Research On Sponsor's Civil Responsibilities

With the revision of the securities law in 2005, the sponsor system was founded. It's a grave measure to deepen the reform of securities issuing scheme. With the expectation of supervisor, invertors, listed company and media organization, the basic purpose of the sponsor system is to improve the overall quality of the listed company, protect the investors and motivate the construction of moral integrity and decency in the market, through establishing an effective issuing system. Take a look back to the issuing history, the revision of law exacerbated the sponsor's criminal and administrative responsibilities, and established compensation system on civil damages.This article is aim to perfect the sponsor system from the angle of sponsor's civil responsibilities, which mainly concerns joint responsibilities. The joint tort made by the sponsor and the issuer or listed company leads to joint responsibilities. This article analyzes the principle of fault presumption, the constitutive requirements with a real case; discuss the illegal act, fault, damage, cause and effect.