Research On The Civil Liability System Of Sponsors

The sponsor system is originated in the stock market of United Kingdom, and from the stock market of Hong Kong into China."Sponsor", also known as"sponsors","sponsor agencies", it means in accordance with the law to apply for listed companies bear guidance, recommended, steering and other functions, and listed companies and listing at a certain period of time after the disclosure of information to investors bear responsibility for the security of securities companies. Sponsor should designate a sponsor representative to carry out obligations, details for specific performance is a natural persons. Compared with other securities companies, Sponsor's eligibility criteria is more stringent, the statutory responsibilities of security, the duties period is longer.In the process of stock issuance and list, Sponsor with Listed Companies, other intermediaries, such as multi-party investors among a variety of civil legal relations. The the civil law relations between Sponsors and Listed Companies is based on sponsor agreement. Sponsors have review the form of obligations for other intermediary organizations to provide professional services, audit reports, legal submissions. There is no direct relationship between Sponsor and investors, but sponsor's activities have great relations to investors. The sponsor system established for the purpose intended by the sponsors is that investors and intermediaries in financing from the role as a bridge between, the two sides strengthen the integrity of the investment and financing.Sponsors of the sponsors of the civil obligations is based on the sponsor and was a sponsor of the civil legal relations between the product of the sponsors first violation of contractual obligations, contractual obligations of parties to produce non-fault liability and responsibility. Sponsors sponsors in the process of including the three stages of the statutory obligations, recommended due diligence obligations, continuing obligations of supervision, disclosure of information security obligations. Breach of the obligations, sponsor of the investors tort liability and responsibility to guarantee sponsors.At present, China's system of responsibility for the sponsor system, attention to administrative penalties ,light criminal and civil penalties, lack of appropriate civil and criminal measures, Details for the personal responsibility of the sponsors did not clear; Sponsors do not benefit accrual reunification, Sponsors accountability mechanism immature. Therefore, China's sponsors must further improve the system of civil liability system. In response, I think we must clarify the responsibility of the parties to the border, as soon as possible complete set of civil and criminal liability provisions, to establishment of representative institutions and sponsors responsibility-sharing mechanisms, promotion of balanced powers and responsibilities of the sponsors to increase economic punishment,to perfect the system of civil liability compensation.