Study Of Gem Sponsor Regime

The special high risk in the Growth Enterprise Market (GEM) is the direct cause of the sponsor system. This paper will give some useful suggestions on the sponsor system in the GEM and find solutions to improve its inadequation through the following ways:analyzing the risk of the GEM, comparing the specific content of the sponsor system, learning from international experience of legislation and practice, and summing up the shortage of the sponsor system in the GEM in our country.The paper first focus on the detail description of the concept and development in the "GEM "and the "sponsor system", and gives the value and specificity of bringing in the sponsor system in the GEM in our country. Then, the paper points out the deficiencies and inspirations in our country's sponsor system through the analysis and comparison of the sponsors and sponsor representative qualifications, duties, legal responsibility. At last, the paper will summarize the disadvantages of the sponsor system in the GEM in our country, provide solutions and proposals for improving the access deficiencies, enhancing the independence of the sponsor, clearing the areas of sponsors' responsibilities, and suggest that we should establish the appropriate supporting systems to provide protection for the sponsor system.The paper argues that for improving the sponsor system to avoid sponsors "recommended but not guarantee, ""recommend but hard guaranteeing", we should construct a reasonable system of multiple sponsors. What's more, we need to combine the securities market intermediaries and the related individuals, as well as distinguish the sponsors' responsibility assumed by different agencies and relevant individuals in order to protect common economic interests of the investors. At the same time, we can not only balance the interest and the responsibilities of different subjects, but also ensure to list the companies with high quality and to truly realize the function of the sponsor system in the GEM.