资产支持证券欺诈发行下主体责任分配逻辑的重塑  

Reconstructing the Logic of Liability Allocation in Cases of Fraudulent Issuance of Asset-backed Securities

作　　者：米新丽 赵格格 Mi Xinli;Zhao Gege

机构地区：[1]北京政法职业学院 [2]首都经济贸易大学

出　　处：《北京政法职业学院学报》2025年第1期2-10,共9页Journal of Beijing College of Politics and Law

摘　　要：基于对投资者保护的考量,过往司法裁判一般适用“管理人全责论”的合同编裁判路径去界定管理人的民事责任,导致名义发行主体与实质发行主体责任错配。随着全国首例资产支持证券欺诈责任纠纷案被宣判,《证券法》及其配套规范首次作为裁判依据去分配原始权益人、管理人和其他中介机构之间的民事责任。由于资产支持证券与标准化证券仍在“面对面交易”“机构投资者”等方面存在根本性差异,司法裁判应在可裁量的范围内,对证券虚假陈述规则在技术层面进行修正适用。具体而言,在证券法语境下的责任分配体系应将原始权益人作为实质发行人承担全部赔偿责任,将管理人解释为类中介机构承担比例连带责任。并且,由机构投资者作为举证责任主体所作的虚假陈述行为与其遭受的损失结果之间存在交易因果关系。Out of consideration for investor protection,past judicial rulings have generally applied the"full responsibility of the manager"approach under contract law to define the civil liability of managers,leading to a mismatch in liability between the nominal and actual issuers.With the adjudication of the nation's first case of fraudulent liability dispute involving asset-backed securities,the Securities Law and its supporting regulations were used for the first time as the basis for allocating civil liability among originators,managers,and other intermediaries.Given the fundamental differences between asset-backed securities and standardized securities in areas such as"face-to-face transactions"and"institutional investors,"judicial rulings should,within their discretionary scope,technically adjust and apply the rules of securities misrepresentation.Specifically,under the Securities Law framework,the liability allocation system should designate the originator as the actual issuer,bearing full compensation liability,while interpreting the manager as a quasi-intermediary,bearing proportional joint liability.Additionally,institutional investors should be required to prove the transactional causation between the misrepresentation by the liable parties and the losses they incurred.

关 键 词：资产支持证券 欺诈发行 推定因果关系 虚假陈述 

分 类 号：D913[政治法律—民商法学]