Research On Legal Issues Of Public Offering Of Shares

The system of issuing and listing stocks is important in our securities market, and the registration system is being chose by many countries. With the highly speed of development in our economic area, the change in the approval-based IPO system to registration system is happening in our country. This passage is talking about the reform of the registration system with the research methods of theoretical analysis and comparative law. This paper is consisted of five parts, the first part is the introduction, mainly talks about the research background. The reform of public stock issue registration system is imminent, but subject to the "Securities Law" to modify the schedule, securities regulators also failed to timely release of regulations to establish the registration system. Therefore, the reform of the registration system is not only the implementation of the registration system, but also the creation of a complete legal system for the operation of the registration system. The second part describes the implementation of the approval system and the implementation of the approval system, and sums up the characteristics of the two systems, the implementation of the necessity and advantages and disadvantages. The third part introduces the experience of the United Kingdom and the United States in the application of the mature market, and makes a comparative analysis, sums up a set of registration system to adapt to our country. The fourth part mainly discusses the registration system in the implementation of our country, four kinds of situations, are publicly issued and traded, public offering and not traded, exemptions from disclosure issue registration but listed companies, non-public offering of stock but listed, and out the main problems existing in the "Securities Law" revised draft and its solution. The fifth part is the conclusion and suggestion, there are four conclusions, should expand the registration system applicable scope, should re interpretation of the contents of the registration system, should be clear of the securities regulatory agency administrative power, should strengthen the information disclosure system, strengthen supervision afterwards, punish the illegal information disclosure behavior.