Research On American Shelf Registration

Shelf registration system,also known as the "cabinet type issue" or "shelf issue",isderived from an American securities issue system. According to shelf registrationsystem, after the registration reviewed by the supervision department,the companiesare allowed to register in advance, and issue securities separately in the amount offunds. The United States Securities and Exchange Commission promulgated " Rule of415" defined ten types of securities can be applied under the shelf registration system.Through the promulgation of "Simplifying the Initial Issuance of SecuritiesRegistration Procedures" on the shelf registration system by the relevant provisions ofthe complement and perfection.Shelf registration information are disclosed throughthe basic prospectus prospectus, amendment and supplementary instructions tocomplete.Shelf registration system is an institutional innovation in the process of theUnited States Uniform Securities. It is the product of development of the securitiessupervision and the information disclosure in the United States.Shelf registrationsystem manage the usage of funds, reduce distribution costs, improve financingefficiency and protect of small investors and so on. Based on these positive effects,itis used by many other countries.In the practice of our financial market, there isinformal shelf issue system. The improvement of the related regulations in securitiesissue clear the legal barriers. The department of securities market supervision createconditions for the realization of the shelf issue.With the gradually improvement ofthe supporting systems,especially the development of the reform of new shares,it isnecessary establishing shelf issue system in the field of refinancing of the listedcompany In the future.The subject should be limited to the companies disclosureinformation more than3years, and the company should never disclosure falseinformation nor violation records.Shelf issuer through disclosure the information inthe regularly report and disclosure the prospectus supplements and update of the basicof the the information disclosure.For the period of validity of the shelf issue is2years.