IPO注册制下虚假陈述民事责任制度

Research on Civil Liabilities for Misrepresentation Under the Background of IPO Registration System

注册制的核心在于信息披露制度,发挥民事责任制度的功能有助于规制虚假陈述违法行为,促进证券市场信息披露制度的完善,虚假陈述民事责任制度在当前面临实体困境与程序困境并存的窘境。取消民事责任前置程序是解决虚假民事责任制度程序困境的关键举措,明确虚假陈述责任人之间不真正连带责任,在因果关系推定的基础上严格确立诱空性虚假陈述行为的民事责任,并使得虚假陈述揭露日定义标准灵活化,统一虚假陈述案件的诉讼时效起算点是完善虚假陈述民事责任制度不可或缺之路径。

Disclosure system is the vital one for IPO registration system. The function of the system of civil liability is helpful to regulate the illegal behavior of misrepresentation, and promote the improvement of the information disclosure system of the securities market. The system of civil liability for misrepresentation lies in the current dilemma of the coexistence of substantial and procedural difficulties. Cancellation of the civil liability prepositional procedure is a key measure to solve the dilemma of the system of false civil liability; we should make it clear that the responsible persons of misrepresentation do not really take joint liability, the civil liability of misrepresentation should be strictly established based on the presumption of causality, and the standard of definition of misrepresentation disclosure is flexible, and the starting point of litigation prescription of misrepresentation case should be unified, which are the path to improve the civil liability system for misrepresentation.