债券市场虚假陈述中介机构过错认定研究

Study on the Fault Determination of Misrepresentation Intermediaries in Bond Market

债券发行中介机构的过失认定是一种主观状态的判断。推定过错原则项下中介机构逆向证明没有过错存在很大难度。本文首先确定不同交易市场的信用类债券为研究范围,梳理了中介机构虚假陈述过失认定的规则体系。在此基础上分析了中介机构过失认定的法理逻辑,指出特别注意义务与一般注意义务的区分,以及合理理由相信真实及合理理由排除怀疑的区分,是目前规则体系中提出的二种重要判断方法。为解决实务中中介机构过失认定的难点问题,本文进一步提炼出中介机构过失的识别路径与步骤,重点分析了特别注意义务与一般注意义务区分标准。与此同时,结合司法实践中债券发行虚假陈述中介机构认定过失审查证据多、范围广、效率低的现状,对审查中介机构过失认定有关证据的原则和方式,提出相关建议。

The determination of fault of intermediaries in bond issuance is a subjective state of judgment.It is very difficult to prove that intermediaries are not at fault under the presumption of fault principle in the reverse direction.This paper firstly determines the credit bonds in different trading markets as the scope of study and sorts out the rule system of intermediaries'misrepresentation fault determination.On this basis,it analyzes the jurisprudential logic of intermediaries'negligence,and points out that the distinction between special duty of care and general duty of care,as well as the distinction between reasonable grounds to believe the truth and reasonable grounds to exclude doubt,are two important judgment methods proposed in the current rule system.In order to solve the difficult problem of intermediaries'negligence in practice,this paper further refines the identification path and steps of intermediaries'negligence,focusing on the distinction between special and general duty of care and the criteria of distinction.At the same time,the current situation of the review of evidence,wide scope and low efficiency of intermediaries'negligence in bond issue misrepresentation in judicial practice is combined with the principles and ways of reviewing the evidence related to intermediaries'negligence,and relevant suggestions are put forward.