Comparative Study On Legal System Of Information Disclosure In Securities Market

Securities market is the result of highly developed commodity economy. As a kind of special financial commodity market, securities market has a important difference to common commodity market. This differentiation is the phenomena of asymmetric information. General investors only have very limited capacity to gain useful information that is important to invest. As the result, protecting the investors is the keystone in legislation on securities. And legal system of information disclosure is the foundation stone in securities law. Furthermore, as far as present conditions of national securities market concerned, false disclosure and insider trade are restricting the health and development of market. The listing companies often publish false annual report and semi-annual report. It is critical to regulate the behavior in securities market with legal method of information disclosure.In consequence of low-developed securities market of our nation, information disclosure system has not consummated yet. Using the experience of other countries for reference is very important. The System has started form British Joint Companies Act of 1844 and has matured in American Securities Act. 1933 and Securities Exchange Act, 1934. Some other developed countries, such as Japan, French and Taiwan, have had a long term development on securities market and have formed better legal system on information disclosure. Therefore the author systemically expatiate and study on information disclosure legalsystem, adopting a method of comparative study, mainly consulting juristic system of Britain, America, Japan and Taiwan, relating legal and economic principles and national legislation practice.This Article has mainly discussed in four parts. The first part has expounded the origin and evolution of information disclosure system, opening out the background of history, society and law and lawmaking progress. The system in Britain and America is cardinal line in this part. The second part is the study on theoretics. This part is composed with bounding basic conception and stating relative economic theories and juristic theories. The third part has analyzed the cardinal juristic principles and the form and the content of the System with the comparative method. The last part has study on national development, actuality, some important questions and countermeasures of the System. The Article has emphasized particularly on the origin and evolution of information disclosure system and national actuality and countermeasures to some problems.