Study On Sponsor System Under Registration System In China

After the implementation of the registration system for securities issuance,the value of listed companies will be more determined by the market,and the investment risk will be released while the investors make their own decisions.Therefore,information disclosure must be developed in the direction of high quality.As an important “Gatekeeper” to avoid the risk of the securities market,the sponsor’s legal status has been significantly promoted.But the performance of sponsors on the stock market has been controversial.It is not uncommon to see the phenomenon of“Recommendation” without “Insurance”,which not only damages the interests of investors,but also disturbs the normal order of the securities market.Therefore,the responsibility of sponsors to be compacted,the sponsor system to improve the meaning of the topic.Specifically,this paper can be divided into four parts.The first part explains the relevant meaning of registration system and sponsor system,and analyzes the theoretical basis of the sponsor system from the economic and legal dimensions,in order to clarify its internal principles.By combing the basic position of the sponsor under the registration system,the paper makes a logical preparation for the study of the sponsor system.In the second part,the author studies the discordance between the sponsor’s qualification,term of office and registration system in China,and compares it with the relevant systems in other mature countries or regions,and puts forward a new design idea.The author points out the perfect direction of the sponsor’s qualification and term.The third part specifically analyzes the legal relationship between the sponsor and other relevant subjects,and finds out the referential points of the division of the sponsor’s responsibility outside the territory,to propose the responsibility division of sponsor and underwriter,sponsor representative and securities service organization one by one,in order to avoid the situation of unclear responsibility or overweighed.The fourth part is based on the current sponsor’s legal responsibility investigation,supplemented by the outside sponsor’s legal responsibility investigation system design,separately on the civil,the criminal and the administrative system aspect proposed the consummation idea,to improve the legal responsibility of sponsors to provide a theoretical basis.