英文摘要 |
From the perspective of the US law, this article observes and analyzes the cases regarding the causation and loss in securities fraud liability in Taiwan. With respect to the transaction causation, The Supreme Court in Taiwan has issued several elaborated opinions. However, when it comes to the specific cases, the allocation of burden of proof and the examination mechanism of transaction causation remain unclear. Therefore, this article argues that the adoption of the fraud-on-the-market theory could be characterized as the so called“prima facie evidence”and refers to the US law to adopt econometrics measures such as event research to assess the price impact. Regarding the loss causation, recent opinions by the Supreme Court in Taiwan stated that the price change caused by the factors other than the misrepresentation should be excluded, showing the trend to convert with Dura. However, the suitability of whether the duration of the coverage for loss causation currently in use in Taiwan remains to be examined. Finally, this article contends that with the gradual establishment of legal structure of transaction causation and loss causation, there seems to be little room for the gross income loss method to be adopted in the securities liability in Taiwan.
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