The Allocation Of Supervision Right Of Securities Issuance Under Registration System

China's new "Securities Law" officially came into effect on March 1,2020.The most significant feature of this amendment is that it is clear that China will comprehensively implement the registration system for securities issuance,which indicates that China's capital market has taken a solid step on the road to marketization.However,by exploring the development law of the capital market,we can know that the capital market is full of complexity.The reform of the review of securities issuance from the approval system to the registration system is not only a strong conflict between two different issuance supervision concepts,but it is also obvious and urgent.One issue is the power allocation and the restructuring of the functions of the participating entities in the securities issuance market in the securities issuance supervision.Adhering to the reform thinking from the reform of the securities issuance review system to the compliance of securities issuance behaviors to the efficient issuance of supervision,the various regulatory bodies in China's securities issuance market should re-examine and construct their own supervision duties and power allocation.At present,China's single-tier securities issuance supervision system structure centered on the supervision of the China Securities Regulatory Commission,and the transition to a two-tier securities issuance supervision system structure led by the Exchange under the supervision of the Securities and Futures Commission is the direction of China's registration system for securities issuance supervision.As the main regulators of China's securities issuance,the Securities Regulatory Commission and the Exchange are the core of this article's power allocation.The first chapter of this article is the introduction,which elaborates the research background and significance of this paper and the related literature review.The second chapter summarizes the allocation of securities issuance supervision power,correctly determines the definition of securities issuance supervision,and the main body composition of securities issuance supervision.The third chapter analyzes the current situation of the allocation of regulatory powers for securities issuance.At present,China has a situation where the approval system and the registration system are in parallel.Therefore,it analyzes the allocation of securities issuance under the approval system and the regulatory authority for securities issuance under the new "Securities Law" registration system.In view of the "registration system" of the science and technology board in practice,the analysis of the allocation and design of the securities regulatory authority of the science and technology board is conducted.The fourth chapter expounds the distribution of the regulatory powers of securities issuance in the United States and Hong Kong,and learns and draws on the experiences that are beneficial to the development of China's securities market.The fifth chapter is the author's suggestions on the full implementation of the registration of securities issuance under the registration system based on the analysis of the previous chapters.