债券交易人卖者责任探析——以信息披露义务与诚信义务为核心

发布时间：2018-03-19 10:50

本文选题：公司债券　切入点：卖者责任　出处：《中国政法大学学报》2017年01期 　论文类型：期刊论文

【摘要】：2014年中国证监会颁布的《公司债发行与交易管理办法》第9条中首次规定债券投资者的买者自负原则。买者自负原则作为界定债券交易过程中责任归属的判断标准,性质上属于过错责任,适用时应当以债券交易人不存在卖者责任为前提。义务的违反是责任的前提,正确理解债券交易中卖者的义务,是贯彻债券投资者买者自负原则的前提。基于公司债券兼具证券属性与合同属性的特点,需结合债券交易中的卖者责任理解投资者的买者自负。公司债券的证券属性中,卖者责任体现为信息披露义务,具体包括信息披露制度中要求的信息披露义务与投资劝诱阶段的说明义务;在合同属性中,卖者责任体现为合理范围内基于默示诚信义务对债券契约作出的解释。
[Abstract]:Article 9 of the regulations on the issuance and Trading of Corporate Bonds issued by China Securities Regulatory Commission in 2014 stipulates for the first time the principle of buyer's conceit for bond investors. The principle of buyer's conceit is used as the judgment standard to define the attribution of responsibility in bond trading. The nature belongs to the fault liability, when applicable, should take the bond trader does not exist the seller liability as the premise, the obligation breach is the responsibility premise, understands correctly in the bond transaction the seller's obligation, It is the premise of carrying out the principle of buyer's conceit of bond investors. Based on the characteristics of both securities and contract attributes of corporate bonds, it is necessary to understand investor's conceit in the light of the seller's responsibility in bond trading. The seller's responsibility is embodied in the obligation of information disclosure, including the obligation to disclose information required in the information disclosure system and the obligation to explain the stage of investment persuasion. Seller's liability is a reasonable interpretation of bond contract based on implied good faith obligation.
【作者单位】：武汉大学法学院;韩国高丽大学;
【基金】：教育部重大攻关课题《我国债券市场建立市场化法制化风险体系研究》(课题号:14JZD008号)阶段性成果
【分类号】：F832.51;D922.287

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