境内外存托凭证监管制度比较研究

Comparative Study on the Regulatory System of Depository Receipts at Home and Abroad

中国存托凭证发展处于有限开放的起步阶段,其监管制度处于试行中。境外存托凭证监管制度主要包括注册登记、发行和交易规则、信息披露、投资者保护和退市等内容。不同国家和地区存托凭证监管制度既有相似点又有不同点,其实施效果也不相同。中国应借鉴境外有益经验,完善存托凭证监管制度,推动中国存托凭证的发展与繁荣。

The development of China's depository receipts is at the initial stage of limited opening,and its reg⁃ulatory system is in trial implementation.The regulatory system of foreign depository receipts mainly includes reg⁃istration,issuance and trading rules,information disclosure,investor protection and delisting.There are both simi⁃larities and differences in the regulatory system of depository receipts in different countries and regions,and their implementation effects are also different.China should learn from overseas experience,improve the depository re⁃ceipt supervision system and promote the development and prosperity of China's depository receipts.