Research On The Legal System Of Sponsors Under The Reform Of The Registration System

Since the establishment of registration system,the stock issue has experienced the transformation from "examination and approval system" to "approval system" and then to "registration system".The stock issue is jointly undertaken by sponsor and sponsor representative,and the double sponsor system is implemented.With the full implementation of registration system,the reorganization of audit and supervision power in stock issuance and listing,and the gradual relaxation of administrative supervision,the responsibility of intermediary institutions is more and more heavy,and the risks they face are also more and more big.Therefore,on the one hand,sponsors should give full play to the value-oriented role of the investment market and improve the core capabilities of underwriting,pricing and underwriting.On the other hand,China Securities Regulatory Commission strengthened supervision,maintained high pressure on sponsors’ illegal behaviors,and forced sponsors to return to their positions.This paper starts from the gatekeeper theory,demonstrates the basic principle and necessary conditions of the operation of the sponsor system,and then explores the changes of the role and function of the sponsor in the evolution of our country’s nuclear system to registration system.Based on the above research ideas,and combining with the current Chinese sponsor system,we believe that the current Chinese sponsor system has some problems in the five aspects of the independence of the sponsor,establishment of reputation system,clear responsibility with other intermediary organizations,allocation of legal responsibility and self-regulation.Therefore,combining the comparative studies of foreign capital market systems,the sponsor is proposed to improve the legal system of the sponsor: Firstly,standardize and safeguard the independence of the sponsor,make clear the orientation of the "gatekeeper";Second,improve the internal function division of sponsors and the division of responsibilities with other intermediaries;Third,improve the legal liability system of sponsors,balance the allocation of criminal liability and civil liability,and form a multi-level legal liability accountability system;Fourth,to strengthen the industry self-regulation,fill the regulatory gap formed by the relaxation of administrative regulation;Finally,establish the basic framework of capital market reputation system and form an effective self-restraint mechanism.