Study On The Advance Payment System Of Sponsor Institution

The first compensation system of sponsor reflects the importance of the state on the protection of investors’ rights and interests,and has also become an important legal component of the protection of investors in China.The introduction of the system changed the previous pattern of light civil compensation,heavy administrative and criminal punishment,focused on the protection of investors’ rights and interests,in line with the law of the development of the securities market.Compared with the civil litigation in the securities field,this new mode has the characteristics of short time and high compensation amount,which meets the needs of investors in the securities field to safeguard their legitimate rights and interests.It is a bright spot in the field of securities to explore and practice the system of advanced compensation of sponsor in the securities market.The successful application of two cases of sponsor’s first compensation system: Wanfu Shengke false statement case and Xintai electric delisting case brings solutions and operation procedures for similar cases in the securities market,and proves the operability of the system in a deep level.However,the research on the first compensation system of the sponsor needs to be further improved.The existing national legislation on this system is only at the superficial level.It needs to further clarify and refine the provisions,so as to provide a reasonable step basis for similar cases in the future.Therefore,the research and Discussion on the first compensation system of the sponsor can improve its theoretical value and increase the practical value in real life It’s the value of life.The paper has three parts: first is compensation system of the sponsor,summarizes the concept of the first compensation of the sponsor,expounds the significance of the first compensation of the sponsor,and analyzes the legal relationship and the nature of the first compensation.Second lists situation of China’s sponsor’s advance compensation system,compares and summarizes the typical cases of China’s sponsor’s advance compensation,and analyzes the problems existing in the application of the sponsor’s advance compensation system in the securities field,such as that the settlement agreement on which the sponsor’s advance compensation is based has no coercive force and the guarantee This paper discusses the consequences of these problems from the following aspects: the scope of the first compensation of the sponsor is not clear,the procedure of the first compensation of the sponsor is missing,the follow-up recovery of the first compensation of the sponsor is not perfect,and the guarantee mechanism of the first compensation of the sponsor is missing.The third part puts forward targeted suggestions for the deficiencies of the first compensation system of the sponsor.The main countermeasures are to strengthen the implementation effectiveness of the first compensation settlement agreement of the sponsor,reasonably determine the scope and loss calculation rules of the first compensation of the sponsor,clarify the starting conditions of the first compensation of the sponsor,design and introduce the hearing system,implement the follow-up right of recourse of the sponsor,and complete the compensation We should improve the guarantee mechanism for the sponsor to pay in advance.