The Research On Legal Regulation And Institution Suggestions Of Sponsors In China-Taking The Registration System Reform As Background

The introduction of the sponsor system in China has played an important role in improving the responsibility of issuers and intermediaries,preventing and controlling system risks,and further promoted the healthy development of China's securities market.Since 2013,the reform of the stock issuance registration system has been mentioned in the national policy and regulatory documents all the time.With the establishment of the Technology Innovation Board and the pilot of registration system in Shanghai Stock Exchange,it can be said that the registration system has surpassed the feasibility demonstration in China's securities market,it is entering the design and implementation phase of the specific system.With the pilot of the registration system of Technology Innovation Board in SSE,the intermediary of stock issuance must play a more important role,especially the status and importance of the sponsor as the leader,and its “gatekeeper” role needs to be reiterated.Therefore,it is necessary to sort out the development status and legal basis of the sponsor system,and to study the problems that the sponsor system in China needs to solve in reality,thereby to perfect the sponsor system in China.The first chapter is the legal basis and development status of China's sponsor system.Starting from the background and actual case of the sponsor system,this chapter firstly reiterates the importance of the sponsor's “gatekeeper” role incombination with the characteristics of the registration system,and introduces the sponsor's basic performance requirements and sources of responsibility.Secondly,it analyzes the legal theory and economic theory foundation of the sponsor system,discusses the theoretical and practical value of the sponsor system,and provides the basic legal basis for the later articles.Finally,it combines with typical representative cases such as Xintai Electric and Jinya Technology in practice which contains the unresolved issues of China's sponsor system.The second chapter analyzes the legal issues of the sponsor system in China.This chapter starts with the three issues of the sponsor's practice independence,the market reputation mechanism,and the relationship between the sponsor and other intermediaries.First of all,in terms of the sponsor's practice independence,the sponsor selection mechanism in China has a strong private nature.The appointment and salary payment,the content of the work,and the departure of the sponsor representatives lack certain public control.Secondly,in the sponsor's market reputation mechanism,although the sponsor system in China has formed a preliminary reputation mechanism,the sponsor's industry monopoly is extremely strong,resulting in a lack of a complete market-based reputation mechanism.Finally,the liability boundary between the sponsor and other related entities is unclear.We discuss and explore the shortcomings of the existing system of sponsors and regulators,underwriters,sponsor representatives and other intermediaries.The third chapter is the regulation and improvement of China's sponsor system under the background of registration reform.This chapter puts forward corresponding solutions and optimization paths for the legal problems existing in the sponsor system proposed in the above.First of all,in order to guarantee the sponsor's practice independence,A.The sponsor qualification should be clarified from the aspects of improving the admission conditions of the sponsor institution,promoting the qualified certification system and extending the term of the sponsor.B.Learning from the sponsor system in Hong Kong and the Anglo-American region to ensure the transparency of health care costs,in order to promote theopenness of the sponsor selection mechanism.Secondly,in order to improve the reputation-constraining mechanism of sponsors in China,re-examine the principal-agent relationship between the issuer and the sponsor,strengthen the supervision mode in which the industry self-discipline play the more important role than the administrative supervision,thereby optimizing the trading environment of the registered securities market,improving the sponsor market evaluation system and then tailoring the registry market environment which is more liberalized.Thirdly,to reconstruct the scope of responsibility of the sponsor and related subjects.Focusing on the diligent and conscientious obligation of sponsors,clarifying the relationship between sponsors and regulatory authorities underwriters,reasonably dividing and allocating the scope of responsibility of sponsors,sponsor representatives,accounting firms,law firms,etc.,to achieve the goal of "practicing independent,absorbing each respective advantages,minding each own responsibilities and supervising in mutual."...