Research On IPO Supervision System Of The Securities Regulatory Commission Of Registration System Reform Of China

The Securities Regulatory Commission, as the exercise subject of the IPO issuing supervision power and government regulatory agencies, plays a decisive role in the securities market. But the SFC’s function does not fully play the role of because the power structure is not coordinated. The Securities Regulatory Commission has a lot of disadvantages in the IPO’s audit supervision and continuous supervision.The operation mechanism of the issuance examination committee is not independent and transparent.The audit process is too long and the cost is too high.Between the Commission and other regulatory has an unknow regulatory division. It emphasis on the proactive regulation and supervision resulting in lack of law enforcement supervision.It made an influence of the Commission on the IPO’s overall regulatory efficiency.As the power is too concentrated, the SFC has been lack of legal supervision and responsibility obligations, resulting in the imbalance between regulatory commission and regulatory constraints.The reform of the registration system provides the direction of the SFC’s regulatory transition. But the securities market of our country is not yet mature. Investors have a poor rational value judgment. In order to keep developing the long-term and orderl market, the Commission’s regulatory structure must be adjusted. We need to reform the content, methods and the subject of the supervision. The supervision division at all stages of the IPO should be improved. It also need to ensure that the Commission has transform from the proactive regulation to the post-mortem supervision. It will ensure that self regulatory organizations and intermediary service institutions play a substantial role in the securities market supervision.IPO information disclosure system is the core of securities supervision system. On this basis, the Commission must improve and optimize the delisting regulatory and the punishment mechanism of false information disclosure. In the amendment guidance of the revised draft of “Securities Law”, the Commission can strengthen the Law enforcement efforts. Some specific enforcement measures would consummate, such as the investigation power, administrative punishment, criminal punishment, administrative supervision procedure and so on. And The China Securities Regulatory Commission will become a more powerful market supervision subject. The Commission’s supervision should also accept the supervision of the law and the internal and external.It also need to make sure the legal responsibility of the Supervision staff. It will protect the legitimate interests of investors and optimize the allocation of resources of the securities market of our country and establish a good foundation of China’s multi-level capital market.