Research On The Allocation Of Civil Liability Of Intermediary Institutions In False Statement

As the reform of China’s capital market deepens and the full implementation of the registration system takes place,the role of intermediary institutions in the information disclosure and supervision of listed companies is becoming increasingly significant.However,with the frequent occurrence of false statements by some listed companies,the legal responsibility of intermediary institutions has become a focal point of concern.Although the Securities Law stipulates that intermediary institutions involved in false statement behaviors must bear joint and several liability,the allocation of responsibility remains controversial in judicial practice.This study focuses on the civil liability allocation of intermediary institutions in false statement behaviors,analyzing the current provisions of China’s Securities Law on the joint and several liability of intermediary institutions and their application in judicial practice.Through the introduction of three typical cases,this article delves into the types of civil liability applicable to intermediary institutions,the basis for civil liability allocation,and the methods of civil liability allocation.In terms of civil liability types,this study compares joint and several liability and proportional joint liability,suggesting that proportional joint liability should be applied.This type of liability can better balance the protection of investor rights and interests with the responsibility borne by intermediary institutions,making the actions of intermediary institutions more commensurate with their responsibilities.In terms of the basis for civil liability allocation,this paper proposes considering factors such as the size of causal power,degree of fault,duty of care,and diligence from various perspectives.Such considerations can help protect the rights and interests of victims fairly while making intermediary institutions bear corresponding responsibilities.In terms of civil liability allocation methods,this study recommends allocating civil liability based on the duty of care and adopting the average weighted method to distribute civil liability.These two methods can make the allocation of responsibility more reasonable,avoiding excessive or insufficient compensation demands that place undue burdens on intermediary institutions.Finally,in light of the shortcomings of the current legal system,this paper puts forward three suggestions for improvement: optimizing the joint and several compensation liability system to better align with actual needs and legal fairness principles;refining the judgment criteria for intermediary institutions to bear responsibility,so as to better address the responsibility issues of intermediary institutions in practice;and setting a compensation liability limit for intermediary institutions to prevent excessive compensation demands from overburdening them.This study aims to provide theoretical support and practical guidance for the improvement of civil liability allocation for intermediary institutions in false statement behaviors.In future research,further exploration is needed regarding the specific implementation rules for civil liability allocation of intermediary institutions,the application issues in judicial practice,and comparisons with international legal systems.