Legal Regulation Of Foreign Indirect Listed Protocol Control Mode

At present, our country has a large scale enterprise through the protocol controlmodel of indirect overseas listing, overseas financing. Protocol control mode is a flexibletransformation of the traditional basic the red-chip mode, he mainly through a series ofagreement transfer operations within the territory of the rights and interests of enterprises,instead of the traditional the ownership of another enterprise, in the form of control. Underpublic finance law system of our country, the protocol control mode is the lowest cost ofprivate enterprises listed abroad, the quickest mode, can avoid the complicated approvaland application procedures, has a strong to expect. But with such a large privateenterprises to participate in the overseas capital market, the instability of protocol controlalso raises a number of questions, it contain legal risk is self-evident, consummates ourcountry the protocol control mode of legal regulation is of great significance.This paper from four parts to discuss the connotation of the protocol control mode,the legal issues, risks, regulatory status and issues of law perfect. The first part introducesthe basic concept of listed abroad, the connotation of the protocol control mode and otherproblems. Combined with the key and the grand network of companies listed overseasarchitecture, specific analysis of the protocol control mode generally build steps, this partmainly lay the full text foundation. The second part will focus on analysis of thelegitimacy of protocol control mode, this text mainly analyzes from the Angle of contractlaw. The third part will analyze the protocol control mode of the specific legal risk, sentour related protocol control mode of the regulatory status and problems of legal regulation,hope to provide some thinking to the system design below. The fourth part analysis ofoverseas mature securities market supervision system, and puts forward correspondingregulation measures, and the protocol control model of the system construction for a longtime for the specific planning. But in the face of the red-chip mode and financingproblems, improve the relevant legal law can provide a certain way to solve, but does notaddress all the problems encountered by the capital market, still need to rely on the sound development of capital market. Countries need to provide the corresponding financingenvironment for small and medium enterprises and the legal system, such as perfecting thedomestic main board market, reduce the complicated conditions and approval proceduresand maximize the protection of the rights of investors. Only the sound and orderlydevelopment of the capital market, to achieve win-win situation.