An Analysis of Liability Determination Frameworks: A Comprehensive Review and Model

Abstract

Under the framework of a comprehensive registration system, imbalances in the attribution of securities intermediary liability have become increasingly evident. This study addresses the civil liability determination of intermediaries in cases of false securities statements, focusing on the implementation of proportional joint liability and the development of a quantitative calculation model. Current judicial practice faces several challenges such as interpretative difficulties, inconsistent rulings, misalignment between liability and fault, and confusion regarding liability forms—significantly hindering the realization of the principle of “responsibility proportionate to fault”. To systematically resolve these issues, the study proposes legislative amendments to introduce specialized securities liability provisions and judicial interpretations to establish the legal status of proportional joint liability. Additionally, an innovative “three-dimensional dynamic liability calculation model” is developed. Validated through cases such as Kangmei Pharmaceutical, Jinya Technology, and Baqianli, the model generally aligns well with judicial rulings, demonstrating strong applicability. However, issues such as insufficient industry benchmark differentiation, the rationality of adjustment parameters, and liability form identification remain. Future efforts should focus on refining industry benchmarks, setting adjustment limits, and embedding judicial reasoning, while promoting legislative and interpretive improvements to establish a comprehensive responsibility attribution mechanism.