摘要
在证券虚假陈述中,证券服务机构应承担何种责任,历来存在争议。按照看门人理论,证券服务机构能够直接决定证券上市发行,故应承担完全连带责任。但在当前资本市场实践中,证券服务机构的地位更接近“担保人”,应以此作为其承担责任的法理基础。按照担保人理论,证券服务机构仅在其专业领域内担保信息的真实可靠,这为限制证券服务机构责任提供了正当性基础。按份责任与补充责任虽能起到限制责任的效果,但不利于平衡各方主体的利益。部分连带责任不违背民法基本原理与《证券法》第163条,并且能在限制证券服务机构责任的同时,实现对投资者的充分保护。在判定部分连带责任份额时,过错程度、职责范围与原因力三项因素各自在不同维度发挥作用。证券服务机构相互之间原则上不存在追偿权,除非职责范围存在重合,但可以向发行人追偿。
In the context of securities misrepresentation,there has been standing controversy regarding the liability of securities service institutions.According to the Gatekeeper theory,securities service institutions have direct influence over the listing and issuance of securities,so they should bear full joint liability.However,in current capital market practice,securities service institutions are more akin to“guarantor”,and that should be the legal basis for their liability.According to the Guarantor theory,securities service institutions are only responsible for ensuring the reliability of information within their professional domain,which provides a legitimate basis for limiting their liability.Although proportionate liability and supplementary liability may serve to limit liability,they are not conducive to balancing the interests of all parties.Partial joint liability is not in violation of the basic principles of civil law and the Article 163 of Securities Law,and can provide adequate protection to investors while limiting the liability of securities service institutions.When determining the share of partial joint liability,the degree of fault,scope of duties and causation play distinct roles in different dimensions.In principle,securities service institutions do not have the right to recourse from each other unless there is an overlap in their duties,but they can seek recourse from the issuer.
作者
朱晓喆
马强
Zhu Xiaozhe;Ma Qiang
出处
《南大法学》
2024年第5期55-72,共18页
NanJing University Law Journal
基金
国家哲学社会科学基金2023年一般项目“金融司法价值原则的体系构建”(23BFX031)
上海市哲学社会科学规划课题“资管机构通道业务风险的法律规制研究”(2023EFX001)阶段性研究成果。
关键词
看门人
担保人
部分连带责任
责任份额
追偿权
Gatekeeper
Guarantor
Partial Joint Liability
Share of Liability
Right to Recourse
