全面注册制下中介机构责任边界的阶层构造

The Hierarchical Construction of the Boundaries of Intermediaries’Liabilities under the Registration-Based IPO System

合理配置中介机构的法律责任、科学厘清中介机构的责任边界是注册制下确保中介机构归位尽责的前提和基础。中介机构的责任边界具体包含中介机构与发行人的责任边界、各中介机构彼此之间的责任边界以及中介机构自身的责任厘定三个层次。这三个层次的责任边界划分是由外及里、纵深递进的关系,各层次的结构逻辑以及不同层次之间的勾连,本质上是基于各中介机构在信息披露制度中的职责定位与其应当秉持的勤勉尽责标准相结合而形成的责任划分体系。

Reasonable allocation of the legal liabilities of intermediaries and scientific clarification of the boundaries of intermediaries’liabilities are the prerequisites and basis for ensuring the due diligence of intermediaries under the registration-based IPO system.Specifically,the boundaries of intermediaries’liabilities include three levels:the boundaries of liabilities between intermediaries and issuers,the boundaries of liabilities among intermediaries,and the identification of the liabilities of intermediaries themselves.The demarcation of the boundaries of liabilities at these three levels is a relation progressing from outside to inside and from depth and progression.The structural logic of each level and the linkage between different levels are essentially a liability demarcation system that is based on the combination of the positioning of each intermediary’s liability in the information disclosure system and the standard of due diligence that each intermediary should adhere to.