证券发行虚假陈述:中介机构过错责任认定与反思  

The Liability of“Gatekeepers”in Securities Offering Misrepresentation

作　　者：周淳[1] Zhou Chun

机构地区：[1]浙江大学光华法学院,浙江杭州310008

出　　处：《证券市场导报》2021年第7期70-79,共10页Securities Market Herald

摘　　要：发行人中介降低直接融资市场的信息成本,为证券质量提供声誉担保。当下司法实践对中介机构在证券发行虚假陈述中的责任认定过于严格和粗放,容易导致激励失当。作为发行人委任的信息披露辅助者,中介机构责任承担的核心争议为其是否直接参与虚假陈述且对此存在过错。中介机构的过错认定应以其客观职责为基础,以信息获取、核实与验证能力为前提,综合考量其是否以合理的审慎和勤勉控制发行人虚假陈述的风险。具体而言,中介机构对发行人提供的信息须保持必要怀疑,对专业业务事项应积极行动,采取合理措施避免和防止虚假陈述;对非专业业务事项,除确有证据表明存在虚假陈述外,原则上可消极信赖有关专业人士的陈述。Issuer intermediaries reduce the information costs of the direct financing market and provide reputational guarantees for the quality of securities.At present,the judicial practice determines the responsibility of intermediary institutions in the false statement of securities issuance too strictly and extensively,which can easily lead to the misincentivation.As an information disclosure assistant appointed by the issuer,the core dispute over the intermediary’s liability is whether it is directly involved in and at fault for the misrepresentation.The fault determination of an intermediary institution shall be based on its objective duties and on the premise of the ability to obtain and verify information,and consider whether it controls the risk of false statements by issuers with reasonable prudence and diligence.In particular,intermediaries must maintain the necessary doubts about the information provided by the issuer,take positive action on professional business matters and take reasonable measures to avoid and prevent misrepresentation.In non-professional business matters,in principle,the professional concerned may be passively relied upon,except for evidence of false statements.

关 键 词：发行人中介 勤勉尽责 滑动责任 合理注意 证券发行 虚假陈述 

分 类 号：DF438.7[政治法律—经济法学]