摘要
就证券虚假陈述帮助造假者的民事责任,境外司法实践有不同的做法。我国司法解释明确规定了证券虚假陈述帮助造假者的民事责任,具有充分的法理依据,值得肯定。从立法目的和法律适用的角度看,司法解释关于帮助造假者主体范围中的“等”字,应解释为“等外”,不局限于司法解释所规定的客户或者金融机构,还包括财务顾问、发行人子公司以及控股股东/实控人的关联方等。帮助造假者的主观要件应为知情且故意:前者是指帮助造假者知道或者可预见到发行人将要从事或者正在从事虚假陈述行为;后者是指在前者条件下,帮助造假者依旧向发行人或者中介机构提供重大的虚假信息、隐瞒重大信息或者提供其他类型的帮助。帮助造假者的行为与投资者损失之间应具备损失因果关系,其与发行人等对投资者承担比例连带责任,该比例为帮助造假者的终局责任。
Overseas judicial practice has different practices on the civil liability of aiding and abetting actor in securities fraud.China’s judicial interpretation clearly stipulates that aiding and abetting actor shall bear civil liability in securities fraud,which has sufficient legal basis and deserves affirmation.From the perspective of legislative purpose and legal application,the words in the scope of the judicial interpretation should not be limited to the clients or financial institutions stipulated in the judicial interpretation,but also including the financial advisers,the subsidiaries of the issuer and the related parties of the controlling shareholders/actual controllers.There are two subjective requirements to aiding and abetting actor:first,the aiding and abetting actor can know or foresee that the issuer will engage in or is engaging in securities fraud;second,under the former condition,the aiding and abetting actor provides significant false information,conceal material information or provide other types of help.There should be a causal relationship between the loss of the investors and the behavior of aiding and abetting actor,and the aiding and abetting actor shall bear the proportional joint and several liability to investors,and the proportion is the final responsibility of the aiding and abetting actor.
出处
《经贸法律评论》
2025年第3期74-91,共18页
Business and Economic Law Review
关键词
虚假陈述
信息披露义务人
帮助造假者
比例连带责任
Securities Fraud
Information Disclosure Obligor
Aiding and Abetting Actor
Proportional Joint and Several Liability
