The Study On The Distribution Of Civil Liability Of Intermediary Organizations In False Statements

Securities Law of the People’s Republic of China and related norm of law stipulate that securities intermediaries shall bear the joint liability for false statements.However,there is no unified regulation and no case on how to further distribute the civil liability for false statements among numerous intermediaries for reference.As gatekeepers in the field of securities trading,intermediaries play a supervisory and auditing role in financial transactions.The improper accountability of intermediaries in securities law will affect the effective allocation of capital,the level of corporate governance and even the economic development,so the civil liability of false statement of intermediaries must be properly allocated.Starting from the case of“Wuyang”,this paper analyzes the distribution of civil liability for false statement of intermediary agencies.There are five chapters in this thesis:Firstly,it’s the part of raising questions.First of all,the topic of this paper is drawn from the hot debate caused for the case of “Wuyang” and the judgment of first instance,that is,the distribution of civil liability in the case of false statement by intermediary agencies.Then,through sorting out the similar judgments selected,it concludes the dilemma of civil liability distribution of false statement of intermediaries at present.In another word,there is a gap in the rules of civil liability distribution of intermediaries in disputes of false statement.The second chapter explains why it is necessary to study the distribution of civil liability of intermediary institutions based on the case of false statement.First,false statement occupies an important position in the illegal acts of the securities market,especially special compared with other kinds of securities fraud,among which the fault elements are different.Second,proper allocation of civil liability for false statement of intermediary institutions is conducive to the development of intermediary institutions and the rights and interests of investors.Chapter three and chapter four are the analysis part.The third chapter is to demonstrate the factors affecting the distribution of civil liability of intermediaries.From a global perspective,fault and causative force are the key factors affecting the distribution of civil liability of intermediaries.Fault judgment and reason is to clear the main points of the intermediary institutions,liability mechanism,but by comparing the United States to distinguish responsibility system under the intermediary institution of civil liability provisions and intermediaries the relevant provisions of the civil responsibility in our country,found in the intermediary false statement civil liability issues exist unclear responsibility and duty standard of unknown defects.The fourth chapter is based on the false statement cases of the intermediary agency behavior is characterized as joint tort on the premise of the intermediary agency responsibility to assume the way and the way of responsibility share distribution.The first section analyzes the rationality and impropriety of "joint liability" as the mode of undertaking civil liability for false statement of intermediary institutions,and discusses the feasibility of applying other modes of undertaking liability.The fourth section discusses which way is suitable for the assignment of intermediary agency’s responsibility under the case of false statement through the available reference of various modes of responsibility allocation.The fifth part,based on the theory of joint tort of false statement and the rules of intermediary agency liability,puts forward suggestions on how to properly identify intermediary agency liability and reasonably allocate intermediary agency liability.First of all,the scope of responsibility and the standard of diligence of the intermediary should be clarified,and the judgment standard of fault and causality should be detailed.In the case of false statement,we should optimize the way to assume the liability based on "joint liability",so as to construct the civil liability distribution rules of false statement of intermediary institutions.Secondly,in terms of the specific operation of the responsibility distribution rules of intermediaries,it is suggested that the court should assign the responsibility of each intermediary institution by comprehensively considering the fault and causative force of each intermediary institution,and limit the final amount to be assumed by comprehensively considering various factors.