Research On Civil Liability Of False Statement Of Securities Intermediary Under The Background Of Registration System

The essence of the reform of securities market registration system is information disclosure.As an important subject of the securities market,intermediary institutions should serve both issuers and investors,and their position is very important.At present,the false statement of securities intermediary institution takes joint liability as the main way of civil liability.Judicial practice has a series of problems,such as excessive responsibility of intermediary institution and unclear basis of responsibility distribution.Therefore,when it comes to the determination of civil liability of intermediary institutions,it is necessary to clarify the basis and judgment standard of civil liability of intermediary institutions,clarify the scientific determination method of proportional joint and several liability,and improve the defense excuse of civil liability of intermediary institutions,so as to achieve the goal of equal punishment and moderate liability.The text is divided into five chapters.Chapter one Overview of securities intermediary agencies and false statements,clarifies the definition and duties of securities intermediary agencies,explains the scope of securities intermediary agencies,mainly introduces agencies,accounting firms,law firms and credit evaluation agencies as the discussion object and combing the legal provisions of false statements in our country.Analyze the impact of registration system reform on the functions and responsibilities of intermediaries.The second chapter takes the case of Wuyang Construction as the starting point,tracing the case from the bond issue of Wuyang Construction,introducing the incident and the responsibilities of different intermediaries.In view of the heated discussion in the society caused by the case of Wuyang Construction,this paper summarizes the focus of the dispute between the two parties of the case,and reflects and summarizes the social impact and special features of the case.In Chapter three,the problems existing in civil liability of false statements undertaken by intermediary institutions are summarized and analyzed based on the elements of tort liability,including unclear basis of joint liability system of intermediary institutions and inconsistent applicable standards.The causal relationship is not clear when determining the civil liability of the intermediary;Andintermediary institutions bear too much civil liability and subjective fault judgment confusion and so on.At the same time,it analyzes the reasons why the false joint liability cannot be applied to the civil liability of the false statement of the intermediary.The fourth chapter,referring to the overseas experience of civil liability of false statement of intermediary agencies,references to the differentiated responsibility mode of American securities market,the recommender system of "assorted" sponsor and the burden mode of intermediary agencies in Hong Kong,China,are hoped to provide some thoughts for the identification of civil liability of intermediary agencies.The American model has a great reference for the identification of subjective fault of intermediaries and whether they are diligent and responsible.On the one hand,under the model of differentiated responsibility,intermediaries have clear boundaries and only need to take responsibility for their professional opinions.On the other hand,the intermediary can achieve immunity through reasonable reliance.In our country,the strict lead mode of sponsor and Hong Kong,China,the responsibility of intermediary agencies can help our country to improve the existing sponsor system,and the adoption of Hong Kong sponsor expense to establish a system in advance can strengthen the supervision in advance,reduce the responsibility of intermediary agencies afterwards.In the fifth chapter,suggestions on improving the civil liability for false statements of intermediary organizations,and in view of the existing problems in the civil liability of intermediary organizations,it puts forward some concrete suggestions on improving the liability system.The suggestions include clarifying the applicable basis of proportional joint and several liability,reasonably identifying causality and loss causality,determining civil liability according to the degree of fault and setting the upper limit of civil liability of intermediary agencies,and putting forward a scheme to disperse the pressure of civil liability of intermediary agencies by constructing false statement tort liability insurance system.