On The Comparison Between Chinese And American Securities Information Disclosure System

Starting with the definitions concerned, this thesis reveals, by means of comparing the differences between Chinese information disclosure pertaining to issuing, on-going information disclosure and forecast information disclosure and those of the U.S., the discrepancies between Chinese securities information disclosure system and that of the U.S. in system construction, disclosure means, supervision means and judicial remedies on the basis of the clarification on relevant definitions and expatiation on corresponding theory. In addition, basing on analyzing the U.S.'s advanced experiences and our country's deficiencies, this thesis raises personal suggestions as well for the purpose of the development of our country's securities.This thesis is divided into 6 parts: the first chapter lays emphasis on the specification on correlative definitions and basic principles; the second chapter to the fifth chapter are the main parts of this thesis, which cover system construction, disclosure means, means of supervision on disclosure obligor and liability of offenders; concrete feasible measures are put forward in light with our country's current circumstances in the last part of this thesis.Many countries have put electronic information disclosure into use, but our country is still applying traditional mode to information disclosure which not only results in the supervision cost increase, lowers efficiency but is inconvenient for public investors to get message in respect of issuers and listed companies. It is urgent for our country to build an advanced electronic information disclosure system in oder to develop our securities market and satisfy the requirements of investors in securities information.As far as the penalties arising from the default of laws and rules on information disclosure, Chinese is different from that of the U.S. Our country is inclined to take administrative measures, fining in particular, in contrast, provisions on civil liabilities are far from perfection. Some Provisions of the Supreme People's Court on Trying Cases of Civil Compensation Arising from False Statement in Securities Market is unsatisfactory in many aspects. To safeguard the investors, punish whoever violates the laws or rules and to warn whoever attempts to defy the law, it is pressing to perfect related compensation system, put class action into force and train a number of professional securities lawyers.China Securities Regulatory Commission is the principal securities supervision and administration organ. It is easy for Securities Exchange which is on the spot of securities exchange to find and control illegal acts in securities exchange. Our Securities Regulatory Commission, however, is restricted in exercising powers on condition that Stock Exchange is affiliated with governments. Restricted in powers, Securities Regulatory Commission and Stock Exchange are unable to investigate and deal with lawbreaking acts in their own minds. In order to realize their functions indeed, it is necessary and essential to guarantee the Securities Regulatory Commission's independence and expand the powers of Securities Regulatory Commission and Stock Exchange.Upon the storm of the Enron Event, the government of the U.S. promptly took urgent measures and adopted Sarbanes-Oxley Act which has a great effect on similar acts, the stability of securities market and the regaining of investors' confidence in securities market. Although illegal acts concerning information disclosure occurred one by one in China, no other relevant measures have been taken in time except administrative measures including fining and warning. Hardly can administrative measures in nature cure these acts. Besides, fines are turned in, which results in the fact that investors get no compensation. This reflects, to a great extent, neglect in simplism in dealing with serious violation of laws and oldness in concepts. Last but not least, we failed to place emphasis on the interests of investors.A constructive conclusion is drawn in the last part of this thesis that we shall first reinforce and perfect the legislation, push class action; meanwhile, China Securities Regulatory Commission and Stock Exchange shall be granted more powers to realize their due functions. In oder to gain access to information in a more convenient way and decrease supervision cost, the system appointing newspapers for disclosure shall be cancelled and paperless electronic information disclosure shall be put into use. For benefits of investors and favoring class action, more professional securities lawyers shall be trained.