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发行注册制的研讨推进、《证券法》的拟议修订,使得保荐制度的去留或变革成为资本市场的热议话题。2013年10月1日,香港关于保荐人监管的最新改革举措正式实施。新规则对信息披露、尽职调查、资源投入、流程文牍等加以明确,引入了针对保荐人的刑民事责任,也代表着对洪良国际等现实案例的回应。机制变迁的核心是相关权利、义务与责任的再配置和再平衡,这对于认识和把握证券发行注册制的法律实质及改革关键,殊为重要。以此为参照系,检讨万福生科等违规事例,现阶段我国内地应坚持并完善保荐要求,形成更好的制度安排。
The issuance of registration system to promote research, “Securities Law” proposed amendments, making the sponsorship system to stay or change the capital market has become a hot topic. On October 1, 2013, the latest reform measures on the supervision of sponsors in Hong Kong came into effect. The new rules clarify the disclosure of information, due diligence, resources input, process texts, etc., introducing criminal civil liability for the sponsors and also representing the actual cases such as Hongliang International. At the core of the mechanism change is the re-allocation and rebalancing of related rights, obligations and responsibilities. This is especially important for understanding and grasping the legal essence of the securities issuance registration system and the key to reform. Using this as a frame of reference to review violations such as Wanfook S & T, at this stage, mainland China should adhere to and improve its sponsorship requirements and form a better institutional arrangement.