券商为客户融资行为的民事责任分析

券商融资行为通常有直接为客户提供资金透支、充当贷款人为客户提供贷款、以融券的形式融资、居间为客户融资、名为居间实为借贷等几种形式。关于客户损失的民事责任应区分融资之后对交易的操作情况,在客户正常操作的情况下券商无需承担赔偿损失的责任;而在券商平仓行为下,券商负有因侵犯客户股票所有权产生的赔偿责任和赔偿买卖股票产生的佣金损失的责任。在券商充当居间人为客户融资的情形,券商应承担相应法律责任,但无需承担因该贷款行为引发的民事责任。

On Civil Liability of Securilies Dealers in their Financial Affairs

A security dealer's circulating funds behavior usually includes several forms, such as supplying funds to clients directly, acting as creditor to provide loans, circulating funds by means of securities or intermediation, and loaning in a name of intermediation. The security dealer's civil liability for clients' damages shall be distinguished under different conditions. Under the condition of clients' normal dealings, the security dealer shall not hold the liability for damages; but under the condition of security dealer's off - set, he shall hold the liability for damages caused by infringing on clients' stock ownership and commission loss in stock dealings. In the case of a security dealer acts as the middleman to circulate funds for clients, he shall hold legal liability, but not include civil liability caused by loan behavior.