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美国证券法上针对虚假陈述的民事赔偿机制中,10b-5规则的模糊内涵使得法院能够适应个案中的特别事实,秉持保护投资者的证券法基本原则做出适当的判决,并在常年的审判实践中逐渐总结出一套充满弹性而又有一定传承性的判例体系。相比之下法律上的若干明示诉权条款,均有其在适用上的局限,或因为造成了原告在起诉方面的实际负担,反而在实践中较受冷落。法律从制定面到执行面的差距颇值研究者玩味。
The ambiguous connotation of the 10b-5 rule in the U.S. civil liability system for misrepresentation in the securities law allows the court to adapt itself to the special facts of the case, uphold the basic principles of securities law for investors and make appropriate judgments, Gradually summed up in practice gradually a set of flexible and have some inheritance of the case system. In contrast, the legal provisions of some express rights have their own limitations, or because they have caused the plaintiff’s actual burden of prosecution, but in practice more vulnerable. The gap between the law and the implementation of law is quite interesting for researchers.