On China's Securities Market Information Disclosure Regulation

My postgraduate thesis focuses on the supervision of information disclosure on securities market. In this article I made a research on several basic problems of the supervision of information disclosure from the viewpoint of economic law. The article consists of four sections.In section 1, I probe the definition, quality and significance of the supervision of information disclosure.According to my opinion, I define it as the summation action of the securities supervision institutions, which govern under laws the securities information disclosure in order to ensure the interests of investors, especially those on the subject and its activity. The supervision of information disclosure has embodied the penetration from the public law to the private law, which is determined by its special social quality; As a result, it should belong to the category of the economic law. To protect the interests of investors is of fundamental significance.In section 2,1 discuss the patterns of the information disclosure and our practical choice. The formation disclosure is an independent and basic management tool. The patterns of the supervision of information disclosure are always combined with the Approval System for Securities Issuing, but their difference is also embodied chiefly in it. There are three patterns: the Full Disclosure Type, the Substantive Regulation Type and the Strict Substantive Regulation Type. As far as China securities condition is concerned, it is a reasonable option to combine the Mandatory Disclosure with the pattern of the Substantive Regulation Type and perfect it gradually.In section 3, I analyze the relation between the supervision of information disclosure and the information disclosure system.The government of China securities market has undergone three stages: the stage of government control, the stage to nurture and perfect market and that of government domination under the law. Now we are gradually changing to the third stage from government control. A regular tendency in the world securities market is that the supervision of information disclosure act as the core of the supervision of the securities market, therefore, it's a major object to perfect the Mandatory Information Disclosure, then to enhance the supervision of information disclosure.In section 4, I study some problems lying in our construction of legal supervision system.Our country has adopted a two-level system in which the government plays the major role with concentration and consolidation. At the same time, the terminus between the government supervision and market continence should be defined clearly in order to keep an adequate distance between them, thus making the self-discipline organization playing a full role.The supervisor should further understand its standing point to improve the supervision power greatly.