On The Perfection Of Sponsor System Of China’s GEM

Sponsor system was originated in the UK Growth Enterprise Market(GEM),it has been introduced in the motherboard market after the early21st century.The purpose of the GEM to establish the sponsor system is to set a listed place to the Small and medium enterprises whitch have a good development prospects.The GEM of our country was Officially launched on October23,2009.before this,the sponsor system has already been used in our motherboard market.As early as October9,2003,The China Securities Regulatory Commission had adopted the "Interim Measures on Securities of Issuance and Listing Sponsor System"After several years of practice,"Securities Act" was prescribed by the securities issuance sponsor system as a legal system.August14,2008.The China Securities Regulatory Commission vetted and approved the "Measures for the Administration of Securities Issuance and Listing Sponsor business"and at the same time the "Interim Measures on Securities of Issuance and Listing Sponsor System"had been revoked.The sponsor system of GEM in our country does not set up specifically sponsor system for the GEM.The behavior of the company to be listed should use the same regulations with the sponsor regime.The behavior of listed companies in the Shenzhen Stock Exchange listed stage should reference to the provisions of Chapter IV of "Shenzhen Stock Exchange GEM Listing Rules"This paper described the status of the concept of the sponsor and the sponsors of GEM system,analysised the existing inadequate in the GEM sponsor system,and thought the the legal significance to improve the current sponsor of the Growth Enterprise Market system. This article consists of four chapters:Chapter I Explain the concept of the sponsor system, outlines the general duties of the sponsor, by comparison with the related concepts reflect the special nature of the sponsor system;,Chapter II Analysised the significance and development status of China’s Growth Enterprise Market of the sponsor system, sponsor regime on the significance of China’s Growth Enterprise Market, and the sponsor system in the ventureboard’s position, indicating that the characteristics of the sponsors of the GEM system, pointing out the imperfections of the existing sponsor under the sponsor system defects and associated laws and regulations;.Chapter III Analysised and comparated the Growth Enterprise Market in different country. the characteristics of their system; Chapter IV chapter of the GEM market, improve China’s GEM sponsor regime from perfect sponsor qualified way to extend the sponsor during theclear "shelf life" sponsor responsibility and increase sponsor punishment aspect to improve our existing sponsor system, useful legal advice from both the sponsor responsibilities associated legal point of view.