Securities Issuance System

The system of examination and verification for securities issuing is important composition of legal system for securities .In order to protect the interests of investors , every country may carry some kind of examination and verification for securities issuing in accordance with the feature of security market and securities itself ,this embody the interference by the nation .Because of the difference of the political and economical system ,the level of development of market among every country ,different system of examination and verification for securities issuing develops in countries .It is significant for us to study different kind of system of examination and verification for securities issuing , so we can use their successful practice for reference and draw lessons from their failure. From the establishment of securities market until now ,it costs more then twenty years .In the course of exploring ,our legal system for securities market subsequently develops from scratch to preliminary scientific system and attain significant progress. We also implore and practice the system of examination and verification for securitiesissuing, from strictly approval to quotation system and passageway system a underverification system, until guaranty system now, from regional administration tocentral administration, from multiplying administration to centrally unified administration .In the course of exploring and practice ,we have some progress ,alsohave some failure .How to find the system of examination and verification forsecurities issuing suitable for our feature in accordance with our realistic situation in politics and economy and the reality of our securities market and using successful and scientific practice of other country is very important. This essay first analyzes the theoretical foundation of examination and verification for securities issuing ,then compares the systems of examination and verification for securities issuing of America ,Japan, England and Germany ,and also analyze and summarize them combining with system of issuing and trading system and corresponding legal basis ,and draw some conclusion ,finally put forward some suggestions for our systems of examination and verification for securities issuing. In first chapter, this essay analyzes the definition of Security and security issuing,after comparing and analyzing some definitions of security and security issuing, this essay attempt to make definitions about security and security issuing pursuant to the particular feature and operating course of security issuing. In the second chapter ,this essay explores the theoretical foundation of examination and verification for securities issuing. This essay indicates that the theoretical foundation of examination and verification for securities issuing is the interference to the marketing activity of enterprise entity by government. This essay first research the meaning and theoretical foundation of corporate self-regulation, then analyze the necessity of government interference. This essay also analyzes the aim and principal of examination and verification for securities issuing. In chapter 3,this essay studies the operational schedule of examination and verification for securities issuing. In this chapter ,first explores the classification of the system of examination and verification for securities issuing. This chapterspecially study the detailed operational schedule of America ,Japan, England and Germany ,including examination and verification authority , criteria of examination and verification, schedule of examination and verification ,and so on . Finally study the same of our country .This essay holds that our system of examination and verification have its particular feature ,it is not system of record ,nor is it approval system, it is examination and verification with Chinese feature and with number control. In chapter 4,the essay analyzes the forming reason of system of examination and verification from the regime of issuing and listing .This essay holds that the system of examination and verification is not a dependent system ,it contacts closely with the regime of issuing and listing of a country .this chapter studies the regime of issuing and listing of America ,Japan, England and Germany and draw conclusions on the relationship between regime of issuing and listing of a country and the system of examination and verification .Finally this chapter studies our regime of issuing and listing and indicates the direction of reforming. In chapter 5,this essay analyzes the legal assurance of implementation of the system of examination and verification for security issuing. This essay holds that must correspond with the legal liability .This essay studies the legal liability on security issuing in America ,Japan, England and Germany, finally discusses the legal liability on security issuing in our country and indicates the deficiency and somewhat that need/ilrther improvement. Chapter 6 mainly discusses the globalization of security market and the international cooperation and harmonization of examination and verification for securities issuing, This chapter discusses the globalization of security market ,then analyzes the necessity of the international cooperation and harmonization of"examination and verification for securities issuing ,and analyzes the mode of same .Finally this chapter discusses the international cooperation of examination and verification for securities issuing in our country ,indicates the existing questions. In the last chapter, this essay recites the gradual progress of our systems of examination and verification for securities issuing. This chapter first reviews the gradual progress of our systems of examination and verification, then analyzes the improvement of the same from the aspect of the necessity of the number control ,the ameliorating of criteria of examination and verification and the amplification of legal liability in security issuing. Finally the chapter discusses the lawful performance of examination power and the restriction on it , holds that the examination power belongs to administrative power and puts forward some methods for restriction and supervision to the performance of examination power.