On The Civil Liability Of The Sponsor And Sponsor Deputy For The Third Party

The sponsor system, aiming at creating an effective mechanism between securities dealers and listed companies featured by clear liability,mutual supervision and sound interaction. It puts a linkage from the continuous honesty of the listed companies after unsurance and listing to the sponsors. Moreover, it sets up relavant liability tracing regulations. The sponsor and sponsor deputy should take responsibilities for the third part's loss caused by the listed company's false, misleading or missed information. This dissertation starts with analysing the law boundray of the sponsor and sponsor deputy. Then explors many questions such as: the nature and resonsibility principle of sponsors' and sponsor deputy's civil liability to the third party, the confirmation of the sponsor deputy's occupational liability, the assumption of the sponsor's and sponsor deputy's tort liability for the third partyBesides the preface,this dissertation is divided into five parts. Part one explors the boundry of the sponsor and sponsor deputy. Sponsor refers to the securities companies which take charge of providing recommendations for the inssuing companies to apply for issurance in the enterprise market. The sponsor deputy reffers to proffesional person who checks the datas provided by the listed companies,and make sure the datas are ture,accurate and integrity, then provide proffesional advice. The sponsor deputy does all these under the name of the sponsor. The core of recommendation duty,assisting duty and contionous supervisin duty is making sure the listed conpanies providing ture information the the public. Part two analyse the nature of sponsors' and sponsor deputy's civil liability to the third party. This civil liability should be tort liability,so as to force the sponsor deputy keep ocupation cautionsly and protect the lawful rights and interests of the third party. The sponsor is a intermediary organ who checks financial information which highly related to the information using person's interests. The public investor make their investing decision according to the financial information provided by the sponsor. So ,if the sponsor provided false recommend advices, it must deride the public investor's interests. The tort responsibility can exceed the relativity regulation in the contract liability, so the lawful rights and interests can be protected much better.Part three is to recommd the elements of the sponsors' and underwitters' civil liability to the third party. Through analysing different proffesional views , part three insists that in our country concluded falt is the best resonsibility principle. Part four explores the confirmation of sponsor's civil liability. When deciding the causalting in sponsor's tort liability, American practice can be used as reference. Adopting presumptive causality theory on factual causality according to "materiality". On the determination of legal causality, the "doctrine of reasonable prediction" in the Anglo-American law system can be adopted. So we can judge the sponsor having fault or not with "occupation cautious". Part five discusses the assumption of the sponsors tort liability and compensation for damage, insists that domestic legislation define the scope of third parties as follow : (1) the third party must be the investor who use information and the sponsor can forcasting.(2)the third party must be the investor who belive the information provied by the sponsor.(3)the third part are bonafide while utilizing the information.(4)the third party must suffer loss. The sponsor deputy himself can also be liable in the tort sue. It means, if only the sponsor deputy provied false advices and cause loss to the third party, the third party can make the sponsor and sponsor deputy as the defendant, insist they should be held as joint tort liability.