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《证券法(修订草案)》一读稿对存量股上市流通规定了转售制度,要求存量股流通要转售注册或者在持股时间、期限和数量上对其上市流通进行严格限定。这一移植美国转售制度的做法不符合中国国情。注册制下存量股的流通法律性质上是转让行为不是转售行为,无须行政许可,不涉及发行、注册和注册审核。应将存量股的转让流通限定在二级市场内,由交易所对其转让流通进行必要的限制和审核。
The First Reading of the Securities Law (Draft Amendment) provides for a resale system for listing and listing of stock stocks, requiring them to be resold for registration or strictly limited their listing and circulation in terms of shareholding. This transplanting the U.S. resale system does not conform to China’s national conditions. The legal nature of the circulation of stocks in the registration system is that the transfer is not a resale transaction, no administrative license is required, and the issue, registration and registration audit are not involved. The transfer of stock shares should be limited to the secondary market, and the exchange should make the necessary restrictions and audits on the transfer of its shares.