Research On The Determination Of Legal Liability Of Intermediaries In Securities Misrepresentation

Securities market information disclosure is related to the fair value of market securities.Securities intermediaries and securities service agencies aim to reduce information asymmetry in the securities market and play the role of information intermediaries among issuers and investors.In securities misrepresentation,the determination of the responsibility of securities intermediaries is related to the future development of the securities market under the registration system reform.The information disclosure in the process of issuance and trading of securities is implemented jointly by multiple subjects.Although the "Securities Law" ’s simple regulation of joint and several liability has a strong warning effect,it has brought operational difficulties to judicial practice.The creation of proportional joint and several liability in trial is considered to be the most appropriate solution at present,but there are some problems in the identification and enforcement of the liability of securities intermediaries.For example,the boundaries of diligence and due diligence are not clear,the reasons for exemption are lacking,and the evolution trend of joint and several liability to guarantee liability,etc.After a background understanding of the status quo of misrepresentation in the securities market and bond defaults,analyze the theoretical basis for the liability of securities intermediaries and existing legal regulations,compare the differences between bonds and stocks,and apply the law in trial practice based on the Securities Law,Civil Code,Company Law and other relevant legal provisions,combined with the fault status,causal relationship,and causal force of securities intermediaries,correctly determine the responsibility of securities intermediaries in false statements,so as to promote securities intermediaries over-penalty Equivalent responsibility assumption mechanism and the construction of an inspection mechanism with consistent rights and responsibilities will further standardize the behavior of securities intermediary service agencies in securities issuance and information disclosure,and realize the improvement of judicial capacity.The determination of the responsibility of securities intermediaries is based on the sound development of the securities market,aiming at the protection of investors in the current investor structure,so as to unify the faults and responsibilities of securities intermediaries,and neither overcorrect nor condone.Focus on building a long-term reputation mechanism,encourage intermediaries to provide services with due diligence,promote the accumulation of reputation capital,and promote a virtuous circle of the securities service industry,so that the securities industry can achieve long-term development.When giving full play to the effect of industry autonomy and self-discipline,fully utilize the power of industry autonomy,thereby reducing dependence on public power.