审计报告与《投资人示范诉讼法》——“公开的资本市场信息”概念的具体化  

Auditor s Report and the Capital Markets Model Case Act (KapMuG)—Substantiating the Concept of “ Public Capital Market Information ”

作　　者： 申柳华(译)[1,2] Thomas M.J.M llers;SHEN Liuhua(Faculty of Law,University of Augsburg,Augsburg 86159,Germany;Faculty of Law,Jiangsu University,Zhenjiang 210031,China)

机构地区：[1]奥格斯堡大学法学院,德国奥格斯堡86159 [2]江苏大学法学院,江苏镇江210031

出　　处：《杭州师范大学学报(社会科学版)》2023年第5期110-127,共18页Journal of Hangzhou Normal University(Humanities and Social Sciences)

摘　　要：德国上市公司Wirecard公司的报表造假及因此导致的破产案件,掀起了轩然大波。德国的司法部门目前正在处理受害投资人的案件。由于上市公司Wirecard已经破产,许多索赔的诉讼都是针对其会计师事务所安永提出。在这一框架下,如果可能的话,这些索赔应该被捆绑起来。尽管德国一些州法院拒绝确认其符合《投资人示范诉讼法》的事实适用范围,但慕尼黑第一州法院第三庭已经根据该法启动了诉讼程序。斯图加特和慕尼黑的州高级法院也倾向于确认这种诉讼。在此情况下,根据《投资人示范诉讼法》第1条第2款的规定,公司年度财务报表的审计报告就必须被视为公开的资本市场信息。因为这个问题还没有被讨论过,所以必须运用法学方法论来澄清是否可以根据《投资人示范诉讼法》,将针对审计报告的损害赔偿请求作为示范诉讼的标的。众多经典解释模型、先前有关具体化的判决以及对法续造的思考都是清晰的;在德国联邦最高普通法院的判例之背景下,慕尼黑第一州法院第三庭的做法也可以被反驳。因此,立法者有责任利用《投资人示范诉讼法》的下一次修订,实现经济法的现代化,令针对发行人的索赔更加有效。The accounting fraud and resulting insolvency of Wirecard have had an enormous impact.Claims from aggrieved investors are now being addressed by the legal system.As the listed company Wirecard is insolvent,many claims have been lodged against its auditors,EY.Within this framework,the claims should be bundled,if possible.Whereas several Regional Courts have rejected the material scope of application of the Capital Markets Model Case Act(KapMuG),the Third Chamber of the Regional Court of Munich I(LG)has opened proceedings under the Act.The Higher Regional Courts(OLG)of Stuttgart and Munich also tend to affirm such proceedings.This would require the auditor s report on the company s annual financial statements to qualify as public capital market information pursuant to Section 1(2)of the Capital Markets Model Case Act.Because the issue has not yet been discussed,legal methodology must be used to clarify whether claims for damages against the auditor s report can be made the establishment objective of proceedings under the Capital Markets Model Case Act.Numerous traditional concepts of interpretation,the previous case law on substantiation,and considerations on the further development of the law are unambiguous;the approach of the Third Chamber of the Regional Court of Munich I can also be refuted based on the case law of the Federal Court of Justice(BGH).It therefore falls to the legislator to use the next revision of the Capital Markets Model Case Act to modernize economic law and make claims against issuers more effective.

关 键 词：《投资人示范诉讼法》 审计报告 资本市场公开信息 法学方法论 具体化 

分 类 号：D90[政治法律—法学理论] D912.29[政治法律—法学]