The Revision And Improvement Of Sponsor's Responsibilities In The Context Of The Reform Of The Stock Issuance System

As the Communist Party of China proposed the direction of the reform of the stock issue registration system in the third Plenary Session of the 18 th CPC Central Committee,the reform of the stock issuance system is imperative.As a basic system in the stock market,the stock issuing system is of great significance.The sponsor system has been officially implemented in China since 2004,and has been running for over ten years,which has been adapted to the new and transitional characteristics of China's securities market,thus making the securities issuing system undergo a revolutionary new change.As a system suitable for the issuing system,our sponsor system complies with the trend of marketization reform of China's securities issuance system,and its role in China's securities market can not be ignored.Under the background of the distribution system reform,to modify the recommender system in time,make its better service to the securities market,giving full play to the advantages of system to improve the quality of information disclosure,to solve the existing problem of asymmetric information in the securities market,thus protection of rights and interests of investors,and establish a stable and orderly securities market.Therefore,this article is to solve the reform of the sponsor and the perfection of the legal responsibility under the background of the reform of the distribution system.First of all,the connotation of registration system is analyzed.Compared with the approval system,the essence of registration system is the existence of pure form review.It is suggested that we should understand the registration system from the direction and significance of market reform.Secondly,this paper analyzes the legal responsibility configuration of sponsors from the historical evolution of the sponsor system,the value factor of the sponsor system and the source of the sponsor's authority.The third chapter introduced the Xintai electric fraud case,based on the analysis of mainland China issued audit system under the responsibilities and legal responsibility in the existing problems,according to the main legal relationship legal responsibility of the sponsor to sponsor and regulatory agencies,sponsors and other agencies,the sponsor and sponsor representatives were discussed.The fourth chapter,by drawing on the excellent models adopted by overseas sponsors' responsibility allocation,analyzes the current situation of the power allocation of the sponsor's responsibility in China's securities market,and puts forward reasonable suggestions for the allocation of the sponsor's responsibilities in the fifth chapter.The fifth chapter is also about the perfection of the sponsors of the administrative responsibility,civil liability and criminal liability,administrative liability are put forward at first by the rules and regulations primarily,mainly to strengthen the property punishment and the financial marked punishment;we should improve the mechanism of the civil liability investigation of the sponsor,put forward the system of pre payment and improve the insurance mechanism of the liability risk of the sponsor.Finally,the implementation of the criminal responsibility of the sponsor,the focus from the Hongkong reform and new regulations,should be in the "criminal law" in increase and sponsor fraud to criminal charges,shall be responsible for the illegal acts of strict proof.To perfect the legal responsibility of sponsors under the background of IPO registration system.