摘要
自2019年科创板实行注册制试点,我国股票发行注册制的进程逐步加速。注册制改革给中介机构带来了前所未有的压力,尤其是实行双重保荐制度让保荐人负担了更为严格的责任。在注册制背景下,保荐人与保荐代表人的责任失衡问题成为焦点。主要表现在:首先,实际操作中保荐代表人的非独立性导致其承担了主要责任;其次,保荐人与保荐代表人的责任规范在数量和内容上存在明显偏差;最后,保荐人的责任原则化过度,使得在实践中保荐人的责任追究面临难题。导致这些问题的原因在于:保荐人与保荐代表人在资本市场中地位不平等;在制度移植过程中对原有保荐人制度本土化改造不当;注册制改革旨在保护投资者利益之法律价值所带来的影响。为解决上述问题,应明确保荐人与保荐代表人的责任界限、细化保荐人民事责任制度,以此平衡保荐人与保荐代表人之间的责任,促进制度更加公平有效地运行。
Since the implementation of the registration system pilot of the Science and Technology Innovation Board in 2019,the process of the registration system for stock issuance in China has gradually accelerated.The registration system reform has brought unprecedented pressure to intermediaries,especially the implementation of the dual sponsorship system has burdened sponsors with stricter responsibilities.Under the background of registration system,the imbalance of responsibility between sponsors and sponsor representatives has become the focus.It is mainly manifested in the following:firstly,the nonindependence of the sponsor representatives in the actual operation leads them to bear the main responsibility;secondly,there are obvious deviations in the number and content of the responsibility norms of the sponsors and the sponsor representatives;lastly,the sponsors' responsibility is over-principled,which makes it difficult to be applied in the actual situation.The reasons for these problems lie in the unequal status of sponsors and sponsor representatives in the capital market;the improper localization and transformation of the original sponsor system in the process of system transplantation;and the impact of the legal value of the registration system reform aiming at the protection of investors' interests.Accordingly,this paper proposes to clarify the responsibility boundaries of sponsors and sponsor representatives,and refine the civil liability system of sponsors,so as to balance the responsibilities between sponsors and sponsor representatives,and to promote a more fair and effective operation of the system.
作者
赵阡羽
郝磊
Zhao Qianyu;Hao Lei(School of Law,Tianjin Normal University,Tianjin 300387)
出处
《天津法学》
2024年第1期24-33,共10页
Tianjin Legal Science
关键词
注册制
证券法
保荐人
保荐代表人
registration system
securities law
sponsor
sponsor representative
