论证券中介机构在虚假陈述案件中的民事责任

On the Civil Liability of Securities Intermediaries in the Cases of Misrepresentation

在司法实践中,证券中介机构在虚假陈述案件中民事责任的认定存在差异,亟待完善。要厘清证券中介机构在虚假陈述案件中的民事责任,首先应当明确证券中介机构与投资者之间存在的法律关系。在明确两者之间基于信赖构建起特殊信赖关系之后,应进一步分析证券中介机构应承担与其过错大小相当的民事责任。从披露信息是否有效、虚假陈述与投资者信赖和损失之间的因果关系能否证成、证券中介机构履行普通注意义务的标准等角度,重构证券中介机构在虚假陈述案件中民事责任的认定标准。让证券中介机构在证券市场上切实负起应有的责任,促进证券市场健康、有序地繁荣和发展。

In judicial practice,the determination of civil liability of securities intermediaries in misrepresentation cases remains difference and needs to be integrated.To clarify the civil liability of securities intermediaries in misrepresentation cases,we should first determine the legal relationship between securities intermediaries and investors.After finding that a special trust relationship is established based on trust,we should further make it clear that that securities intermediaries should bear the civil liability proportionate to their faults.From the perspective of whether the disclosure information is effective,whether the causal relationship between misrepresentation and the investor's trust and loss can be proved,and the standard of the securities intermediaries to fulfill the ordinary duty of care,this paper reconstructs the standard of determining the civil liability of securities intermediaries in the cases of misrepresentation.It is imperative for the securities intermediaries to take their due responsibilities in the securities market and promote the healthy and orderly prosperity and development of the securities market.