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证券市场中介机构“立案调查即业务受限”制度存在已十余年。近期,IPO欺诈发行案件中多家中介机构被立案调查后业务受限.其承办的大量项目被不予受理或暂停审核,引发了强烈的关注和讨论,监管机构也宣布修改相应的制度规则。该制度究竟是什么性质?是否合理、必要?存在哪些问题和弊端?应当如何改进?既是值得讨论的理论课题,也是监管机构面临的现实问题。本文拟以制度渊源和实践做法为出发点,探讨“立案调查即业务受限”的法律属性,论证其合理性与必要性,分析其存在的弊端和缺陷,为下一步改进和完善该制度提出建议。
Securities market intermediaries “investigation of the case that the business is limited ” system has existed for more than ten years. Recently, a number of intermediary agencies in IPO fraud cases were limited in business after they were put on file for investigation, and a large number of projects they undertook were either inadmissible or suspended for audit, which aroused intense concern and discussion. Regulators also announced the revision of the corresponding rules and regulations. What is the nature of the system? Is it reasonable? Necessary? What are the problems and drawbacks? How to improve? It is not only the theoretical issues to be discussed, but also the real problems facing the regulatory agencies. Based on the origin and practice of the system, this article explores the legal nature of the “investigation on the case that the business is limited”, demonstrates its rationality and necessity, analyzes its shortcomings and defects, and improves and perfects the system for the next step make a suggestion.