注册会计师-经济第1一、专业词汇第02讲证券欺诈的法律责任第三节证券欺诈的法律责任1sponsor保荐人2auditingreports审计报告3prospectus招股说明书4falserecord虚假记载5misleadingstatement误导性陈述6insidenews内幕信息7jointtort共同侵权8manipulateprice操纵价格考前精准押题微信：2977945028二、具体规则（一）虚假陈述行为1.虚假陈述的归责与免责事由Imputationandexemptiongrounds发行人、上市公司中负有责任的董事、监事和高级管理人员等对投资者损失承担连带赔偿责任Directors,supervisorsandmanagersinaissuerorlistedcompanyresponsibleforinvestors’lossshallbesubjecttothejointandseveralliabilitiesforthecompensationthereof.有证据证明无过错的，应予免责Exceptforanyonewhoisabletoprovehisexemptionofanyfault证券承销商、保荐人对投资者的损失承担连带责任Thesecuritiesunderwriterandsponsorshallbesubjecttothejointandseveralliabilitiesforthecompensationofinvestors’loss.有证据证明无过错的，应予免责Exceptforanyonewhoisabletoprovehisexemptionofanyfault2.虚假陈述与损失因果关系的认定具有因果关系的情形Circumstanceswithcausalrelationship原告能够证明下列情形的，人民法院应当认定原告的投资决定与虚假陈述之间的交易因果关系成立：（1）信息披露义务人实施了虚假陈述；（2）原告交易的是与虚假陈述直接关联的证券；（3）原告在虚假陈述实施日之后、揭露日或更正日之前实施了相应的交易行为，即在诱多型虚假陈述中买入了相关证券，或者在诱空型虚假陈述中卖出了相关证券。2.thefindingofcasualrelationshipbetweenfalsestatementandloss具有因果关系的情形CircumstanceswithcausalrelationshipWhereaplaintiffcanprovethefollowingfacts,thepeople’scourtshalldeterminethatthecasualrelationshipexistbetweentheinvestmentdecisionandthefalsestatement.注册会计师-经济第2（1）theinformationdiscloserhasconductedfalsestatement；（2）thesecuritiestradedbytheplaintiffaredirectlyrelatedtothefalsestatement；（3）theplaintiffconductedthetradingafterthedateoffalsestatementandbeforethedateofdisclosingoramending,whichmeansthatheboughtrelatedsecuritiesfor“buy-inlure”falsestatementandsoldthesamefor“sell-outlure”falsestatement.（1）原告的交易行为发生在虚假陈述实施前，或者是...
