近年來證券市場資訊不實之情形屢見不鮮，從美國的安隆、世界通訊到臺灣的正義食品、訊碟、博達等案皆顯示資訊公開之重要。美國證券交易法著名學者Louis Brandeis於Other People’s Money一書中提及：「陽光是最佳的防腐劑，燈光是最有效的警察。」可謂係公開原則理論之最佳註腳 。
為健全證券交易市場及確保投資人掌握真實資訊，我國證券交易法明文第20條第2項規定：「發行人依本法規定申報或公告之財務報告及財務業務文件，其內容不得有虛偽或隱匿之情事。」民事責任第20條之1規定，發行人及其負責人負無過失責任；發行人之職員，曾在財務報告或財務業務文件上簽名或蓋章者負推定過失責任；簽證會計師負過失責任。而請求權人為善意取得人、出賣人或持有人。
相較於民事責任，刑事責任縱可將違法亂紀之不肖上市公司繩之以法，使其受牢獄；惟前者似更有助於填補投資人損失，同時亦可達維護證券市場之效。故本文將限縮研究重心於證券交易法之民事賠償責任。
In recent years, the situation of the false information of the securities exchange market happen frequently. From those cases like Enron, WorldCom in the United States, to the ones like Cheng I Food, INFODISC, and Procomp in Taiwan, the importance of information disclosure can’t be overemphasized. The book “Other People's Money ” written by the renowned U.S. Securities Exchange Act scholar Louis Brandeis mentions " Sunlight is said to be the best of disinfectants; electric light the most efficient policemen,” These two sentences is the best footnote of the disclosure principles.
To safeguard the securities exchange market and to ensure that investors would get the true information. In regulations of paragraph 2 of Article 20 of Taiwan Securities Exchange Act, it is “The financial reports or any other relevant financial or business documents filed or publicly disclosed by an issuer in accordance with this Act shall contain no misrepresentations or nondisclosures. ” According to the liability of damages of article 20-1 of Securities Exchange Act, the issuer and its responsible person shall bear non-fault responsibility; employees of the issuer who placed their signatures or seals on the financial report or the financial or business document in question shall bear the fault of legal presumption responsibility; certified public accountant shall bear fault responsibility. The claimants are the bona fide purchasers, sellers, or holders.
To compare civil liability with criminal liability, the former seems more useful for investor to fill the loss, and simultaneously maintain the securities exchange market; although the latter may brought unworthy listed companies of violation to justice, making it subject to prison. Therefore the article will focus on the study narrows the civil liability of the Securities Exchange Act.
