從美國聯邦最高法院次要行為人判決思考我國財報不實民事責任之規範

Civil Liability of Secondary Actors for False Financial Statements under Taiwanese Law:Lesson from the U.S. Supreme Court Cases

關於證券交易法財報不實違法行為中之次要行為人，如幫助侵占公司財產的員工、配合開立不實憑證的廠商或銀行等，其雖非製作不實財報的主要行為人，但其行為卻間接造成財報不實，此等行為人是否應依據證交法第20條有關證券詐欺或財報不實之規定負擔民事賠償責任，我國法院見解並不一致，且欠缺較有體系的清楚論述；再加上財報不實的不法行為，實務上亦得主張構成民法上的侵權行為，形成證交法和民法相互交錯適用的問題，更增加處理的複雜度。本文嘗試從2019年美國聯邦最高法院Lorenzo案件為思考起點，梳理美國與我國有關次要行為人的相關法律規範與重要判決，重新檢視我國證券交易法中財報不實案件中關於次要行為人民事賠償責任應有的規範解釋，並提出立法修正方向。

In a false financial statements case, secondary actors, such as the employee helping embezzlement of corporate assets, or the firm or bank issuing false invoices or certificates, although not primary actors, contribute indirectly for the violation of Taiwan Securities and Exchange Act (“SEA”). It is not clear whether such secondary actors shall be responsible for the civil liabilities for fraud or false financial statements under Article 20 of the SEA observed from the existing court decisions. Moreover, in practice, in a false financial statements case, a plaintiff can bring the civil action not only based on Article 20 of the SEA, but also on Articles 184 and/or 185 of the Civil Act, which makes the issues of secondary actors even more complicated in Taiwan.