證券交易法上之律師責任

A Comparative Study on the Liabilities of Lawyers under the Securities Exchange Act

廖晨曦(LIAO,CHEN-HSI)

指導教授 ： 賴英照

國立臺北大學/法律學院/法律學系/碩士(2008年)

摘要

美國自西元2000年以來，歷經網路科技通訊股的大崩盤、安隆案等重大風暴與企業弊端，使得全球紛紛關注於公司經營者的行為及公司財務報表的正確性。安隆案的爆發，使得號稱全球証管法令最完備的資本市場面臨極大挑戰，美國國會也因此制定了沙賓法案（Sarbanes-Oxley Act of 2002）。由於企業醜聞頻傳，使律師也難脫干係，因為在美國，不論是企業於計畫上市時或承銷，皆會聘請律師作為法律顧問，因此在國外律師係作為資本市場守門員之角色，在資本市場占有舉足輕重的地位。然而由我國對律師規範有所不足的情況下，即可看出我國律師似乎不被賦予如此重要的地位。因此本文將介紹國外證券律師所扮演的角色及其所負之責任，並從我國律師所扮演的角色談起，分析我國哪些證券法令之規範中會借重律師的長才，使證券律師的角色活躍於股票市場當中。並且在討論律師為何需負責之前，先將我國律師出具法律意見之方式及法律意見之內容詳加審視，最後提出本文見解。本文係採取實務分析法及文獻探討法與比較研究法之方式研究之。除了討論我國律師目前於實務上所出具的法律意見書種類為何之外，並討論我國律師因出具不實法律意見書所應負之民事責任、行政責任以及刑事責任。並且參考美國對於律師民事責任以及行政責任與刑事責任之規範，希望藉此比較分析，能對我國律師責任有所助益。本文研究架構概述如下：第一章闡明本文之研究動機與目的、範圍與方法及整篇論文架構。第二章說明律師在我國證券市場所扮演之角色、概述律師在證券市場中應出具法律意見書之法規為何、法律事項檢查表之內容及律師角色之轉變。第三章先介紹美國律師民事責任制度，分為公開說明書不實責任、財務報告不實之責任、一般反詐欺條款之責任。由於我國證券交易法之立法規範係仿照美國證券交易法，故於本章提出我國證券交易法對於民事責任之規範，進而討論對於律師的民事責任應達到何種程度，是否有必要如同會計師責任為規定。第四章在於討論現行法令對於律師行政責任之分析，先從美國法論律師責任理論及律師懲戒，並介紹美國專業行為模範規範及沙賓法案關於律師職業準則之部分。我國法則討論證券交易法中對律師懲戒的可能性與律師法之規定，並討論我國懲戒制度，提出實務案例分析第二章之規範於我國實務之適用。第五章在討論證券交易法對律師出具不實意見可能構成的刑事責任規範。分別有可能構成第171條刑事責任，以及因資訊不實構成第174條之刑事責任等。並討論美國法之相關規範及現行實務做法。第六章則總結各章之研究，提出幾點建議。

關鍵字

律師責任 ； 證券交易法 ； 法律意見書 ； 法律事項檢查表 ； 公開說明書虛偽隱匿 ； 證券詐欺 ； 資訊不實 ； 律師懲戒

並列摘要

After the Internet bubble and the Enron debacle destroyed many individuals or corporations in the U.S., led the world to call for business to have a greater transparency and accountability for the financial dealings. The Sarbanes-Oxley Act was passed in 2002 in the U.S. by wake of the Enron saga and the largest financial scandals ever. Take these occasions, we aware that lawyer is as important as a gatekeeper in the capital markets. Under the U.S. law, lawyers have a liability for the financial scandal of the company, when sophisticated, financial chicanery occurs, lawyers are suspected typically present “ at the scene of the crime “. This symposium drives home the point that lawyers have behaved badly. In Taiwan, the construction of rules to lawyers was not perfectly regulated, so that lawyers in our IPO market are not as important as that of the U.S. lawyers. However, the security exchange system of Taiwan was until recently hailed as a modal of the U.S., this should make us wonder why the two regulatory regimes with difference in structure.
This thesis includes case studies, literature reviews and comparative studies, where in the types of legal opinion provided in practical by Taiwan’s lawyer, as well as the civil and administrative liability, the criminal penalties on a lawyer providing a fraudulent opinion are also reviewed. The comparative studies are conducted with reference to the civil and administrative liability and criminal penalties on the lawyers in U.S. law, which could be helpful to the improvement of Taiwan’s legal system on the lawyer’s liability.
Chapter I of this thesis is a preamble, explains the motivation, goal, coverage, methodology and structure of the research. Chapter II states the lawyer’s role in Taiwan’s securities market and generally explains the regulations stipulating legal opinions in securities-related transactions, the content of the check list for due diligence and transformation of the lawyer’s role. Chapter III introduces the lawyer’s civil liability in U.S. law, including liabilities for false prospectus, false financial statement and violation of general anti-fraud provisions, also describes the lawyer’s civil liability in securities law of Taiwan. Further more discusses whether the lawyer’s liability should be as heavy as that of an accountant. Chapter IV focuses on analyzing the lawyer’s administrative liability in current U.S. and Taiwan legal system. First, to review the U.S. lawyer’s discipline and theories of lawyer’s liabilities, as well as the model rules of professional conduct and the provisions related to lawyer’s practice in Sarbanes-Oxley Act of 2002. Second, to discuss the possibility of regulating lawyer’s discipline by Taiwan’s securities and exchange law. Chapter V discusses about the criminal penalties to a lawyer that provided a false opinion in Taiwan’s security and exchange regulation, also discusses related regulations and current practice in the U.S. Chapter VI is the conclusion of the foregoing chapters and gives some suggestions.

並列關鍵字

Securities Exchange Act ； Sarbanes-Oxley Act

參考文獻

1. 吳元曜，證券詐欺刑事責任之研究，台灣大學社會科學院國家發展研究所博士論文，2007年6月。

3. 賴衍輔，資本市場中的資訊不對稱－從財務資訊不實的外部監控與刑事責任談起，台灣大學法律學研究所碩士論文，2006年6月。

1.台北律師公會。http://www.tba.org.tw/

9. 律師懲戒案例選集，中華民國律師公會全國聯合會編著，初版，2007年8月。

5. 顧念妮，從實務見解檢視證券交易法民事責任規定-以博達案事實為例，國立台灣大學法律學研究所碩士論文。