The Role Correction And Responsibility Allocation Of Securities Market Intermediaries

The securities capital market has been paid more and more attention because of its important role in economic development and financial security.The reform of the securities capital market has been continuously deepened.The Shanghai Stock Exchange's scientific board and registration system pilot has officially landed as an important part of the securities capital market.The constituent securities intermediaries also need to adapt to change in the reform.Due to the professionalism and complexity of the securities capital market,there is a large information asymmetry between listed companies and market investors.The role of the authenticity and integrity of information disclosure in the securities capital market is included in the sponsor.It is assumed by securities intermediaries,including securities service institutions,and is generally referred to as the gatekeeper of the securities capital market.The role of the gatekeeper in the securities intermediaries is based on the disclosure of information on listed companies in the securities market,with its own reputational capital as the guarantee for the authenticity of its published information.However,under the securities issuance and issuance mode of China's securities,the CSRC has the power to approve the listing in the stock issuance and listing,and the CSRC has assumed the role of screening and screening the information of the listed company.The role of securities intermediaries in this kind of listing and distribution model is more like the sponsor approved by the CSRC,and the CSRC has played a role in quality endorsement for the securities issued by the listing.The role of securities intermediaries has been alienated,and the reputation of capital has been on securities.The guarantee role of the role of intermediaries cannot be exerted.In the absence of full play by the role of securities intermediaries,securities laws and related laws and regulations impose heavy responsibilities on securities intermediaries and have many problems.On the administrative responsibility,the CSRC requires the securities intermediaries to assume the responsibility of the janitor in strict supervision,and imposes administrative penalties on the securities intermediaries without diligence,but the basis for making administrative penalties is not sufficient.Diligence and diligence have problems with unclear subjects and ambiguous penalties.In terms of civil liability,the securities law stipulates that securities intermediaries are jointly and severally liable for investor losses caused by circumstances other than being able to prove that they are not at fault.Failure to reasonably distinguish the issuer's responsibility of listed companies,and not clearly distinguish the boundaries of responsibility between different securities intermediaries,resulting in a lot of disputes on responsibility.Therefore,in the context of the current reform of the securities capital market,changes should be made to the relevant institutions of securities intermediaries.In the reform,the CSRC should appropriately decentralize the securities in the issuance and listing of securities,and play the role of the market entity to make the securities intermediaries take on a more important role..Establish a market-based reputation mechanism to ensure the good operation of the gatekeeper mechanism,clarify the standards of liability of securities intermediaries and define the boundaries of responsibility between different entities,clarify the allocation of responsibilities of securities intermediaries,and improve the system of securities intermediaries to better The service of the securities capital market.