Research On The Construction And Application Of The Advance Payment System Of Sponsors

The purpose and principle of securities law is the protection of investor rights and the core element of the securities market is information disclosure.In recent years,a large number of information disclosure violations have occurred,the legitimate rights and interests of investors are seriously trespassed.Under the current system,administrative punishment is dominant in false statements,and it is impossible to effectively curb false statements through administrative punishment and criminal litigation.Investors can often only make rights relief by initiating civil compensation procedures.However,according to the comprehensive and large-scale statistics on open judicial precedents,in practice,the judicial channels cannot timely and fully compensate the injured investors.Based on the need to maintain reputation and timely stop loss,the securities market has experienced three self-rescue behaviors of market participants.However,at present,China has not established an advance payment system for the securities market.According to voluntary principle,the parties reached a settlement agreement through friendly negotiation,which is of great significance for resolving civil disputes in securities,protecting the interests of investors,enhancing confidence in the capital market,and maintaining financial order stability.However,whether it is necessary to legislate to establish the legal status of the advance payment system,to ensure the advance payment obligations of the recommended institutions,how to construct the compensation model and the supervision system,and how to ensure the legitimate rights and interests of the responsible party to pay in advance,etc.,have caused hot discussion in the theoretical and practical circles.Discussion is also the focus of research on the first payment system.This paper starts with a largenumber of judicial precedents,through the study of the sponsor system,combined with the registration system reform,demonstrates the necessity and legitimacy of the sponsor institution's first payment,and tries to construct a rule of law for the sponsor institution's first payment system,and promotes the securities issuance.Marketization is steadily advancing.This article consists of five chapters.The first chapter mainly introduces the theory related to the sponsor institution's first payment system.Firstly,starting from the definition,the concepts,expressions and classifications of false statements are clarified,and the preconditions for the triggering of the first payment are clarified.Then,the relevant judicial precedents are retrieved,and the defects of the civil compensation lawsuit system in China are summarized.Insufficient,analyze the institutional background of the first payment behavior;finally define the nature of the first payment,distinguish it from the administrative punishment,civil litigation and criminal litigation,to explore the practical significance of the system construction for investor protection.The second chapter analyzes the reality and theoretical basis of constructing the preemptive payment system in the securities market to explain the necessity of this system construction.First,through the vertical and horizontal judicial case sorting,analyze the effectiveness of judicial relief of investor rights from the aspects of trial time,judgment results,second-instance judgment and determination of cause and force;second,return to the origin of the first-line compensation system,summing up The practical experience of WANFU BIOTECHLOGY,HIRISUN and XINTAI ELECTRIC;thirdly,interpret the legislative basis of the advance payment system from the perspective of the pre-existing claims system,the construction of similar systems outside the domain,and the legal logic of advance payment.The third chapter explores the legitimacy of the sponsor institution as the first paying entity based on the sponsor system.This chapter includes four parts.The first is to introduce the sponsor's responsibility in listing counseling,due diligence,prudential verification,listing recommendation,information disclosure,continuous supervision and liability guarantee in the sponsoring business,and analyze the performance of the performance in the practice;Analyze the rationality of the sponsor's responsibility distribution in the civil misrepresentation of securities false claims and the actual responsibility of the judicial practice;the third is to analyze the actual needs of the sponsor system in combination with the registration system reform;the fourth is to analyze the current legal system for the sponsor institution An attempt to build an advance payment system.The fourth chapter summarizes the main problems that need to be solved in the construction of the sponsor institution's first payment system.In the process of establishing the sponsor's first payment system in legislation,we need to solve the problem,the establishment of the legislative model,the selection of the payment mode,the design of the compensation plan,the determination of the effectiveness of the settlement agreement,the transfer of costs and the realization of the recovery mechanism of the sponsor institution to achieve the normalization of the system.The fifth chapter attempts to initially establish the prototype of the sponsor institution's first payment system from the aspects of construction path and specific framework,and explores the rights protection and risk mitigation measures of the sponsor institution to eliminate the“career”of the sponsor institution.Finally,returning to the market,based on the establishment of the science and technology board and the test system of the registration system,it proposes realistic solutions for the implementation of the sponsor institution's first system.