中介机构证券虚假陈述纠纷中“比例连带责任”的适用问题研究

The Study on the Application of“Proportional Joint and Several Liability”in the Case of Intermediary Institutions in False Statements

“比例连带责任”作为证券虚假陈述案件中的新型裁判模式,在立法上涉及如何合理解决《中华人民共和国证券法》与相关司法解释之间的冲突问题,在司法上存在如何正确认定中介机构过错及原因力大小的问题。对于前者,要在规则层面寻找比例连带责任适用的正当性,需要回归侵权责任的理论脉络,重新审视证券虚假陈述领域内的“共同侵权”,发掘比例连带责任的法理基础;对于后者,要在个案中准确认定中介机构的责任范围,则需要以中介机构注意义务的履行状况作为判断过错程度的重要标准,以中介机构在证券发行中的职业定位、专业范围、重要程度等内容衡量原因力的大小。

As a new judgment mode in the cases of securities false statement,“proportional joint and sev-eral liability”involves how to reasonably solve the conflict between the Securities Law and the relevant ju-dicial interpretations,and the problem of how to correctly identify the fault of the infringer and the pro-portion of causative potency.For the former,In order to find the legitimacy of the application of“propor-tional joint and several liability”,it is necessary to return to the theoretical context of tort liability,re-examine the“joint tort”in the field of securities false statement,and explore the legal basis of“pro-portional joint and several liability”.For the latter one,in order to accurately identify the scope of re-sponsibility of the intermediary institutions in each case,it is necessary to take the performance of the duty of care of the intermediary institutions as an important standard to judge the degree of fault,and mea-sure the proportion of causative potency by the career positioning,professional scope and importance of the intermediary in securities offering.