论保荐机构和保荐代表人对第三人的民事责任

保荐机构和保荐代表人保荐职责的核心是上市公司信息公开担保义务.违反这种法定义务,构成对投资者知情权的侵害,致使投资者遭受损失的,应当承担侵权责任.对这种特殊侵权行为应采用过错推定的归责原则,由保荐机构对第三人承担民事责任.同时要厘清保荐机构和保荐代表人与上市公司以及其他中介机构之间责任的边界,以保证保荐人制度真正发挥作用.

On the Civil Responsibility of the Sponsor and the Representative of the Sponsor for the Third Person

The core of the sponsorial obligation of the sponsor and the representative of the sponsor is the obligation for guaranteeing information disclosure of the listed company;Violation of the legal obligation infringe the right to know of the investor;If the investor suffers the loss because of it,the sponsor and the representative of the sponsor should undertake the infringement responsibility.We should adopt the offence deducting principle to the special infringement,and the sponsor should undertake the civil responsibility for the third person.At the same time,we should distinguish the boundary of the responsibility among the sponsor,the representative of the sponsor,the listed company and the else facilitating agency,and assure the sponsor system effective.