Civil Liability for Disclosure Violations in Financial Market

2022 Fiscal Year Final Research Report

• Project/Area Number: 19K01407
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Review Section: Basic Section 05060:Civil law-related
• Research Institution: Waseda University
• Principal Investigator: WADA Munehisa 早稲田大学, 商学学術院, 教授 (60366987)
• Project Period (FY): 2019-04-01 – 2023-03-31
• Keywords: 不実開示 / 金融商品取引法 / 会社法 / 民事責任 / 課徴金 / 証券市場 / クラスアクション

Outline of Final Research Achievements

This study examines what kind of civil liability system should be constructed in response to false and fraudulent disclosure in the financial market, and how it can effectively deter false and fraudulent disclosure and lead to relief for investors if it occurs. At present, this study confirms that there is a reality that investors are hardly financially compensated due to the low amount of settlement and the complexity of the settlement procedure even in the United States, where there are many securities class cases filed to federal courts. It also confirms that it is difficult to clearly and quantitatively demonstrate the deterrent effect to the extent that it could be useful for future operations and reform relating to the civil liability system for false and fraudulent disclosure.

Free Research Field

会社法、金融商品取引法

Academic Significance and Societal Importance of the Research Achievements

本研究は、証券市場における虚偽の情報開示に対し、どのような形の民事責任制度を構築・運用していくことが、効果的な抑止や投資家の救済に繋がるかということについて、法律学のみならず、会計学や経済学等の分野における文献や知見、とりわけ虚偽の情報開に対するの探索・予測を行うことを試みる文献等も踏まえつつ、実証データの分析や経済モデルの構築も試みながら学術的新規性のある検討を行おうとしたものであり、そうした点に社会的意義があるものと考える。