Group 1 - The core viewpoint of the articles emphasizes the regulatory tightening on the responsibilities of sponsors in the capital market, highlighting the introduction of a new classification for sponsors who have been suspended from business due to misconduct [1][2][3] - The update from the China Securities Association has increased the number of suspended sponsors to 15, indicating a zero-tolerance approach towards historical violations and reinforcing the importance of sponsors' diligence and accountability [1][2] - The regulatory framework has been revised to enhance the public disclosure mechanism for negative evaluations of sponsors, which aims to improve the overall quality of practice in the industry and ensure that sponsors fulfill their roles effectively [1][2] Group 2 - Recent enforcement actions by the China Securities Regulatory Commission (CSRC) have intensified scrutiny on intermediary institutions, with 95 cases of negligence reported last year, marking a continuous increase over three years [2][3] - The regulatory approach reflects a commitment to thorough oversight and accountability across the entire issuance and listing process, addressing issues such as fraudulent issuance and inadequate supervision by sponsors [2][3] - The case of Zixin Pharmaceutical illustrates that sponsors can be held accountable for past failures regardless of their current status, emphasizing the need for higher standards in project selection, quality control, and compliance within the investment banking sector [2][3]

近日，北京市高级人民法院对蓝山科技证券虚假陈述案作出二审判决，维持一审认定保荐代表人承担连 带赔偿责任的判决。这标志着我国首例由保荐代表人向证券投资者承担民事赔偿责任正式生效。该案例 对证券从业人员敲响警钟：执业质量不仅决定其能否符合监管规范，更决定其未来是否会因此承担巨额 民事赔偿。 2019年证券法修订，将"保荐人、承销商直接责任人员"纳入虚假陈述连带责任主体，除非相关人员能够 证明自己没有过错。该修订旨在通过个人责任穿透，倒逼保代提升执业审慎性。但在司法实践中，因个 人赔付能力有限，原告投资者往往仅起诉中介机构而放弃追责保代个体。项目签字人通常仅被行政处 罚，未涉及民事追偿。 上述案例在业内被认为极具参考价值。当新的法律落地实施，从业人员需要重构执业策略，不仅要规避 职业风险，更要对项目进行责任管理。 一是要有敏锐的"风险嗅觉"和专业的职业判断。在"零容忍"环境下，风险判断能力已成为中介机构从业 者的"执业生命线"。从业人员应对异常财务指标、关联交易隐蔽化、客户集中度畸高等风险信号保持高 度敏感，将"风险嗅觉"锻造为"肌肉记忆"，把质疑精神融入职业基因。 二是强化实质核查。一方面，加强流程合规审核，避免 ...