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全国人大常委会一审的《证券法(修订草案)》规定了股票发行注册制度。注册制改革的动力在于现行核准制滞后于不断成熟的证券市场发展,有必要解读并借鉴美国肿注册制的核心理念。修订草案的证券发行注册制度体现了简政放权不彻底,证券发行双轨制不合理,交易所发行注册文件审核与上市审核衔接不畅,互联网技术在注册发行应用制度不足,部分程序设计不完善,反欺诈注册发行的配套制度欠缺等。为此,建议修订草案保留证监会有限的注册权力及证券发行全面注册制,实现股票发行注册审核与上市审核分离,完善注册文件审核程序及互联网技术审核应用制度,股票发行保荐人与承销商分离制度,确立配套的注册发行的反欺诈制度,保障证券发行注册制的实施。
The “Securities Law (Revised Draft)” of the first instance of the Standing Committee of the National People’s Congress stipulates the registration system for stock issuance. The motivation of the registration system reform is that the current approval system lags behind the maturity of the securities market. It is necessary to interpret and draw lessons from the core concept of the swollen registration system in the United States. The draft revision of the securities issuance registration system shows that the power of attorney is not thorough enough, the dual system of securities issuance is not reasonable, the exchange between the issuance of the registration documents and the examination of listed companies is not smooth, the application of Internet technology in the system of registration and issuance is inadequate, the design of some programs is imperfect, Fraudulent registration system for the lack of matching and so on. To this end, it is proposed to amend the draft to retain the SFC’s limited registration authority and a comprehensive registration system for securities issuance to achieve the separation of the registration of stock issuance audit and listing audit, improve the registration document audit procedures and application of Internet technology audit system, stock issuer and underwriter separation System, set up ancillary anti-fraud system of registration and issuance, and ensure the implementation of the securities issuance registration system.