Research On The Sponsor’s Civil Liability System In Securities Market

Implementation of sponsor system is the offerings in our stock market majorinnovations, on the primary market and the secondary market of securities in ourcountry has had a more profound impact. Since its implementation in2004, thesponsor system has played an important positive role improving the quality of listedcompanies in China and ensuring healthy development of the securities market. But itshould be noted that recommendation system there are many problems in our country,in particular the legal regulation of civil liability for the sponsor system is not perfect,and operability is not strong in practice, as stock market investors own the subject ofeffective relief if their rights are being infringed. Academics less research on the civilliability of the sponsor, sponsor research needs further deepening of the civil liabilityregime. Based on the view of civil law and the civil liability of the sponsor as the core,this article carries on the thorough analysis to the sponsor system. On the basis of civilliability theory based on sponsors, this paper by examining typical national andregional stock markets around the world sponsor specific system and the practicaleffect of the civil liability regime proposed enlightenment on China’s securitiesmarket, and hence the sponsor to undertake a situation analysis of civil liabilityregimes in China, problems in the analysis of their to arrive at the perfect sponsorsuggested the civil liability of securities market in China.This article mainly uses comparative analysis, document analysis and summarymethods of induction. In the introduction part, the article introduces the developmentand health of sponsor system in China, as well as the inadequacies of regulation ofcivil liability. This leads to research sponsors at this stage in China’s civil liabilitysystem on China’s securities market is necessary. The first chapter sponsor part of thebasic theory of civil liability, the author of the concept and meaning of sponsor civilliability regime introduced. Next, the article introduces the influence of sponsor’snecessity of civil liability and civil liability regime of the current sponsor system.Then describes the system from the perspective of the civil law of civil liability of thesponsor legal basis, as a basis, we propose a definition of civil liability of sponsors,including the definition of the sponsor on the issuer culpa and breach of contract as well as sponsor people found on the tort liability of investors. The second chapteranalyzes the existing implementation mechanisms sponsor civil liability problems thatsponsor system design flaws, sponsors and civil liability limits of other subjects isunclear, the sponsor of the lesser issues such as civil liability. On this basis, the thirdchapter of the civil liability of the world’s securities markets sponsor typical ofcountries and regions were investigated, specifically including the UK AlternativeInvestment Market, China’s Hong Kong stock market and the U.S. NASDAQ market,elaborated their content development process and system, the characteristics of eachsponsor Comments civil liability regime, in order to provide civil liability regime canlearn perfect place for our sponsors. The fourth chapter sponsor civil liability regimefor the problems presented a sound legal thinking on China’s securities market civilliability regime sponsors.The author believes that, with the vigorous development of China’s securitiesmarket and the growth of the team sponsor, the sponsor of the urgent need to improvethe civil liability system, for which the sponsor should guard against civil liabilityarising from the source, to further refine the sponsor and other securities the mainissue between civil liability, the implementation of the sponsor term tenure, respond toexisting laws and regulations to further clean up and improve the system of securitiescivil action to establish an independent civil status of the sponsor, to get rid ofpre-existing securities civil litigation procedures, sponsors and explicit statutorydefenses set up to protect investors’ rights associations, the implementation of grouplitigation, civil liability and compensation regimes sponsor perfect.