A Comparative Study Between Chinese And Japanese Securities Information Disclosure

Before the promulgation of Japan’s Financial Instruments and Exchange Act (ActNo.25of1948) in2006, it’s Securities Exchange of Act originally sprang from theAmerican law. However, the revision of Japan’s Financial Instruments and ExchangeAct reflected the latest trends of international Securities’ legislation, which is basedon Japan’s years of experience of lawmaking and national situation, in addition to amultidisciplinary rearch of Anglo-American law system and continental law system.The information disclosure system is one of the most important part of theFinancial Instruments and Exchange Act. The revision of the law is as follows:a. expanding the available range of securities;b. the information rules in public offering and private placement;c. enacting and improving the information disclosure including the QuarterlySecurities Report, the Report of Possession of Large Volume, the Internal ControlReport.d. increasing penalties for the illegal act.Currently China’s study of the information disclosure concentrates on Americansecurities laws and the previous research of the latest trends of international securities’legislation is inadequate which is analogous to Japan’s situation before the revision.Therefore, it is important for the perfecting of the disclosure in China to study Japan’sexperience of transplantation of law. This paper is divided into four Chapters:Chapter1：the section1gives a general overview of the theories, principles ofthe information disclosure，the section2is about the relationship between Japan’srevision of securities laws and the information disclosure. And the section3is aboutthe similar systems in China’s information disclosure.Chapter2is a comparison of initial discloure systems between China and Japan.the section1is the introduction of the definition of the securities of Japan’s FinancialInstruments and Exchange Act and the enlightenment to our country. The section2and section3is about the information rules in public offering and private placement.Chapter3is a comparison of continuing disclosure system of China and Japan.including the Quarterly Securities Report, the Report of Possession of Large Volume,the Internal Control Report.Chapter4is the legal responsibility in violation of the disclosure rules of twocountries.