China Stock 中国证券

Xinhua Beijing September 12 (Xinhua Zhao Xiaohui TAO Jun Jie) China Securities Regulatory Commission announced on the 12th, “the issuance of securities listing sponsors business management approach (draft)”, to amend existing sponsor system, to strengthen the institutions responsible for sponsors to promote the distribution system Approval System to the registration system by the change.

with the original sponsor system, the management practices promulgated by the sponsor to strengthen internal control. For a complete reflection of the whole process of project management approach requires the sponsor to establish a sound system of the working papers for each project sponsor the establishment of an independent working papers.

SFC said that although the sponsor representative line in the business for doing the project, but the quality of the project eventually grasp or more agencies to rely on sponsor’s internal control system to play a role. According to the briefing, management methods will be the responsibility of the sponsor agencies implement specific people, explicitly demanded sponsor business people in charge of the kernel responsible person is responsible for overseeing the implementation of various systems business sponsor and undertake corresponding responsibility to play the role of institutions as a whole sponsors.

representative of the number of sponsor’s request, the amendment in accordance with market development and to expand the ranks of the sponsor representative of the actual situation, the minimum size from two to four, and business settings, as well as sponsor set forth requirements for staffing. Taking into account the part of sponsors institutions and above a certain gap between the requirements, management approach to set a three-month transitional period to adjust. In order to further standardize

sponsor representative institutions and their sponsors the practice of management approach is expressly prohibited sponsor representative institutions and their sponsors, through engaging in business to seek illegitimate interests sponsor and provides the terms of the corresponding penalties. The revision also requires the sponsor representative must be specific for each project is responsible for the establishment of due diligence work of logs, as due diligence as part of the working papers archived for future reference.

according to market changes, the amendments to change the current large-scale projects to allow a joint sponsor of the practice, in principle, the joint sponsors are no longer allowed. At the same time, securities companies, taking into account the ongoing direct investment in business, management approach requires a sponsor agencies with the issuer in the presence of a certain relationship, the need to bring in an unrelated sponsor relations agencies, to take the form of a joint sponsor of the issuer’s securities recommended issuing and listing.

In addition, because the sponsor and lead to assume different functions, and the issuance of securities with the market-oriented reforms, increase the risks of securities underwriting, the amendment in accordance with international practice, allowing the joint the main underwriters, which can only be made by a sponsor agency broker who can lead by a number of organizations will act as a sponsor.

SFC said that the sponsor system will further improve the implementation of the sponsor representative institutions and their sponsors the responsibility of the project to form a good screening mechanism to help ensure that sponsors institutions and sponsor representative of powers between the and responsibilities, and form a coordinated development between the two, a reasonable relationship between the constraints of positive interaction.

The official said that those who practice poor quality, outstanding diligence obligations, “only the signature is not working,” a representative of the sponsors, as well as a very small number of industries to disturb the normal order, contrary to the basic ethics the use of the special status of the sponsor representative to seek illegitimate interests of the “black sheep”, the China Securities Regulatory Commission will be kept strictly regulated firm to withdraw its sponsor qualified representative.

The person in charge said that with the continuous development of the securities market and the market supply and demand balance in the system eventually will be issued Approval System into the current registration system. Sponsor system continuously improved, and the China Securities distribution system will eventually transition to the registration system to lay the foundation.2008-09-12

证监会修订保荐制度推进以市场为导向的分配制度改革

新华社北京9月12日电（记者赵晓辉陶俊洁）中国证券监督管理委员会12日宣布，“证券发行上市保荐业务管理办法（草案）”，修订现有的赞助制度，加强机构，以负责的赞助商推进分配制度审批制度向登记制度的变化。
与原来的赞助商系统
，颁布的管理办法由赞助商，以加强内部控制。如需对项目全过程管理方法全面反映要求赞助商建立一个每个项目赞助一个独立的工作文件工作文件，建立健全制度。

证监会表示，虽然在商业赞助商代表线做项目，但该项目最终掌握或多个机构对赞助商的内部控制系统来发挥作用的质量。据介绍，管理方法将成为赞助机构负责实施具体的人，明确要求，在内核负责人保荐业务负责人负责监督各项制度执行情况的商业赞助，并承担相应的责任，发挥负责任的作用机构作为一个整体共同提案国。

的赞助商的要求数量的代表，在与修正根据市场发展和扩大的实际情况，保荐代表人队伍，从3点58最小尺寸，以及商业环境，以及赞助商工作人员提出了要求。考虑到部分保荐人及以上的机构之间的要求一定的差距，管理办法，设置3个月的过渡期进行调整。为了进一步规范

赞助商的代表机构及其保荐人的管理办法，明确禁止实践赞助商的代表机构及其赞助者，通过寻求企业赞助从事不正当利益，并提供了相应的惩罚条款。此次修订还要求保荐代表人必须为每个项目的具体负责的尽职调查工作日志建立的尽职调查，作为存档备查的工作文件的一部分。

根据市场变化，修订，以改变目前大型项目，以便对这种习俗的联合提案国，原则上，联合提案国不再允许。同时，证券公司，考虑到正在进行的外商直接投资，管理办法要求与某关系存在发行赞助机构，必须将在一个不相关的赞助商关系机构，采取的形式对发行人的证券，联合提案国建议发行及上市。

此外，由于赞助商，并导致承担不同的功能，以及证券发行与市场化改革，增加证券承销的风险，在按照国际惯例修正案，允许该合资的主要承销商，这只能由一个赞助商的经纪行，谁可以提出由一些组织领导将作为赞助商。

证监会表示，保荐制度将进一步改进提案国的代表机构及其赞助者实施该项目，以形成良好的筛选机制，以确保责任，赞助商赞助的机构和代表之间的权力和责任，形成两者之间，两者之间积极的互动关系，合理的限制，协调发展。

这位官员说，谁搞那些质量差，未注意的义务，“只签字不工作”的提案国代表，以及行业极少数扰乱正常秩序，违反了对保荐代表人的特殊地位，使用基本的道德要求的“害群之马”不正当的利益，中国证监会将严加监管公司撤回其赞助合格的代表。

这位负责人说，随着证券市场的不断发展和市场供应，并最终将印发到现行的注册制度审批制度的系统的需求平衡。赞助商制度不断完善，以及中国证券发行制度最终将过渡到登记制度奠定了基础。2008-09-12