Internal Liability Sharing Mechanism For False Statements By Securities Intermediarie

In this paper,the number of securities cases of false statements in China is increasing,and securities intermediaries are increasingly becoming defendants in securities cases of false statements assuming responsibility for their faults.At present,there are three main forms of liability for securities intermediaries due to misrepresentation: securities intermediaries and the company to assume full joint and several liability,securities intermediaries and the company to assume a certain proportion of joint and several liability and securities intermediaries to assume supplementary liability.These three forms of liability are the external liability of securities intermediaries,and the internal liability of securities intermediaries is not provided by law and judicial practice,which is against the basic principle of tort liability law-matching liability with fault,and is not conducive to the development of securities market.In view of this,this paper believes that the internal liability of securities intermediaries in China should be apportioned,and tries to propose the basic elements of the internal liability apportionment system of securities intermediaries and its specific rules.First of all,the basic elements of the internal liability allocation system of securities intermediaries are the degree of fault and the force of cause.These two elements are derived from three considerations: first,securities misrepresentation is a typical multi-cause and one-effect tort,and the main form of external liability of securities intermediaries is joint and several liability,so the sharing of responsibility of securities intermediaries is considered from the theory of joint and several liability;second,the judicial interpretation related to securities misrepresentation provides that"fault-centered”.Third,in judicial practice,there are more and more judicial decisions to apportion the liability of securities intermediaries from the causal force.Secondly,the second and third chapters discuss the degree of fault and causation respectively and the suitability of the internal liability allocation system of securities intermediaries.Chapter 2 determines that the fault of securities intermediaries is comparable from the connotation,nature and manifestation of fault;and compares the degree of fault of securities intermediaries centering on their duty of care;Chapter 3determines that the magnitude of the causal power of securities intermediaries for the occurrence of losses is comparable from the connotation,nature and size classification of causal power.The comparison of the magnitude of their causal power is based on the role of securities intermediaries and the securities misrepresentations made by them.Finally,after determining the basic constituent elements of the internal liability sharing system of securities intermediaries,some suggestions are made on the specific application,proportion determination and system construction of each factor.Firstly,there is no priority between the two elements of allocation of liability,namely the degree of fault and the force of cause,and they should be viewed equally;secondly,the ratio of liability among securities intermediaries should be determined at the discretion of the judiciary,as it is a process of judging legal values;thirdly,in the case of negligence,the amount of compensation to be paid by the securities intermediary should not be higher than the amount of its misrepresentation;fourthly,it is also The specific way of internal liability apportionment of securities intermediaries: the internal liability apportionment of securities intermediaries should be negotiated before seeking judicial remedies.If the court can determine the respective liability based on the internal liability allocation system,it will be determined accordingly;if not,the intermediaries will share their respective liability equally.