Professionals’ Characters and Civil Liabilities in Securities and Exchange Act - Liabilities of Misrepresentation of Accountants, Attorneys, and Appraisers
Date Issued
2009
Date
2009
Author(s)
Liu, Yi-Te
Abstract
Public companies have the duties to disclose some information, not only in the issue market but also in the trading market. However, there might be misrepresentation or fraud of the information. Because of the importance of professionals in the securities market, we have some regulations about misrepresentation or fraud aimed at professionals in the Securities and Exchange Act. What are the rules that applied to professionals and what kind of civil liabilities they have to burden? These are quite important issues.here are a lot of professionals who attend the activities in the securities market, here, three different professionals were chosen, accountants, lawyers and appraisers. Accountants have special characteristics in the securities market for their jobs, and we have some regulations aimed at accountants in the Securities and Exchange Act. Especially, accountants got involved in several serious securities fraud cases these years. Attorneys also attend some activities in the securities market. The profession of Appraisers started to develop in recent years. It is a new issue.he first chapter of this thesis is introduction, including the motives, issues, researching methods and structures of the thesis. Chapter two is the introduction of professionals’ liabilities, including their qualifications, characters, relationship with clients or the third parties, duties and liabilities, and the standards of liabilities. Also, gatekeeper theory would be discussed here.hapter three talked about accountants’ professional works, laws that must be obeyed and characters in the securities market. For the rules about misrepresentation in Securities and Exchange Act were adopted from Securities Act 1933 and Securities and Exchange Act 1934 of America, the history of development of accountants’ liabilities to the third party of America would be discussed here, then brought it back to the discussion of the rules of law. Following is the discussion of our Securities and Exchange Act, and it focuses on article 20, 20-1 and 32. Related cases were also included in the discussion.hapter four talked about attorneys. In the beginning, the main topic is about attorneys’ traditional duties. Next is about what kind of activities that attorneys would attend in the securities market, what’s the relationship between their services and the information that they provided and what are their liabilities for misrepresentation in Securities and Exchange Act. Also, related cases were included in the discussion.hapter five is about appraisers. Just followed the same structure of previous two chapters, this chapter discussed the professional works of appraisers, what kind of activities that appraises would attend in the securities market and how they be regulated.hapter six is about the main issues of professionals’ civil liabilities. First part is about issues related to accounts. In the second part, it discussed the problems of the overlapping duties, jobs and cooperation of professionals. Last is about suggestions of current laws. Chapter seven is the conclusion.
Subjects
Civil liability
Misrepresentation
Accountant
Attorney
Appraiser
Type
thesis
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