Research on the Civil Liability System of Securities Intermediary under Dual Identities
With the reform of the securities issuance system from the approval system to the registration system,the supervision function of securities intermediaries has become more and more prominent,which has caused the dual identities of issuers and service providers.In this context,the existing legal system has problems such as vague identification of faults,strict joint and several liability,brief recovery mecha-nism,and negative reasons for exemption from liability.To this end,it is necessary to improve the con-struction of the legal system for the dual identity of intermediaries,and use the improvement of behavior-al guidelines and norms as a means to achieve reasonable guidance for them.In the construction of legisla-tion,it is also necessary to clarify the identification of faults,refine joint and several liabilities,intro-duce proportionate joint and several liabilities,improve post-mortem recovery,and increase the reasons for exemption from liability,so as to achieve effective governance of intermediary institutions.
securities intermediaryfalse statementsproportionate joint and several liability
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