A Study On The Warranty Liability Of Sponsors

In February2004, our country introduced the sponsor system. The sponsor system is important to maintain the stability of the securities market. The liability system of our present sponsor system emphasizes administrative penalties and lacks of the matching investigation mechanism of civil liabilities. The warranty liability of sponsors is the most important of the civil liabilities of sponsors. So, doing some research on the warranty liability of sponsors is very important.The warranty liability of sponsors is the joint compensation liability undertaken by sponsors when the listed company’s information disclosure acts violate laws and regulations and cause losses to investors. The warranty liability of sponsors is statutory, insurance and judgment。There are many similarities between suretyship liability and the warranty liability of sponsors, but they are different,the difference include the produce of liability, the obligee of warranty, the target of warranty, the term of the surety and so on. The warranty liability of sponsors is the key of the civil liabilities of sponsors. On the analysis of the nature is the key to the study.The warranty liability is tort liability.The warranty liability of sponsors adapts the fault presumption principle, according the requirement of fault presumption principle, If the sponsor could prove itself haven’t any subjective fault, it need not undertake the warranty liability. The principle of sponsors attribution include the sponsor’s work, the listed company’s information disclosure acts violate laws and regulations, investors have losses, the causal relationship between damage facts and illegal behaviors, the sponsors faults five parts. in the securities market officially, the listed company’s fault information influence a lot of investors. so it is necessary to define the subject of litigation’s cope about the warranty liability of sponsors.The success of the listed company need listed company、accounting firms、law firms and other service-offering agencies worked together.But the agencies’duties goes lead to responsibility confused. in order to ensure sponsors bear responsibilities within the scope of its responsibility, maintain the fairness and stability of the securities market. So we should do some research on the civil liability allocated among the sponsors, the securities regulators, the other service-offering agencies and so on.Some measures must be taken to urge sponsors perform the warranty liability seriously, maintain the market order and protect the legitimate rights and interests of investors. First of all, we should extend sponsor guarantee period, Secondly, we must perfect the punishment mechanism of sponsor’s warranty liability, Third, perfect Litigation mechanism. Finally, establish a variety of non-litigation dispute resolution mechanism.