香港保荐人制度最新修订述评

Hong Kong System of Stock Sponsor

香港保荐人制度最新修订分解了保荐人的角色,引入了合规顾问、独立财务顾问与保荐人共同承担证券首次公开发行推荐责任和持续督导责任。新的香港保荐人制度清晰地界定了保荐人、合规顾问和独立财务顾问在证券市场上的角色与责任,规定了保荐人的独立性及其判断标准,重构了保荐人的尽职审查责任。内地保荐制度应该强化保荐机构的角色与责任,从“双保制”回归到“单保制”,适当引入类似合规顾问和独立财务顾问等中介机构的角色,降低对保荐代表人的过分倚重,形成对证券发行上市的监管合力。

The newly implemented stock sponsor system in HongKong stipulates that the compliance advisor, independent financialadvisor and sponsor of an issuer shall jointly share the obligations ofsponsorship in its initial public offering and continuous listingguidance. With a clear specification of their role and responsibilities,the new system stipulates on the sponsors’ independence andstandards of judgment and reconstructs their due-diligenceobligations, which provides a good example for the mainland. Theauthor suggests that sponsor representatives should not be toomuch depended on and a joint force should be set up to ensurecorporate compliance in China's Mainland.