129756342050156250_84Assistant to the Chairman of the China Securities Regulatory Commission members yesterday said Zhu congjiu, General Manager of the National Committee, responsible to the sponsor the entire sponsorship process and its key participants. Member of the National Committee of China Securities Regulatory Commission Assistant President Zhu congjiu, General Manager, said in an interview with Xinhua reporters yesterday, sponsor management will consider modifying this year, sponsor procedures and due diligence into the entire main sponsorParticipants, in addition to brokers, accountants solicitors to issue independent of human participants should have a clear responsibility. Recommended read the Goldman Sachs Investment Bank loss or reduction of over 1 billion dollars nine bodies on the sword again m slowdown worries increased the market continue to adjust probability larger consolidation with systemic risk in the short term is not recovery period 17Unit ready to buy as down as possible major financing long ping [Twitter] very serious consequences of the high price of new shares [Unit]C2-adjusted will usher in the Changyang 100 points, said Zhu congjiu, General Manager, sponsors pay and trade mechanisms have a profound increase baodai check the influence of the singular also in study. Sponsor sponsor representative management and above (hereinafter referred to as "Sponsor ") system is an important part of the reform of shares system.����In this year's Government work report, the content relating to capital markets for the first time taking in the IPO restructuring, proposed "the sound system perfect the IPO and withdrawal system, strengthen the return and protect the rights and interests of investors."����Returning to single system? Capital market implementation of sponsor system in mainland China, at 20Generally applied in the boards on the market as of February 1
tera power leveling, 04, have exactly 8 years so far.����Said Zhu congjiu
tera power leveling, General Manager, sponsor system where there is a need to improve, such as in importance to the responsibility of the sponsor representative, sponsor organizations how to further enhance the responsibility. Zhigong party central in two sessions of this year's proposals on the reform and perfection of the sponsor system, further standardizing the securities market development proposalAs stated in, sponsor system because of its powers and responsibilities to monitor the allocation of resources, and so on is not yet perfect, not only on its effectiveness, and areas with the most criticized and has become the current securities industry. Market value of listed companies billions of dollars at every turn, sponsor representatives who make "guaranteed minimum" liability is impossible, the sponsor responsibility difficult to implement. New quality is the core element of a-share market,Disquisition of the urgent need to reform and improve the system
tera power leveling, particularly to further strengthen accountability system. Reform recommendations of the Zhi Gong party is, we must resolutely abolish unnecessary financial control must be gradually reducing the share of securities regulators to issue administrative intervention, markets itself to adjust the speed and number of shares issued the first step sponsor representative system should be abolished, returning sponsor institutions;At the same time, when the issue of new shares, can selectively pilot registered on the gem. So-called single-system, the only sponsor institutions sponsored by the sponsor system of responsibility.����Until that sponsor projects when there is a problem, responsibility only for the sponsored person, sponsor organizations and independent. In response, Zhu congjiu, General Manager says that when it comes to fulfill the entire sponsorship process sponsorship due diligence and its main participantMember, sponsor representative is responsible for signing and corporate responsibility to clear and detailed, to further improve the quality of sponsors. He said that in addition to securities companies, accountants lawyer independence of the issuer should have a clear responsibility to further make clear responsibility of all the parties. In addition, sponsor is not responsible for, and timely and effective punishment of violations, measures on the one hand strong attitude to a more distinct������Other hand provides more clearly, positioning to more accurately define the responsibility of intermediaries, due diligence. Civil liability absent a brokerage's investment banking business in southern official said: "the market has now spread to sponsor unlimited liability trends. "He believes that line sponsor system in the Mainland and Hong Kong. The sponsor system of Hong Kong, clear sponsors onlyAre sponsors of business, regulator the sponsors are eligible for regulation, do not require committed, sponsor liability, sponsor liability borne by the sponsors, due to market intermediaries is the legal subject of sponsors.����Sponsor sponsor representative bodies how to pursue specific responsibilities, belonging to the company. However, China's securities regulator (SFC)Nature, sponsor organizations (people) have to bear the legal responsibility, is limited to administrative responsibilities. "If you sponsor civil liability or criminal liability arising from the violation, must depend on the domestic securities and perfecting the legal system.����"He said. Currently involves only sponsor of civil liability laws and regulations of the Securities Act of 26th, when failed to issue shares to be listed on securitiesJoint civil responsibility of recommending people to make provisions.����The responsible person said, liability to sponsor institutions strengthened to sponsor institutions make return to sponsor role, sponsor institutions to solve the "recommended security" "abound and there is no guarantee that the" dilemma and sponsors. A large brokerage head of investment banking Department in Shanghai believed that responsibilities of the sponsor should be "protection of public disclosure of information by issuersReal-timeliness and completeness "," If an error occurs here, would have to take responsibility and accept the punishment. "As an example, he issued in IPO process, development and reform of enterprise financial performance and ownership changes, are all provided by the issuers themselves, and to sponsor, so the issuer itself is responsible for authenticity of information disclosure, sponsors, such as non-subjectiveHelp fake, bear the responsibility for mistakes.����Law firm Shanghai Shen Hao Shen Junqian counsel further points out that, where it is necessary to introduce a presumption of fault, that sponsors must provide evidence of their own have been diligent in course of his practice due diligence. Loose the qualification examination necessary for sponsor representatives on the increased number of people signing on the market, said Zhu congjiu, General ManagerIn the study.����Ongoing sponsor business regulations for the securities listed on the 48th article, sponsor organizations sponsor representatives shall designate two people in charge of an issuer sponsored. Open sponsors signing in the discussion of the reform programme, there are two versions on the supervisory authorities to discuss before. One is "2" version, that is, fromCurrently two sponsor a project sponsor (will each be responsible for Board and small at the same time issuing audited circulation report, in exchange of Hong Kong Limited), expanded to both the circulation and exchange of Hong Kong limited to declare two items. Another version is "1" programme, which means that each sponsor project only needs a sponsor sign, sponsor representative to release each gemEach declaration of an equity financing project.����Current Commission requirements, if the sponsors are in the approval process of the released project sign, you cannot submit other applications must be approved the results of the project that the project approval cycle is complete. But you can say for sure is, the reform programme, a year before a qualifying examination, the future is no longerBecoming the Dragon through various "bridge". From the perspective of current discussions of programme, lift the test's barrier was necessary, the degree of openness may be increased from once a year to four times a year, or by similar CPA "examination" methods of examination.
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