Research On The Quite Period System Of The China Securities Issuance

The quiet period system of securities issuance is an important system of the securities act of the primary international finance centers in the world. It is the established practice adopted by the mature markets to prevent information from interfering in supervision and mis-leading the investors. It is also a focus needing improving during the transition from the verification system to the registration system in the reform of the domestic securities issuance. However, the author makes a general survey of the domestic scholars’theoretical research on the quiet period system and the related specific legal practices and finds that there are still many things below expectation, especially in the definition of "securities issuance" and "publicity", along with how to improve the domestic quiet period system etc., or in lack or the absence of the specific investigation into the origin and development and change of the quiet period system in the analysis of this system. And then the analysis of the barriers in the existing problems of the domestic quiet period system is not precise enough. Therefore there are no appropriate, workable and optimized suggestions presented.According to the analysis of the historic origin, development and change, and values and ideas associated with the quiet period system in the American securities act of the primary international finance centers in the world, the author thinks systematically about the theories of the quiet period system, which is adopted as the reference system to analyze the existing problems in the domestic quiet period system and their causes as well. On the basis of the transformation background of the Chinese society and its development direction, the author puts forward with perfect advice from two perspectives, i.e. legislation and law enforcement. Such research process can not only enrich our knowledge of the advancement of the worldwide securities act system, but also enable us to know better about the realistic foundation and the future trend of the internationalization of China’s capital market legal system.