债券交易人卖者责任探析——以信息披露义务与诚信义务为核心

Analysis of the Sellers' Responsibility of Bond Trading: Information Disclosure Obligation and Fiduciary Duty as the Core

2014年中国证监会颁布的《公司债发行与交易管理办法》第9条中首次规定债券投资者的买者自负原则。买者自负原则作为界定债券交易过程中责任归属的判断标准,性质上属于过错责任,适用时应当以债券交易人不存在卖者责任为前提。义务的违反是责任的前提,正确理解债券交易中卖者的义务,是贯彻债券投资者买者自负原则的前提。基于公司债券兼具证券属性与合同属性的特点,需结合债券交易中的卖者责任理解投资者的买者自负。公司债券的证券属性中,卖者责任体现为信息披露义务,具体包括信息披露制度中要求的信息披露义务与投资劝诱阶段的说明义务;在合同属性中,卖者责任体现为合理范围内基于默示诚信义务对债券契约作出的解释。

In 2014'the CSRC promulgated Administrative Measures for the Issuance and Trading of Corporate Bonds. Article 9 provides for the first time the principle of caveat emptor. Caveat emptor principle as the judgment standard of the attribution of responsibility in bond transaction process, is a fault liability by nature, applicable with the seller shall not exist responsibility as the premise. The breach of the obligation is the premise of responsibility, so correct understanding of sellers' bond trading obligations, is the premise to implement the bond investors caveat emptor principle. For corporate bonds have both attributes of the securities and contract, we should understand investors' caveat emptor combined with sellers' responsibility. According to the attribute of securities, sellers' responsibility embodied in information disclosure obligations, including the information disclosure system requiring information disclosure obligations and investment solicitation stage explanation obligation; according to the attribute of contract, the sellers' responsibility reflects the implied obligation of good faith to the bond contract interpretation based on reasonable range.