On The Civil Liability Of Securities Sponsor For The Third Party

Sponsors are responsible for investigation of information which is necessary to open about issuing and dealing in securities, and are in charge of the truth and integrity with them. When important parts in these information have some errors and results in loss to investors, sponsors should respond in damages for these investors. Investors are not the opposition but the third party in contract with sponsors. The author mainly employs the research means of comparison analysis, economic analysis and case analysis. Aiming at the difficulties of the research on sponsor's the civil responsibility to the third party, the author explores questions such as:the nature of sponsors', the causality in sponsor's tort liability, the confirmation of sponsors'fault in work and the characters, extent, number of compensation.Besides the introduction, the thesis is divided into five parts. In the introduction part, the emergence, development and establishment of sponsors system in china is briefly introduced; the affair of Qionghua in Jiangsu, happened in stock market in 2004, initiated a large-scale discussion about sponsor's the civil responsibility to third parties; states the main questions in the civil responsibility; and concludes that it is necessary to establish system of sponsor's the civil responsibility to third parties.The first part is the locate statement on the civil liability of securities sponsor for the third party. First of all, sponsors civil liability for the third was examined. The study locates in the false statements in the case of securities, and the sponsor should be responsible for investment losses on securities when false statement happened. The civil liability has some characteristics. Secondly, the text aims at the nature of civil liability on the sponsors for the third party. Lists the current academic nature of this responsibility to the main theory and analyze their respective advantages and disadvantages. Clarify that there are some problem for the various theories except tort liability. Use the experience of legislation from the two legal arguments on judicial experience, and demonstrate the viability through tort liability to protect securities investment losses including other "pure economic loss". At last, the paper orientates the nature of sponsors for the third party in position of tort liability.The second part is the causation of civil liability of securities sponsor for the third party. On the study of the causation from the traditional Chinese theory,and two legal theories and the judicial practice, the paper identify the causal link between the false statements in securities acting from sponsors and investors'losses.The third part is the fault of civil liability of securities sponsor for the third party. Drawing on the Western Law in "procedural justice" theory, the paper advocates judging the fault of sponsors by the external behavior in the program of sponsor duties, and then validates their responsibility to implement the principle of presumption of fault is reasonable.The fourth part is the compensation of civil liability of securities sponsor for the third party. Firstly, define the main body of the rights and obligations in the civil liability and the division of responsibilities between them. After analysis of domestic and international legislation and judicial practice for the scope of the "third person", advocated positioning the "third person" in the range of" the people who suffer investment losses in affair of the false statements in securities and unintentional create their own losses ". Analyzing rationality of responsibility jointly for sponsors in the false statements in securities, the paper give an opinion to determine the range of obligation men according to the different cases for false statements in securities. The paper also defines the division of responsibilities between sponsor and other main bodies of obligation based on analysis of respective degree of fault between sponsor and other main bodies of obligation in false statements in securities. Secondly, ascertain the amount of compensation on the civil liability of securities sponsor for the third party. The paper presents that sponsor and other main bodies of obligation should afford compensation in five cases in the false statements in securities, and the scope of compensation is difference under the different circumstances. In drawing the damages in the false statements in securities in the United States, the paper present that the first step on the calculation of the amount of compensation should be removed the factors which is not share of false statements, and the second should to ascertain the amount of compensation according to different loss amount in different circumstances in false statements in securities.