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“推定信赖”原则
在公司发布错误陈述之后，买卖该公司股票的原告有权被假定，在其作出投资决定时，他已信赖市场价格的公正性，除非被告能够证明相反情形。
（二）怎么赔？
1．受害人的界定
2．赔偿范围的界定
三、民事救济机制的障碍及其克服
（一）市场发育不成熟
（二）具体层面：
1. 举证责任的要求
2. 集团诉讼的困境
3. 法院的立场
（二）解决的途径：
1. 思想认识是根本
2．制度配套最关键
结语：
福州中院审理的IP电话经营案与本案，两个第一，意义迥然。
《金融市场中的参加者及其行为》
高盛（亚洲）公司首席律师 Mrs. Pamela P. Root
1.Participante in the financial markets
1.1.Regulators: securities, futures
1.2.Exchanges: stock exchanges, futures exchanges
1.3.Established otc markets
1.4.Listed companies: officers, substantial shareholders, directors
1.5.Investors: institutional investors, retail investors
1.6.Financial intermediaries: brokers dealers, investment advisers, fund managers
1.7.Self-regulatiory bodies
2.Regulation and supervision of the financial markets
2.1.Who regulates the financial markets?
2.1.1.Statutory regulations (e.g. the CSRC, the HK SFC, the U.S. SEC)
oversee the financial markets, the exchanges, self-regulatory bodies and financial intermediaries have statutory power to regulate the markets, to surveill, to enforce the law and to impose fines, sanctions and to suspend or terminate the licenses of intermediaries for violations of the law and other misconduct have specific statutory power to implement certain rules and codes of conduct in some contries, can also commence civil suits and seek criminal redress for violations of the law。
2.1.2.stock and futures exchanges oversees activity on the exchange implements rules and codes of conduct relating to the conduct of the exchange and its members often designated as the primary regulator for its members plays an important suivillance role imposes sanctions, fines and can suspend or terminate its members for violations of its rules and other misconduct
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