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香港证券发行注册制之下的保荐人制度,具有鲜明的特色。本文通过归纳总结香港保荐人制度历次修订,期望为大陆保荐监管制度的改革带来启示。香港对保荐人的要求越来越严格,但始终围绕保荐人的尽职调查等方面的责任和义务进行修订完善。大陆也必须借此次《证券法》修改的机会,厘清保荐人与承销商的关系,加强保荐人的协助信息披露义务,严格保荐机构的法律责任,取消保荐制度中的个人责任,促进保荐人完善持续督导的“看门人”任务。
The system of sponsors under the Hong Kong securities issuance registration system has distinct characteristics. This article summarizes all previous amendments to the sponsor system in Hong Kong, hoping to bring inspiration to the reform of the mainland sponsor supervisory system. Hong Kong’s requirements for sponsors have become more and more stringent. However, the responsibilities and obligations of sponsors in due diligence have always been revised and improved. The mainland must also take this opportunity to amend the Securities Law, clarify the relationship between the sponsor and the underwriters, strengthen the sponsor’s obligation to assist in information disclosure, strictly guard the legal liability of the sponsor institution, cancel the individual responsibility in the sponsor system and promote the sponsor Improve the continuous supervision of the “gatekeeper” task.