债券虚假陈述民事赔偿诉讼制度应“内外兼修”

Perfecting the Civil Compensation Litigation System for Bond Misrepresentation

当前,债券虚假陈述民事赔偿诉讼制度仍有诸多需完善之处。在外部层面,新证券法规定证券纠纷代表人诉讼后,基于代表人诉讼的强大威力、债券虚假陈述纠纷的案件特点等,今后的债券虚假陈述民事纠纷中,代表人诉讼应当与既有的示范判决制度协同适用。在内部层面,债券虚假陈述赔偿诉讼前置程序已取消,应处理好其带来的辐射效应,如重大性、诉讼时效认定等;基于债券虚假陈述纠纷的群体性特征和代表人诉讼制度诸多程序流程,完善的诉讼信息平台将在债券虚假陈述民事诉讼中发挥重要作用。

The civil compensation litigation system governing bond misrepresentation is in need of improvement.From the external level,the new securities law stipulates that after litigation in securities disputes,litigation should be applied in conjunction with the existing model judgment system in future civil disputes of bond misrepresentation.Internally,the pre-litigation procedure for bond misrepresentation compensation has been eliminated,but the ancillary aspects,such as the determination of materiality and the limitation of action,need to be addressed appropriately.Based on the group characteristics of securities misrepresentation disputes and the procedures in the litigation system,an improved litigation information platform will play an important role in civil litigation related to bond misrepresentation.