虚假陈述案件中证券服务机构注意义务的厘清与修正

Clarifying and Amending the Duty of Care of Securities Service Agencies in False Statement Cases

虚假陈述案件中,司法裁判开始要求证券服务机构根据注意义务、注意能力和过错程度的差异承担比例责任,但在注意义务边界厘定、因果关系证成、履职尽责抗辩等方面仍待细化。未来,除继续引导证券服务机构发挥“看门人”作用外,也要适度平衡投资者保护与证券服务市场健康发展之间的关系,避免将过错推定责任演变为保证责任。具体可通过明确一般注意义务边界不存在类型化区分、释明特别注意义务的排除过错情形、厘清比例连带责任内部追偿法理、构建吹哨抗辩权制度等予以修正。

In the case of false statement,the judicial adjudications began to ask the securities service agencies to take the proportional responsibility according to the duty of care,the notice ability and the degree of fault,however,it still needs to be refined in terms of defining the boundaries of the duty of care,proving causation and defending due diligence.In the future,in addition to continuing to guide securities service agencies to play the role of"gatekeepers",it is also necessary to moderately balance the relationship between investor protection and the healthy development of the securities service market,and avoid transforming fault liability into guarantee liability.Specific amendments can be made by clarifying the boundaries of general duty of care,explaining the exclusion of fault situations in special duty of care,clarifying the legal principles of internal recovery for proportional joint and several liability,and constructing a whistleblowing defense system.