资产支持证券欺诈发行纠纷裁判路径检讨——以管理人的角色和责任承担为中心被引量：8

Review on the Judgment Path of Asset-Backed Securities Fraudulent Issuance Disputes——Focus on the role and responsibility of administrator

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摘要资产支持证券管理人是连接投资方与融资方的平台与中枢,其中介机构的角色定位应无疑问。然而,实践中“管理人全责论”的裁判现状似乎淡化了管理人的中介角色,而是赋予其发行人义务。此种看似符合当前强化中介机构在虚假陈述中责任承担的裁判思路,事实上忽略了资产支持证券发行模式、交易结构和投资者构成的特殊性,不利于资产证券化业务的健康发展。管理人发行资产支持证券的实践表明,其虽名为“发行人”却并无公开发行证券之“发行人”的利益诉求、信息来源和权利义务,不宜完全对标《证券法》对中介机构的责任认定逻辑,而应当借鉴美国“双实体理论”厘清管理人的法律地位,在认真考量信托法基本原理的前提下基于管理人的实质利益空间认定其责任大小,从而形成符合资产支持证券这类非典型证券产品虚假陈述的责任裁判逻辑与认定标准。 Asset-backed securities managers are platforms connecting investors and financiers,and there is no doubt about their role of intermediaries.However,the status quo of China’s"manager’s full responsibility theory"is deeply affected by the accountability system of intermediaries for typical securities misrepresentation,ignoring the particularity of ABS issuance mode,transaction structure and investor composition,and it is easy to suppress managers.enthusiasm and the development of asset securitization business.The practice of the manager in issuing ABS shows that although it is named"issuer",it does not have the interests,sources of information,rights and obligations of the"issuer"that publicly issues securities.It is not appropriate to completely benchmark the logic of the"Securities Law"for the determination of the responsibilities of intermediaries,on the contrary,we should draw lessons from the American"double entity theory"to clarify the legal status of the administrator,and determine the administrator’s responsibility under the basic principles of the"Trust Law".Thus,a liability determination system for intermediary agencies that distinguishes between typical securities misrepresentations and special types of securities misrepresentations will be formed.

作者冯果贾海东 FENG Guo;JIA Haidong(School of Law,Wuhan University,Wuhan Hubei 430072,China)

机构地区武汉大学法学院

出处《法学论坛》 CSSCI 北大核心 2023年第1期36-50,共15页 Legal Forum

基金中宣部文化名家“四个一批”人才资助项目《金融安全的法律保障》国家社科基金项目《公司法制度竞争视野下股权结构变革研究》(21BFX095)研究成果之一

关键词资产支持证券中介机构虚假陈述商业信托双实体理论 ABS securities intermediaries securities misrepresentation business trust double-entity theory

分类号 D922.287 [政治法律—经济法学]

作者简介冯果(1968-),男,河南南阳人,法学博士,武汉大学法学院院长、教授,博士生导师,主要研究方向:经济法、金融法;贾海东(1994-),男,湖北恩施人,武汉大学法学院博士研究生,研究方向:金融法。