The Study Of Sponsor Representative Legal System In China

The Interim Measures for the Stock Issuance and Listing Recommendation System, which were promulgated on December28th,2003and came into force as of February1st,2004by China Securities Regulatory Commission, in the year since, the sponsorship system is established and enforced in China’s security market. The sponsorship system in China is a "Double security system", a system that needs the sponsor and the sponsor representative to work together. Its development is based on Hong Kong’s sponsorship system, therefore, started late, developed slow and immature as a main feature in its development. In recent years, lots of illegal events were happened in practice, the defects of sponsor representative system were highlighted. In this paper, based on the sponsorship system in our country as the research object, to analyzing our country’current laws and regulations about the responsibility system of sponsor representative, by comparing Chinese mainland and Hong Kong "sponsor representative" system, and combined with the securities market in the specific case that violation related laws which happened in the sponsor representative in recent years, finally, to analyze the potential defects in the current sponsor representative system in our country, and perfection proposals concerned this system are put forward as well.This article is divided into three parts, the first part contains the first and second chapter, two chapters were make a basic overview of the sponsor representative system, mainly introduced the primary responsibility of the sponsor representative, legal status, behavior nature, and legal responsibility, in order to have a comprehensive understanding and grasp for this system.The second part is the third and fourth chapter, the contents of this part in an innovative manner to make a comparison research for the "sponsor representative" system in China mainland and Hong Kong, mainly from the admittance mechanism, the role and the legal responsibility, of the three aspects to make a comparative study, analyzing the main problems that exist in the current sponsor representative system in our country, and make a research and analyzing the specific illegal case that sponsor representative violate relative laws in the securities market.The third part is the fifth chapter, this chapter put forward its own proposal base on the above chapters’study and case analysis. Base on the fourth chapter’s analyze, this part put forward the proposal that helps the development and improvement for this system base on the potential defects that come from the admittance mechanism, the role and legal responsibility.The innovation of this article mainly lies in:as the sponsorship system in Chinese mainland is base on Hong Kong’s as a blueprint, therefore, by comparing the "two system", which issued in Chinese mainland and in Hong Kong, this article puts forward the feasible Suggestions for the development of sponsorship system, it is of a certain significance in the study of sponsorship system in China.