Research On The Responsibility Distribution Of Intermediaries In False Statement Of Corporate Bonds

The bond market is an important part of the securities market.In recent years,the scale of China’s bond market has developed to the second level in the world.However,Chinese academic circles tend to prefer the stock market when studying the securities market,and there is little research on the bond market.Compared with the stock market,the bond market has some commonalities,but there are some special features that can not be directly applied to the stock rules.In recent years,China has paid more and more attention to the bond market,and issued some policy documents that are separately applicable to bonds.Therefore,it is necessary to study the relevant issues of the bond market separately.This paper mainly studies the responsibility distribution of intermediary agencies for misrepresentation of corporate bonds,which can be subdivided into the definition of responsible subjects and the distinction of responsibility degree.Through the study of this problem,this paper hopes to establish a responsibility distribution system for intermediary agencies suitable for corporate bonds,so as to urge relevant subjects to perform their duties and jointly promote the development of bond market.The first chapter mainly discusses the basic theory of responsibility distribution of corporate bond misrepresentation intermediaries,including the concept of corporate bond misrepresentation,the definition of responsibility subject and the definition of responsibility degree,and the related theories in civil,administrative and criminal fields related to responsibility distribution.The second chapter mainly discusses the present situation of the responsibility distribution of the intermediary agencies for misrepresentation of corporate bonds in China,and the problems and deficiencies found through the present situation,including the problem that the responsibility distribution standard of the intermediary agencies for misrepresentation of corporate bonds has not been established,the problem that the responsibility subject status of credit enhancement agencies(including guarantors)and entrusted managers is not clear,and the specific responsibilities and obligations of various intermediary agencies are lack of detailed provisions,as well as the ambiguity of responsibility forms.The third chapter mainly studies the system and rules of the United States,Japan and Britain on the responsibility distribution of corporate bond misrepresentation intermediaries,and further explores the shortcomings of our existing system by drawing lessons from international experience,so as to provide ideas for improving our relevant system.The fourth chapter mainly aims at the problems and shortcomings mentioned above,and draws lessons from international experience,and puts forward some suggestions for optimizing the responsibility distribution system of intermediary agencies for misrepresentation of corporate bonds in China,including defining the main body of responsibility distribution for misrepresentation of corporate bonds and the criteria for distinguishing the degree,clearly defining the responsibility subjects such as credit enhancement agencies(including guarantors)and trustee managers,scientifically defining the responsibility forms of each intermediary agency,and reasonably defining the due diligence obligations of each intermediary agency.