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德国立法者对于资本市场虚假信息民事责任是依据一级和二级资本市场的不同而分别立法加以规定的,这种立法体系构成一个相对完善的资本市场虚假信息民事责任体系。我国证券法律界虽然也对证券市场从理论上分为一级和二级市场,但是我国立法者在新修订的《证券法》中对于证券市场信息公开不实的民事责任仍然没有依据证券市场的多级特性而分别加以立法调整。
The German legislator’s civil liability for the false information in the capital market is regulated separately according to the different primary and secondary capital markets. Such a legislative system constitutes a relatively sound system of civil liability for false information in capital markets. Although China’s securities legal community also divides the securities market from the theoretical level into the primary and secondary markets, the civil liability of our legislators in the newly revised “Securities Law” for disclosing false information in the securities market is still based on the securities market Multi-level characteristics of the legislation to be adjusted.