Research On The Legal Liability Of Sponsors In The Listing Of Securities

Sponsors of the company listed on the recommendation,counseling,regulatory responsibilities,as the first listing of the securities filter,its existence,the effective selection of high-quality enterprises listed,reduce the risk of listing,protect the interests of investors,safeguard the stability of the securities market.Administrative,civil,criminal laws and regulations and industry management regulations on the sponsor legal liability made the relevant provisions,but by means of statistical sponsor punishment,the sponsor’s punishment is full of administrative penalties,and focus on the confiscation of illegal income,Period of the market ban and other forms,the punishment is relatively light;civil compensation,criminal practice has never appeared,the relevant provisions in name only.In addition to the administrative treatment is civil compensation,criminal precedent procedures,increase the civil compensation,the cost of criminal responsibility and difficulty,but also including civil compensation,it is difficult to distinguish between the sponsor and other violations of the main behavior,It is difficult to determine the identity of the parties,the calculation of the loss of difficulty;administrative accountability system scattered,the provisions of coarse,poor implementation,punishment lag;criminal accountability,securities crime behavior diversification,criminal behavior intertwined,difficult to define the charges,Accurate conviction and so on.The problem of setting up these systems is difficult to hold the main reason of the sponsor’s legal liability.To solve these problems,in addition to improving the civil compensation system,administrative treatment to respond in a timely manner,but also need to increase the sponsor illegal costs,diversified main cooperation,to reconcile the interests of all parties,strengthen the integrity of the system construction,standard sponsor behavior to stabilize the securities market.