Research On The Civil Liability Of Sponsors Of The Securities Market

Stock Market Stock Market Sponsor System originated in the United Kingdom by the Hong Kong stock market into China Mainland. The so-called "Sponsor", also known as the "Sponsor Business", "sponsor" means in accordance with law, bear listing for the company guidance, recommendation, supervision and other responsibilities as well as for listed companies after a certain period of information disclosure Investors bear the responsibility to guarantee the securities company. The civil liability of the sponsor is the sponsor does not fulfill the obligation by the sponsor and the sponsor as being the sponsor during the illegal disclosure of all acts of damage caused investors should assume responsibility.In this paper, the historical analysis, comparative analysis and case analysis method, the civil liability of the sponsor conducted a study a few specific parts, including the following:Around the Sponsor first chapter discusses the civil liability system, starting from the responsibilities of the sponsor, summed up the concept of civil liability for the sponsor. From the sponsor of the obligation by the sponsor, the sponsor damage caused by the fact that the sponsor and the sponsor's responsibilities, summarized by the sponsor on the sponsor's civil liability, that agreement, clarity, compensatory. Cause damage to the sponsor and from the fact that investors, sponsors summarized characteristics of civil liability for investors, that the statutory period, the judicial finality, protection of people, the sponsor has a special responsibility to object to the fault of the elements. And from the sponsors and be a sponsor of the sponsorship agreement signed between the start of the Sponsor of the nature of the responsibility to be a sponsor, the sponsor being a sponsor is the nature of liability for breach of duty or fault liability. Violation of the sponsor and from the information disclosure system acts against the right set of investors, discusses the responsibility of the sponsor of the nature of investors. And later elaborated confirmed sponsor sponsor the responsibility of being the theoretical basis and significance of the sponsor confirmed the theoretical basis for liability to investors and its significance.The second chapter sponsors around the outside of civil liability to start on. Describes the UK Alternative Investment Market profile and civil liability of the sponsor characteristics, the Nasdaq, "mixed" sponsors of the civil liability profiles and features, Malaysia "relay" the sponsor's civil liability profile and characteristics of Hong Kong Growth Enterprise Market GEM "independent" civil liability sponsor profiles and features, compared to the sponsor of the four civil liability system on the civil liability of the sponsor system in China mainly in the following three points:the continuous supervision period may be extended, detailed roles and responsibilities clearly, specific exemptions.The third chapter sponsors around the country and implementation of civil liability, the sponsor explained the composition of elements of fault liability, the principle of fault liability attributable to confirm the scope of compensation should pay attention to the problem. And describes the composition of the sponsor elements of breach of contract, liability principles and exemptions. Sponsors also discussed the composition of the elements of tort liability investors, the responsibility principle of presumption of fault, and later elaborated sponsors civil liability exemptions for investors. Finally, we discuss ways to sponsor civil commitment and commitment means to resolve the civil liability of the sponsor.The fourth chapter sponsors around the civil liability system of the improvement of the system sponsor explained the emergence and development in China, the sponsor of the civil liability system problems, analyzes the system of civil liability of the sponsor problems such as the design of the system is not perfect sponsor, the sponsor needs to be improved qualifications, supervision of the sponsor needs to be strengthened faith, from civil liability for the sponsor too light. System of civil liability of the sponsor specific aspects can be improved from the following:the clear responsibility boundaries, to construct a reasonable burden-sharing system and strengthening the independence of sponsor representatives, sponsor representatives weakening civil liability, extended the mandate of the sponsor, the implementation of lifelong Sponsor, the establishment of compulsory insurance sponsor practitioners, the establishment of the sponsor publicity system integrity, the establishment of practicing risk fund sponsor, sponsor representatives strict eligibility conditions, set up a "stock market investor rights protection association."...