A Study On The Compliance Of Issuing Depositary Receipts In China

Depositary receipts,also known as depositary receipts,certificates of deposit and receipts for certificates of deposit,refer to negotiable receipts that circulate in the securities market of a country?region? and represent the securities of an overseas company,As one of the most important financing methods for enterprises and companies at home and abroad.China's Depositary receipts are designed with reference to the Depositary receipts(ADR)issued by the United States.With the rapid development of China's economy and the introduction of science and technology,the demand for Chinese depositary receipts in China's securities market is increasing.On March 30,2018,with the consent of the State Council,The General Office of the State Council transmitted the CSRC's"some opinions on the pilot Project of issuing shares or Depositary receipts within the Territory of innovative Enterprises,"and the existence value of China's Depositary receipts,which has been discussed and studied in the market for a long time,has been clearly defined by the authorities for the first time.Policy documents on China's depositary receipts were quickly issued.However,it should be noted that the development of China's depositary receipts in China is still in its infancy,and the relevant legal system supporting it is not yet perfect;the government's regulatory system for its compliance is not in place;in practice,There are still a lot of misleading,inducing and other phenomena of deceiving investors.The author believes that in order to obtain the dividend brought by China's depositary receipts and promote the internationalization of China's securities market,it is necessary to fully improve the analysis and research on its compliance supervision,so that it can develop in a orderly and healthy manner in China's securities market.Therefore,it is necessary to clarify the responsibilities of the relevant subjects,standardize their behavior,strengthen compliance supervision,and provide an excellent legal system guarantee environment for the development of Chinese depositary receipts in our country.In this paper,comparative analysis,normative research,literature research and other research methods are used.Based on the analysis of the concept,development process,legal relationship,legal basis and market positioning of CDR,it is concluded that the issuance of depositary receipts by CDR in China's A-share securities market has its compliance basis.At the same time,it is also found that there are some compliance problems in the issuance of CDR,such as foreign exchange control,supervision,investor protection,jurisdiction and application of law.Based on the analysis of the compliance of overseas ADR,SDR,JDR and the depositary receipt system in Hong Kong and Taiwan,and by using the method of comparative analysis,this paper puts forward some countermeasures and suggestions for issuing CDR in accordance with China's current national conditions.In order to establish a perfect CDR supporting legal system,remove the obstacles to its compliance,ensure its smooth operation,and ultimately achieve the true sense of the internationalization of China's securities market.