Research On Legal Liability Of Securities Market Intermediaries Under The New Securities Law

On March 1,2020,the new "Securities Law" will be formally implemented,which means that the securities issuance approval system,which has been implemented in China for nearly 20 years,will step out of the historical stage and replace it with the stock issuance principle based on the registration system.It also means that the development of China’s capital market has entered a new chapter.As early as June 2019,the Shanghai Stock Exchange has carried out the pilot of the registration system.The reform of the registration system brought about by the new securities law is bound to be a major change in the development of China’s securities market.At the same time,in order to meet the information disclosure requirements of the new law and the registration system,it also puts forward new challenges to the responsibility,the market will be more sensitive to the feedback of intermediaries than before,and its "role" in the market will be more sufficient.In this context,although the new securities law has strengthened the punishment for the illegal acts of intermediaries,the relevant provisions have not yet given a reasonable and perfect plan for the division of responsibilities,exemption reasons,responsibility sharing,changes in regulatory methods and other issues of intermediaries.Therefore,this paper starts from three aspects of responsibility division,exemption standard and supervision mode,and at the same time draws lessons from the United States securities market,defines the scope of responsibilities of each intermediary with the specialty as the legal responsibilities,clarifies the relevant exemption reasons such as reasonable reliance on the opinions of the third party,so as to give full play to the supervision department In order to build a more reasonable regulatory system,we should strengthen the regulatory functions of the government and establish a "Whistler" system.This paper mainly includes four parts,each part of the level of advance,a general analysis of the new securities law of China’s securities market intermediary legal liability system.As time goes on,the number of lawsuits in the securities market with the intermediary as the defendant increases gradually.The securities market and securities regulatory agencies also realize that the legal liability system of domestic intermediary needs to be improved.In "allocation of legal responsibilities of securities market intermediaries(2011)",Guo Li discussed the problems existing in the scope of review,due diligence standards and responsibility division of securities intermediaries in an all-round way,and pointed out that the division of labor and responsibilities among intermediaries should be clear,and the boundaries of responsibilities should be reasonably divided.The first chapter,so as to provide the basic theoretical basis for the following.The responsibility division of the intermediary is not clear,the exemption standard of the intermediary is missing,and the supervision mode is not perfect.As an important link between issuers and investors,intermediaries should perform their duty of diligence and improve the quality of information disclosure from the perspective of investors.In the third chapter,we learn from the experience and Enlightenment of the responsibility system construction of foreign securities intermediaries.Based on the models of Hong Kong and the United States,the author analyzes and discusses the responsibility division,exemption conditions and mechanism characteristics of the two legal liability systems of securities intermediaries,so as to provide reference for China to learn from and improve the relevant systems.In the fourth chapter,the responsibility orientation,the author clearly implements the division of responsibilities of the intermediary institutions and constructs the reputation system of the intermediary institutions;from the exemption conditions,the author implements the joint and several liability system and the corresponding exemption reasons;from the regulatory level.But at present,the legal liability system of China’s securities market intermediaries is not perfect,the division of responsibilities among intermediaries is still not clear,the exemption standard under joint and several liability is missing,and the regulatory system is not perfect,which is not conducive to the comprehensive deepening of the reform of the securities market.