CSRC may reform IPO sponsorship rules
Source: Xinhua |
March 7, 2012, Wednesday
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Print Edition
Print Edition
THE China Securities Regulatory Commission may reform rules on sponsors of initial public offerings this year, a CSRC official said yesterday.
"Even though the sponsor system has played a significant role in improving the quality of listed companies' prospectus disclosures since its adoption, there is room for improvement," Zhu Congjiu, CSRC assistant chairman, said in Beijing.
The proposed reform will cover the entire process of sponsorship, and major participants and sponsors' institutions will also have to take detailed responsibi-lity for their endorsement of an IPO, Zhu said.
Zhu said the proposed reform will stipulate separate responsibilities for brokerage institutions, accounts, corporate counsels and issuers, with timely punishment for those who do not conduct due diligence for the endorsement or engage in unlawful activities.
"Even though the sponsor system has played a significant role in improving the quality of listed companies' prospectus disclosures since its adoption, there is room for improvement," Zhu Congjiu, CSRC assistant chairman, said in Beijing.
The proposed reform will cover the entire process of sponsorship, and major participants and sponsors' institutions will also have to take detailed responsibi-lity for their endorsement of an IPO, Zhu said.
Zhu said the proposed reform will stipulate separate responsibilities for brokerage institutions, accounts, corporate counsels and issuers, with timely punishment for those who do not conduct due diligence for the endorsement or engage in unlawful activities.
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