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十八届三中全会通过的《中共中央关于全面深化改革若干重大问题的决定》明确了股票发行注册制改革的方向。在实施注册制改革时,如何界定包括承销商在内的中介机构的职责成为各界关心的问题。借鉴美国注册制下有关承销商法律责任的监管经验,以承销商职责和如何判断承销商是否尽职为视角,通过比较分析美国注册制和中国现行IPO制度对承销商(保荐人)~([1])职责的规定,来对我国注册制下承销商法律责任的完善提出建议是十分有必要的。
The “Decision of the CPC Central Committee and the Central Government on Several Important Issues concerning the Overall Deepening of the Reform” adopted by the Third Plenary Session of the 18th CPC Central Committee clarifies the direction of the reform of the registration and reform of the stock issuance. In the implementation of the registration system reform, how to define the responsibilities of intermediaries, including underwriters, has become a concern of all walks of life. Learn from the supervisory experience of the underwriters in the United States registration system, take the responsibility of the underwriters and how to judge whether the underwriters are due diligence. Through comparative analysis of the U.S. registration system and the current IPO system in China, the underwriters (sponsor) ]), It is necessary to make suggestions on how to improve the legal liability of underwriters under the system of registration in our country.