Sponsor Of China's Securities Market Civil Liability Regime Research

Implementing the sponsor system is a significant transformation in securities issuance market, which exerts a deep and long-term influence in securities market. Since the sponsor system implemented in2004, it plays an active role in enhancing the quality of listed companies and promoting the healthy development of securities market. However, at the same time, we shall pay much attention that there are some problems existing in the current laws and regulations in civil liability of the sponsors, such as lack of operability, no guarantee of civil liability remedy and so on, which leads to the right of investors cannot get effective relief. The author thinks the scholars need to research further on the civil liability of the sponsorsThe purpose of this paper is to review the sponsor system from the aspect of civil law, and on the basis of analyzing the civil liability of sponsor, thereby get research on various civil liabilities due to the violation to civil obligations. In this paper, the author uses comparative analyzing and historic analyzing, documental analyzing, and inductive analyzing.The paper is divided into four parts, and the introduction part, is the brief introduction on development and fulfillment of the system of sponsors and problems of civil liability of sponsors in our country, accordingly, the necessity to research the civil liability system of sponsors in China is raisedChapter One——The basic theory of the sponsors system.This author firstly make a general introduction to the meaning of the system of sponsors and sponsors, and then analyze the foundation theory contained in the sponsors system from the civil law perspective, finally focus on several civil relationships in the sponsor system, to make foundation of analyzing the civil liabilityChapter Two——The basic theory of the civil liability of the sponsors. The author mainly discusses the civil obligation and liability. In the author's opinion, the civil obligation of sponsor is the foundation of the civil liability of sponsor. So the author firstly discusses the character and meaning of civil obligation of sponsors. The civil obligation of sponsor includes the information—disclosure obligation based on law, and the contract obligation based on the recommending agreement. After analyzing the civil obligation of sponsor, the author make detailed discussion on pre—contract obligation, compensation liability on third party based on infringement law and liability to issuer due to defecting contract and liability of breach.Chapter Three——Comparison between the civil liability in securities market both in China and in other countries. The author sums up the characters of civil liability of foreign sponsors by using comparative analyzing method, historic reviewing on integrative sponsors system of NASDAQ of U.S.A, integrative sponsors system of AMI of UK, independent sponsors system of GEM of Hong Kong, and make comparison with civil liability of sponsor system in China. Furthermore, the author makes deep research in realization mechanism of civil liability of sponsor system in China, and points out that there are three problems, defective legal system of civil compensation, unclear of civil liability between sponsor and other principal parts, and the litigation of civil liability system shall be improved and perfected.Chapter Four——Suggestions to consummate the civil liability of sponsors. The author provide suggestions to the civil liability system of our country based on the afore-analysis, including but not limited to:to make legal cleaning in process, provide judicial explanation; to definitude on the boundary of civil liability during sponsors, issuers and other agencies and investors; and consummate civil compensation mechanism of securities, such as remove the pre-process of civil liability, and introduce class action.