The Research On The Particularity Of Legal Liability Of Green Financial Market Intermediaries

Information disclosure is the cornerstone of the operation of financial market.The efficient operation of the green financial market based on the traditional financial market is also inseparable from the diligent and responsible intermediaries.Especially with the implementation of the registration system reform in our country,the market has more expectations for the role and function of intermediaries.The green financial market is characterized in that the funds raised by the financiers must be used for green projects.Its special goal puts forward special requirements for the intermediaries as the "gatekeepers" of the market,i.e.requiring the intermediaries to pay special attention to the issuers ’ green information during the performances of their duties.Through controlling the "gate" of green financial market,the public policy goal of the market for promoting sustainable economic can be realized while protecting investors.In the face of such special needs,the intermediaries shall make adjustments if they still want to to gain a foothold in the market.It can be found that the most direct manifestation is that the special demand causes the types and responsibilities of the intermediaries to change correspondingly.Furthermore,the special demands also add additional protection objects to the intermediaries,namely social and environmental benefits.Moreover,the particularity of the market also affects investors,and the traditional requirements for protecting investors have also changed to some extent.Hence,no matter from the perspective of consistency of power and responsibilities or consideration of loss relief,it is worth considering whether the legal liabilities of the intermediaries shall change or not,and whether the intermediaries shall bear and how to bear the special legal liabilities different from that of the traditional financial market when the special benefits are damaged due to the failure of the intermediaries to performance their responsibilities.Therefore,starting from the particularities of the characteristics of the green financial market and combining with the role and function of the traditional financial market intermediaries,this paper clearly explores the special market objectives of the green financial market and the special needs of the intermediaries for auditing green information.This shows that under the requirements of the new market,whether to entrust intermediaries with special duties,on the basis of protecting the traditional interests of investors,also means to protect investors and the society with the special "expectations".It is precisely these "expectations" that have been transformed into substantial "benefits" in the green financial market that are enjoyed by financiers and even intermediaries.Furthermore,the legal responsibilities of intermediaries have also changed.Secondly,after clarifying the particularities of the responsibilities,it is necessary to consider whether the intermediaries currently bear or can bear such legal responsibilities,which is also a significant prerequisite.Therefore,in conjunction with the current rules of green financial market,and from the perspective of the special performances of the intermediaries in the green financial market,this paper finds that although the market has additional expectations for the intermediaries,the endorsement of the intermediaries can indeed help the financiers to reduce the financing costs and enjoy the "green premium" to a certain extent,but due to the lack of relevant behavior rules and standards,the intermediaries still face many difficulties in the actual practices and also form obstacles to accountability.Furthermore,combining with the actual situations,we return to the theoretical basis of the legal liabilities of the intermediaries,this paper probes into the rationality of the legal liabilities,and makes it clear that the legal liabilities of the green financial market intermediaries are extension of their social liabilities,and the source of the obligation to bear the liabilities shall mainly come from the provisions.At the same time,the allocation of legal liabilities also needs to consider the balance of interests,including the comprehensive considerations of the development of intermediaries,the green financial market,the remedy of damaged interests,compensation,etc.Finally,based on the framework defined on the theoretical basis,this paper elaborates the constitutive requirements and realization path of the legal liabilities of the intermediaries in the green financial market.In terms of constitutive requirements,compared with the traditional financial market,the damage consequences of illegal and default behaviors of intermediaries in the green financial market are more complex.The realization of legal liabilities also requires comprehensive approaches of accountability at the civil,administrative,criminal and market levels.Through the construction of the legal liability system of the intermediaries in the green financial market,on the one hand,it is hoped that through reasonable legal liability arrangements,the intermediaries that have repeatedly "lost themselves" in the traditional financial market will refrain from their greedy instinct of pursuing maximum benefits,be diligent and responsible,and assume more social responsibilities in order to maintain the smooth operation of the green financial market and promote the sustainable development of society.On the other hand,it also creates relief channels for social interests and other special damages.