Research On Sponsor's Responsibilities And Powers

Sponsor system of securities listing is a regulatory system, which is represented by the United Kingdom. Then it was transplanted and used by Hong Kong and other countries. The purpose of the system is to establish a clear responsibility, mutual restraint, positive interaction and effective monitoring mechanism between the listed company, the investors and the sponsor. It is the responsibility of the sponsor to promote the listed issuer before the coaching, referral, and continuing supervision after the securities listing through the accountability mechanism. Sponsors should bear responsibilities for the issuers'releasing false, misleading and important missing information.Except the foreword, the thesis is divided into three parts. The first part takes the United Kingdom and Hong Kong for example to introduce the history of the sponsor system and the development in our country. Then it analyzes the qualifications of sponsors and sponsor deputies. Then it describes the specific duties of the sponsors: recommending duties, Coaching duties, supervisory duties and special guarantee obligations. At last it introduces the rights of the sponsors. It introduces the sponsor's rights of investigating and evidence collecting, attending the meetings of the issuer's shareholders and board, and analyzes the sources of sponsors'rights, including the authorization of laws and regulations, and the sponsor agreement. The second part describes the sponsor's responsibilities and the exemptions of the sponsor responsibilities and reasonable sharing of responsibility. At first, it discusses our country's system on sponsors and the sponsor deputies' responsibility and related issues, the identification of the the responsibility, the subject and object of the sponsor responsibilities, and the principles of sponsor liability. Then it introduces the administrative responsibility of the sponsor system, and the criminal and civil liabilities are analyzed. Finally, It introduces the"safe harbor"bill and the theories of fair share of responsibility of the PLSRA in the United States. The third part places on the reflections of improving the system of our sponsors. The first idea is to integrate the sponsor system and the non-interested director system and improve China's modern enterprise management mechanism. The second idea is to improve the sponsor's regulatory system by dividing it into three new periods: the recommending period, the transitional period and durative peroid. The third idea is to strengthen the civil liability, and to weaken the adminisrative and criminal liability in the sponsor system in our country, for only the civil damages can compensate the investors substantially. The last idea is to establish the a system of notification of integrity and the system of collection of property declaration in the securities industry. The plan seems to have little to do with the sponsor system, but it's a necessary prerequisite to punish the crimes of securities and other economic crimes, even all crimes. If China's legal system wants substantial progress to reduce the country's corruption and the occurrence of various crimes, these two systems must be established first. They can promote social and economic development and stability coordinately and help build a more harmonious society.