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为保障投资者合法权益,日本《金融商品交易法》规定了各种金融商品交易欺诈行为的民事责任。该法对虚假陈述民事责任的责任性质、赔偿数额等都作了详细规定,对操纵市场民事责任规定比较简单,仅要求行为人赔偿投资者损失,而对内幕交易行为则并没有规定民事责任。对操纵市场行为和内幕交易行为的否定,日本更多地依赖于行政责任和刑事责任。此外,日本《金融商品交易法》还规定,销售金融商品的金融商品交易业者违反说明义务或适合性原则,从事了欺诈行为,给投资人造成损失时,也应承担民事赔偿责任。我国在将来修改《证券法》或制定《金融消费者保护法》时,可以借鉴日本法中的经验,完善我国金融商品交易欺诈民事责任制度。
In order to protect the legitimate rights and interests of investors, Japan’s “Financial Instruments and Exchanges Act” stipulates the civil liability for various fraudulent transactions in financial products. The law provides detailed provisions on the liability nature of false statements of civil liability and the amount of compensation. The regulation of civil liability in the manipulation of the market is relatively simple, requiring only the perpetrator to compensate investors for losses, while there is no civil liability for insider trading. Japan negates the manipulation of market behavior and insider trading and Japan relies more on administrative liability and criminal responsibility. In addition, Japan’s “Financial Instruments and Exchanges Act” also stipulates that financial products traders selling financial products breach of the obligation of accountability or suitability, engaged in fraud, causing losses to investors, they should also bear the civil liability for compensation. When we amend the Securities Law or make the Financial Consumer Protection Law in the future, we can learn from the experience of Japanese law and improve the civil liability system of financial trade fraud in our country.