Major Securities Disclosure Standards

The title of this thesis is《Research on the Materiality Standards of Securities Information Disclosure》.The full text is totally divided into three parts, and the main contents are briefly described as follows:The first part is divided into three sections. Related theories on the Materiality Standards are discussed from the points of view of the theories and practice. In Section 1, the concept and meaning of Materiality Standards are briefly described. Investors always require to disclose as much information as possible, but the issuers are always trying to minimize the disclosure of information. Materiality standard makes exactly a point of balance in resolving the problems identified between the information disclosure needs of investors and issuers. Section 2 focuses on the elaboration of jurisprudence and doctrines concerning materiality standard in National laws of the United States, introducing the judicial application and related theories on Materiality Standards in the United States, Britain and others countries. We can use these as reference to our country's securities legislation and judicial practice. Through three typical cases in the United States judicial precedents ,the "Materiality Standards" got developed and amended: 1,Texas Gulf Sulphur (1968'TGS"); 2,Industries v. Northway(1976'TSC"); 3,Basic lnc. v. Levinsion (1998). Section 3 compares the third concepts related to the concept of the "Materiality Standards": Material Facts; Material Changes; Material Information.Part Two is divided into two sections, using mainly the relevant provisions of Chinese securities legislation as a background to launch the discussion. Section 1 summarizes up and lists the provisions concerning the Material standard in Chinese securities legislation and other relevant laws and regulations. By analysing the relevant laws and regulations, this text thinks China's present securities legislation in the Materiality Standards adopts diverse standards. The specific performances are as follows : "investors decision-making" standard,"the prices of securities" standard and the adverse effect on the issuer quality are all found in the relevant securities laws and regulations. Section 2 makes a brief evaluation on the relevant legislation on Material standard and think our country still retains many traces of the dual structure on the Identification of the Materiality Standards.Part three is divided into two sections, and puts forward some observations and recommendations on the relevant legal system. In Section 1 , the controversial theories on China's major academic standards on Material Standard are introduced. Then the author compares the advantages and shortcomings of the "investor decision-making" standard, "securities prices" standard and the "adverse impact on the issuer quality" standard respectively. Then the author's view on this issue is expounded: In the early stage of development of China's securities market ,the market regulations and self-discipline organizations are yet not sound .Taking into account the actual situation of China's stock market, in the mean time to protect the interests of the investors perspective adequately, diverse standards on the Materiality Standards in China's securities legislation should be adopted, making different standards emerge in the transition of the securities markets in our country, therefore fully play their roles. Finally, in Section 2 ,this paper presents some specific recommendations on the application of Materiality Standards...