Research On The Sponsor's Civil Liability System

The Sponsor System of China mainly draw on some of the framework of the Growth Enterprise Market's sponsor system, and modified it combined with features of the mainland stock market. After the launch of the sponsor's system in Hong Kong, regulators and investors paid its high expectations and hope it can reduce fraud on the securities market to improve quality of listed companies. Strengthening sponsor's civil liability is an important measure to ensure the effectiveness of the sponsor's system .This thesis reviewed the nature and content of the obligations of sponsors ba- sed on jurispruden-ce and civil law , and then summarized the differences of civil liability in two stage of sponsoring. Through a comparative analysis of the theoretical basis, specific systems and practical effects of civil liability in the the world, especially the United States, Britain and Hong Kong , and combined with our current status of legislation and controversial issues, based on China's national conditions and draw on the advanced system, put forward some proposals about the civil liability system of Sponsor on China's stock market to benefit the improvement of civil liability system of Sponsor.The title focus on confineing the sponsor responsibilities, distinguish the nature of the ob- ligations of sponsors and content in different periods of time . These civil obligations constitute the basis of civil liability to the sponsor. The charaeter of civil obligation of sponsors includes the information-diselosure obligation based on law , and the contract-obligation based on the reeommending agreement.According to the different stage of company-list,recommending period could be divided into due diligence commending period and durative supervising period,the eontentofeivil liability of sponsors could be generalized into due diligence commending obligation during list and durative supervising obligation after list,also,the analyse on the relations during different recommending obligations.The last chapters sum up the above analysis about China's current sponsor system and the related comprehensive proposal. Main contents are: because of imbalance of the civil rights and responsibilities of the sponsor, China's current sponsor system can not achieve the expected effective operation. whereby the author restructured the main body of the civil legal system of the sponsors from the perspective of identification of subject of civil legalresponsibility and the commitment of the responsibility of property.