Merger And Acquisition Of Listed Companies In The Legal Regulation Of Securities Services

It is a big difference between Public Company and Unlisted Company. With the help of a stock exchange, public company can reach the purpose of financing, enlarging through absorbing idle fund, and can enhance competitiveness. Merger and Acquisition is the important capital management way of the public company to consolidate resource and industry, reduce delisting risks. By the development of economic globalization, merger and acquisition have been the most effective way for the enterprise to improve and strengthen the ability to compete. In the Era of Full Circulation, the activities of merger and acquisition about public company are more active.Merger and Acquisition refers to information collecting, financial auditing, asset appraising, financing and law. So, it is necessary for Listed Company to have the aid of Asset Appraisal firm, accounting firm, law firm and securities trader. The intermediary has put into fullplay in the process of Merger and Acquisition, and the professional idea by intermediary has been the most important consultation for the investors. So, it has positive meaning for The intermediary perform the Credibility duty for improving quality of Merger and Acquisition.Nevertheless, the investors brought up the questions numerous and confused about the intermediary who supplied the professional idea for financial frauds of listing companies.This article summarized the influence and the type of violations of intermediary in the activities of Merger and Acquisition, analyzed the cause and the influence of actions of intermediary getting out of line, summed up the actual criminal responsibility, civil liability, administrative penalty and other supervision measures of the China Securities Regulatory Commission (CSRC) when intermediary get out of line, proposed the suggestions about perfecting Laws and Regulations to be related to intermediary. This article discussed from 5 parts.The part 1: to summarize the definition and type of intermediary and Merger and Acquisition, and to introduce the role of Asset Appraisal firm, accounting firm, law firm and securities trader.The part 2: to introduce the type of service and violations in Merger and Acquisition of intermediary, and to discuss the influence of intermediary in the activities of Merger and Acquisition through three levels which are public company, regulatory authorities and minority shareholder.The part 3: to analyze the cause and the influence of getting out of line of intermediary, and to promulgate the deep-rooted cause by analysis of cases.The part 4: to sum up the actual Laws and Regulations about getting out of line of intermediary from several aspects which include criminal responsibility, civil liability, administrative penalty and other supervision measures of the China Securities Regulatory Commission (CSRC).The part 5: the writer proposed the suggestions about perfecting Laws and Regulations to be related to intermediary.