With the deepening of reform and opening up and the continuous development of the socialist market economy in our country, the rapid development of financial industry has penetrated into every field of economic life, and the demand for financial-related legal services is increasing day by day. In order to help students improve their abilities and skills in handling financial law cases, Peking University Law School (PKULS) invited well-known scholars and experts to develop a series of online courses on financial law practice. Two special courses have been launched in August and December 2021, which concentrate on private equity fund and legal liability of intermediaries in securities misrepresentation and the countermeasures.

Prof. Peng Bing discussed how the Securities Law solves the problem of information asymmetry in financing through mandatory information disclosure, and the differences between substantive law and procedural law on civil liability for misrepresentation.

Prof. Peng Bing, Professor and Doctoral Supervisor of Peking University Law School

From the perspective of practice, Mr. Zhang Baosheng gave a detailed interpretation of the overview of the litigation of misrepresentation in securities, procedural disputes, substantive disputes, and the key points in the litigation of misrepresentation in securities by the defendant.

Mr. Zhang Baosheng, Partner of Beijing Zhong Lun Law Firm

Mr. Lei Jiping sorted out in detail the basis of legal liability for securities misrepresentation, elements of liability attribution and legal logic in regulatory and judicial practice as well as the criteria for judging the liability of underwriters and other intermediary service agencies based on the law, regulations, and industry regulatory rules. In addition, on the basis of his judicial judgment experience and practical experience, he introduced in detail how underwriters and other intermediaries should respond to civil liability. Finally, based on the key cases, he analyzed the specific applicability of full joint liability, share joint liability, and supplementary compensation liability, as well as the rules of internal recourse by responsible parties.

Mr. Lei Jiping, Partner of King & Wood Mallesons

Prof. Liu Yan analyzed the risks and liabilities faced by auditors in terms of the basic framework of the legal liabilities of CPAs, the liability fixation principle and liability forms under the judicial interpretations on auditing, and interpreted in detail the determination of auditors' duties of due diligence based on the Kang Mei Pharmaceutical Case, Zhong An Xiao Case, and the Wu Yang Construction Case.

Prof. Liu Yan, Professor and Doctoral Supervisor of Peking University Law School

Mr. Liu Lingyun introduced in detail the administrative penalties, administrative suits and civil actions imposed on law firms and lawyers in the securities-related legal service, the scope, main content, and the inspection principles of securities-related legal service. Mr. Liu also explained the constituent elements of the administrative liability and civil liability of lawyers in securities-related legal service based on real cases.

Mr. Liu Lingyun, Partner of King & Wood Mallesons

From a practical point of view, Mr. Zhang Baosheng discussed the legal liability of securities companies for securities misrepresentation, in which he especially explained the disputes of civil compensation lawsuits. 

Mr. Zhang Baosheng, Partner of Beijing Zhong Lun Law Firm

Translated by: Zheng Anqi

Edited by: Ma Yue