包容与平衡:新三板主办券商持续督导的勤勉尽责探析  

Inclusiveness and Balance:Exploration of the Diligence in Continuous Supervision of Lead sponsors in New Third Board(NSSB)

作　　者：姜帅 JIANG Shuai(School of Law,Central University of Finance and Economics)

机构地区：[1]中央财经大学法学院

出　　处：《金融市场研究》2024年第10期76-86,共11页Financial Market Research

基　　金：中国证券业协会2023年重点课题“证券公司持续督导勤勉尽责标准与民事责任研究”(2023SACKT091)。

摘　　要：新三板市场的特殊性以及涉及主办券商监管案件、虚假陈述责任纠纷的出现使主办券商持续督导的勤勉尽责认定成为重要的法律问题。对2018—2023年发生的证券监管案例与虚假陈述责任纠纷进行实证研究发现,监管机构和法院均对主办券商持续督导的勤勉尽责认定表现出包容审慎趋向。现行法理论说认为主办券商有别于沪深交易所保荐人,而且持续督导阶段履职标准不同于推荐挂牌阶段,为包容审慎的监管和司法实践提供了合理的依据和方法论。但过度的包容审慎也可能导致威慑不足,建议从加强自律管理力度,适度回归规则执法,允许主办券商持续督导合理信赖其他中介机构意见,确立“吹哨抗辩”等合理勤勉抗辩事由等方面建立约束与激励相容的制度体系。The special characteristics of the New Third Board market and the emergence of regulatory cases and misrepresentation liability disputes related with lead sponsors make the determination of the diligence and responsibility of lead sponsors'continuous supervision an important legal issue.An empirical study of securities regulatory cases and misrepresentation liability disputes occurring from 2018-2023 finds that both regulators and courts have shown a prudent and inclusive tendency towards the determination of diligence and due diligence in the continuous supervision of lead sponsors.The current legal theory focuses on the special nature of the continuous supervision of the lead sponsors,from the lead sponsors is different from the Shanghai and Shenzhen Stock Exchange sponsors and the continuous supervision stage performance standards are different from the recommendation of the listing stage,to provide a basis and methodology for it,which is worthy of recognition.However,excessive prudential tolerance may also lead to insufficient deterrence,and it is suggested that regulators strengthen self-regulatory efforts in the future,and return to the rules of law enforcement in an appropriate manner,while allowing lead sponsors to continue to supervise and reasonably rely on the establishment of reasonable diligence defenses such as"whistle blowing defenses"and the establishment of a system of constraints and incentives compatible with the system.

关 键 词：新三板 主办券商 持续督导 勤勉尽责 虚假陈述 合理信赖 

分 类 号：D922.287[政治法律—经济法学] F832.51[政治法律—法学]