Research On Intermediary Agency Responsibility Differentiation Mechanism

In recent years,with the “first case of fraudulent issuance and delisting” – the Xintai Electric case has become increasingly fierce,the division of responsibilities between accounting firms,law firms and sponsor institutions has gradually become more familiar and concerned.At the same time,it also puts forward new requirements for constructing the division mechanism of the securities intermediary agencies in China.As gatekeepers of the securities market,securities intermediaries,while using their professional knowledge to provide professional services,are also one of the important forces to protect investors in the securities market.However,in practice,some securities intermediaries frequently cross the legal bottom line,resulting in the loss of investor economic interests.As a relatively weak side of the securities market,investors often face huge economic losses but have nowhere to turn for help.The reason is that the current relevant legislation in China does not clearly distinguish and define the responsibilities of securities intermediaries,and there is no specific discussion on the responsibilities of securities intermediaries.This makes the judgment standards of the securities intermediaries become the blank of legislation and research,and also makes the problems of illegal intermediaries in practice not properly solved.Therefore,it is imperative to clarify the legal responsibilitiesbetween the various securities intermediaries and to construct and improve the division of duties between the various securities intermediaries.In view of the fact that the mainland China has not yet clearly defined the division of responsibilities of various securities intermediaries,the author is based on the current legislative provisions of China,trying to extract the actual dilemma faced by the securities agency in China from the specific law enforcement cases of the CSRC,and try to apply the method of comparative analysis proposes a path to construct the division of responsibility mechanism of securities intermediaries in China.In contrast,the United States already has a relatively mature mode of division of responsibility for professional intermediaries,namely,the “division of responsibility model”,which helps to clarify the legal responsibilities of different professional intermediaries and effectively suppress the violations of intermediaries.Specific to the system arrangement of this article,the full text is divided into four parts: Firstly,the definition of professional intermediaries and false statement responsibility and extension;secondly,by examining the case of "Xintai Electric Fraudulent Issuance",sort out and analyze the status quo and problems of the current intermediary agencies in China’s securities market;thirdly,the successful experience of the division of responsibility of professional intermediaries in the United States is described in a reference way,and the differences in legislation and practice on this issue between China and the outside world are further compared;finally,based on the current environment of the securities market in China,it puts forward constructive opinions and suggestions on constructing and perfecting the division mechanism of professional intermediary agencies in China.Among them,the focus of this paper is to analyze the dilemma of responsibility and related countermeasures faced by professional intermediaries in China.At present,the dilemma of constructing the division mechanism of professional intermediary agencies in mainland China is mainly as follows: First,the role of intermediaries is misplaced,including the abnormality of principal-agent relationship and the excessive responsibility of sponsor institutions;second,the scope of duties between intermediaries is not clear,and the due diligence standard is not clear;third,the accountability system is not perfect;fourth,the current regulatory mechanism is imperfect,including lack of administrative supervision,lack of self-discipline in the industry,weak social supervision,and solidification of the regulatory model.Based on the specific environment of China’s securities market,and based on the experience of the US securities law,the author puts forward the following ideas on the path of the division of responsibility mechanism of professional intermediaries in China: Firstly,consider the issue of responsibility differentiation of different actors,including help or abet responsibility,primary and secondary responsibilities at the intersection of work,and joint responsibility;secondly,the professionalism of the intermediary is the logical starting point of the division of responsibility,and the fault degree of the intermediary is the main line of responsibility division of responsibility division;finally,the responsibility differentiation mechanism is constructed.Safeguard measures include improving the civil liability system of intermediaries,improving the supervision mechanism,and strengthening supervision.In short,the establishment of an effective mechanism for the separation of functions of securities intermediaries is a requirement of the securities market,and it is also a requirement of investors.Clarifying the responsibilities of various securities intermediaries is conducive to constructing a reasonable and efficient mechanism for separating the responsibilities of securities intermediaries,which is conducive to cracking down on illegal behaviors of individual intermediaries,and is conducive to establishing a benign competitive order and effective restraint mechanism in the securities market.It also brings more vitality to the securities market and promotes the healthy development of the securities market.