Research On The Civil Liability System Of Sponsors

The issue system of China’s securities market has experienced administrativeapproval system and channel system, then it has developed into sponsor system now.Sponsor system is exotic goods for China, as it comes from the overseas market. Theestablishment of it is an important reformation for our country. Since its implement, ithas played a great role in the healthy development of our securities market. But it stillhas some aspects to improve and perfect. This article is based on the civil liability ofsponsors, and it starts from the theory of sponsor system, then it discusses the relatedproblem of civil liability of sponsors.The first chapter in this article is the introduction of sponsor system. Itrecommends the connotative of sponsor system, which includes sponsor subject,object, action and responsibility. Then it states the development course of sponsorsystem in our country. At last, it main analyses the theory basis of sponsor system andenters the discussion of the civil liability of sponsor.The first chapter of this article begins to lead in the theory of sponsor’s civilliability. In the performance of duty, sponsors main have legal relations with listedcompanies and investors. In the process of recommendation the listed companies,sponsors have the direct relations with them. They bound by sponsor agreement. Sothe responsibilities of sponsors to listed companies include contracting fault liabilityand responsibility of default. While sponsors have indirect relations with investors,and the responsibility of sponsors to investors is tort liability. Then the articleillustrates the constitutive requirements, rules and principles of tort liability in detail.The third chapter of this article introduces the regulations of sponsor system andsponsor civil liability in other countries or regions. It contains the countries andregions that have perfect sponsor system, such as English, America, Hong Kong andso on. Britain is the birthplace of sponsor system, and it has strict request in acessproperty and professional knowledge of sponsors. In Hong Kong, the role of sponsorsis divided into three parts, and each of them takes responsibility. Although there is no written sponsor system in America, it stipulates the expert responsibility of sponsorsand the class-action lawsuit as its system of investigation. These are worthy of ourreference.The fourth chapter of this article consists of the present situation of sponsorsystem and its aspects needed to perfect. Its defects lie in unclear difference inliability subject, imperfect legal rules in civil liability and incomplete system ofinvestigation in litigation. Then the article settles these defaults one by one. In the end,it proposes measures such as building liability reserve system, liability risk insurancesystem and so on.