Analyze The Regulation Of Recommender In The Registration System

As a revolution which can make China's capital market more market-oriented,the registration system of stock issue will lead the status and function of the agencies who work among issuers,investors and the Securities Regulatory Commission to new changes.As the leader of the other agencies,recommenders undertake comprehensive inspection obligations on Information disclosure,which requires that recommenders should bear the role of "gatekeeper".The reform of registration system also call for the good function realization of recommenders,while in the current approval system,recommenders do not reach the market-oriented position of stock issuing market and irregularities are not uncommon.Therefore,this article takes the role orientation and regulation of recommender in the registration system as the research subject.Firstly,based on the analysis of the connotation of the registration system,the conclusion is that the essence of the registration system lies in offering a pure form of review when compared with the approval system.And to understand the registration system foucsed on the direction and significance of this market-oriented revolution is a proposal.Then according to the actual situation of our country approval system,demonstrates that the role of recommenders are faced with an important change that from the servant of the issuer and the dependency of the administrative power to the "gatekeeper" of the capital market.In order to cope with this change and ensure the founction of the new role,regulation logic should take strengthening the responsibility as the basic principle and take the perfection of rules and the exploration of market reputation mechanism as the specific ideas.The introduce of the theory of path to regulate the recommender and the specific practice are in Chapter ?.The path of regulation including market-oriented path which based on capital market reputation theory and the government regulation mode which based on rules.Government regulation system can be divided into three levels:the qualification management system,independent security system and legal liability system.On this basis,to study on the concrete practice of China's regulation of the sponsors and come to the conclusion that China has not yet established a reputation mechanism of the market and the rule system cannot meet the realistic need.The reputation mechanism needs long-term practice to take effect,and the extraterritorial countries and regions are also constantly strengthening the supervision of the recommender.As a result,the registration system reform should emphasize on the government regulation level.Chapter IV carries on the academic discussions,to study on the concrete problem of China's rules of recomender and put forward the reform situation in the context of the reform of registration system:first to clear the"gatekeeper" legal status.Secondly to reconstruct the chain of mandate and make the recommendation fees public to guarantee its independence.Finally,to promote the legal liability system of recommender in terms of clearing lines of responsibility both internal and external and strengthening the civil liability.