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保荐制度起源于英国另类投资市场终身保荐人制度。我国自2004年开始引入保荐制度,深受英国另类投资市场终身保荐人制度的影响。相较于英国另类投资市场较为成熟的终身保荐人制度,我国不论是场内交易还是场外交易的推荐督导的相关制度仍有较大差距。我国保荐制度对英国另类投资市场终身保荐人制度的借鉴存在一系列问题,保荐制度的发展完善应当结合本国证券法律实践,配以相应的保荐人评价制度等提高保荐质量的制度体系,制定提高保荐质量的弹性条款,同时严格管控高风险的地方性场外交易市场。
Sponsor system originated in the UK Alternative Investment Market lifelong sponsor system. Since 2004, China has introduced the sponsorship system and has been deeply influenced by the lifelong sponsor system in the alternative investment market in the United Kingdom. Compared with the more mature lifelong sponsor system in alternative investment markets in the United Kingdom, there is still a long way to go if there is a relevant system for recommending and supervising off-market transactions or over-the-counter transactions in our country. There are a series of problems in our country’s sponsorship system’s reference to the lifelong sponsor system in the UK alternative investment market. The development and improvement of the sponsor system should be based on the domestic securities law and practice, coupled with the corresponding sponsor evaluation system to improve the sponsor quality system, Quality flexible terms, while strict control of high-risk local over-the-counter market.