two issues，The first question is about material misrepresentation and securities fraud，Securities fraud is more intentional，The misrepresentation may be intentional，In addition, it also includes the expected future development of the company that is taken into account in judicial interpretations。The second problem is that current securities litigation relies more on judges to make judgments，At the same time, it is also necessary to resolve securities litigation disputes through reconciliation and mediation。
Xia Dongxia, a partner at Beijing King & Wood Mallesons, based on her own practical experience in bet365 casino blackjack litigation，Shared personal insights on relevant practical issues discussed in the meeting。She believes that after more than 20 years of judicial practice，The new judicial interpretation in 2022 has responded to many issues，At the same time, there are also some issues that need to be gradually clarified in judicial practice。For some controversial topics that arise in practice，For example, the discussion on the issue of “proportional joint and several liability” caused by the increase in recovery litigation，Involving consideration of fault and causation、The connection between investor compensation litigation and subsequent liability litigation，Needs to be resolved according to new judicial interpretations and basic tort legal principles，And gradually form a consensus through judicial practice。Although there are still many problems in practice，But through professional seminars and practical summary，Relevant legal systems and practices will be more perfect。
Final stage，Zhang Haiyan summarized the consensus reached at this seminar on relevant core issues and the issues that need to be studied in depth，She believes that this conference pays close attention to hot and difficult issues at the theoretical and practical levels，Building consensus through the collision of viewpoints from all parties，Promote the combination of theory and bet365 casino blackjack、Promote communication between different disciplines。
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