Securities Cross-border Listing Of Continuous Information Disclosure Regime Explore

With the development of global economy, the integration of world capital markets has been continually strengthened. Stock exchanges gradually break geographical restrictions, allow good companies in other countries to list in local market, which expands the trade volume and enhances exchanges'international status in the financial sector.From the very beginning, China's security market has established the goal of internationalization. To achieve the goal, it bound to practice "bringing in" strategy, to attract good foreign companies to list in Chinese security market.Since March 2009, Chinese government have issued"The State Council on Promoting Shanghai to speed up the development of modern services and advanced manufacturing construction of an international financial center and the views of an international shipping center", set goals that"steady advance foreign companies to issue RMB bonds, and start issuing RMB stock timely", which officially launched the construction of the international board.The legal system of international board constitutes by the various parties, continual disclosure of information plays a key role in the construction. Effective continuous disclosure system can urge listed companies to release information timely, accurately and completely, can prevent false disclosure and insider trading. Good continual disclosure can really guide the trading in secondary stock market.View from the United States and Japan, they have some exemption on continuing disclosure of information to foreign companies in aims to encourage foreign companies to list on their security markets. Those exemptions are only a formality, and the principle of investor protection is still the legal core. Particularly in the United States, the strict security laws, the unique litigation environment, the high compensation, and investors'strong sense of self-protection have play an important role in the information disclosure.Whereas China's security market has not reached the same maturity as foreign markets, we should make more stringent laws on continual disclosure of information in international board. Founding international board, we should be careful and cautious. When conditions are ripe, all companies can have the same obligation. China's international board legislation should make investor-protecting as the primary principle, promote international regulatory cooperation and improve relevant security litigation system.