证券上市监管国际比较与借鉴

2006年起实施的修订后的证券法明确规定，上市交易由证券交易所依法审核。由此，证券交易所将逐步承担证券上市的审核工作。我国现行证券发行审核制度和证券发行上市一体化的事实说明，中国证监会仍然是把握证券发行及其上市的重要因素。当然，本届发审委程序公开透明的审核方式也向我们预示着，非实质审查正在行进中。随着法律的修改完善，上市监管的责任将落在交易所的身上。这也正是顺应国际证券市场的发展趋势。

Comparison on International Criteria of Securities Listing Supervision

The Securities Law of the People's Republic of China, as amended, came into force as of January 1, 2006, stipulates that the stock exchanges are in charge of securities listing. The current situation in China reveals that CSRC is still critical in the initial offering and listing; and the transparency and supervision manner show that non-substantive supervision is under-going. The stock exchanges are getting more responsibilities in the regulation. All of this goes with the international trend of securities...