证券中介机构虚假陈述特殊侵权责任形态--“部分连带责任”之探究

Securities Misrepresentation:A Study on theForm of Intermediary’s Special Tort Liability

随着投资者维权意识的增强,证券中介机构在虚假陈述纠纷中被要求承担责任的情况也越来越多。但我国证券法律法规体系间在一定程度上存在不相协调、未能正确认识中介机构在虚假陈述中的特殊侵权责任,从而导致其责任形态在各案中混乱无序的问题。庆幸的是,主张中介机构在不同过错程度下应承担不同形态责任已成为主流意见,其中“部分连带责任”逐渐在司法实践中被确定为中介机构在过失情形下承担的一种特殊侵权责任形态。一方面,要求中介机构承担“部分连带责任”具有法律上的正当性;另一方面,该特殊责任形态实质上并非“不真正连带责任”,也并非“单向连带责任”,其要求中介机构在与委托人行为原因力重合的范围内承担连带责任,并在最终责任上与对该连带部分责任具有原因力的其他责任人共同分担,兼顾了压实其“看门人”责任之要求与“过罚相当”之原则间的平衡。

With the enhancement of investors’awareness of rights protection,the cases of intermediaries taking responsibility in securities misrepresentation disputes are increasing.However,to a certain extent,there is a lack of coordination between China’s securities laws and regulations,and the special tort liability of intermediaries in false statements is not correctly understood,resulting in the confusion and disorder of their liability forms in various cases.Fortunately,it has become a mainstream opinion to advocate that intermediaries should bear different forms of liability under different degrees of fault,among which“partial joint liability”has gradually been identified in judicial practice as a special form of tort liability that intermediaries undertake in the case of negligence.On the one hand,it is legally justifiable to require intermediaries to assume“partial joint and several liability”;on the other hand,this special form of liability is not in essence unreal joint and several liability,nor is it one-way joint and several liability,which requires the intermediary to bear joint and several liability to the extent that it coincides with the causal force of the client’s behavior,and share the final responsibility with other responsible persons who have the causal force for the joint and several part of the responsibility,taking into account the requirements of compacting their“gatekeeper”responsibility and“excessive punishment”balance between principles.