前置程序取消后证券虚假陈述重大性的认定路径——基于请求权视角的实务分析

The Materiality of False Statements after Canceling the Preposition Procedure——Practical Analysis Based on Claim Perspective

2022年1月21日,最高人民法院在《关于审理证券市场虚假陈述侵权民事赔偿案件的若干规定》中明确取消民事赔偿诉讼前置程序,这势必导致民事审判和行政执法既有格局发生变化,重大性认定将是该项变革的关键和难点所在。前置程序取消后法院需自行判断重大性的问题,可通过梳理当前民事审判的实际情况,厘清其与行政执法的关系,预设前置程序取消后民行协调上可能出现的各类情况与解决路径,再以探求民事审判请求权基础的方式,构建三重因果关系以逐层剖析重大性的认定。

On January 21, 2022, the Supreme People’s Court( "SPC") explicitly stipulated in the Several Provisions on the Trial of Civil Compensation Cases Involving False Statements and the Infringement of Rights in the Securities Market that pre-litigation procedures for civil compensation shall be set aside. This will inevitably lead to a change in the existing pattern of civil trials and administrative law enforcement, and the determination of materiality will be the key part of that change. After dispensing with pre-litigation procedures, the court needs to judge the major issues on its own by exploring the facts of the specific case on the basis of the right to make a claim in a civil trial.