On Improving The Temporary Information Disclosure System Of Securities

There was a significant fluctuation in Chinese securities market last year. Although the reasons are various, it indicates the urgency to improve the transparency of securities market, as well as to promote the timeliness, comprehensiveness and completeness of the information disclosure system of securities. The present information disclosure system emphasizes the information disclosure of share offer but ignores the consistent information disclosure, emphasizes the regular information disclosure but ignores the temporary information disclosure. Improving the consistent information disclosure system of securities, especially temporary information disclosure system, is significant under the condition that the registration reform of share offer. The thesis inspects the temporary information disclosure system of securities in China, absorbs the experience of other countries, put forwards the opinions and advices on improving the temporary information disclosure system of securities on the basis of the development of Chinese securities market.The thesis breaks through the mode of imitating the overseas system blindly, deeply analyzes the relevant laws and administrative rules, and summarizes Chinese the temporary information disclosure system of securities. The thesis suggests expanding the scope of temporary information disclosure and mandatorily disclosing the future information other than the predicted information on the basis of national conditions. Furthermore, it also suggests perfecting the administrative inspection mode, and strengthening the connection between the administrative enforcement of law and the criminal justice.Paragraph one concludes the theories and present regulations of the temporary information disclosure system of securities, points out the weaknesses, such as conflicts of regulation, dimness of effectiveness and imperfection of liabilities. Meanwhile, it raises the necessity and urgency to improve and perfect the temporary information disclosure system of securities under the background of administrative reform and registration system reform of share issue.Paragraph two concerns the substantial system of temporary information disclosure, puts forward the theoretical innovation on the system of temporary information disclosure, points out that the function of temporary information disclosure system protects market instead of consumers only and the responsibilities expands from economy to society. The securities information can be divided to three kinds, i.e. certain information, future information and predicted information. We should perfect the rules of future information disclosure, establish Safe Harbor system and adopt the Bespeaks Caution Doctrine. However, China lacks of the conditions to build future information disclosure system at present.Paragraph three pays attention to the procedure of the temporary information disclosure, proposes to reform the information disclosure inspection mode, and combines the prior review with post review. This thesis also suggests improving the legislative relation mechanism, building information sharing mechanism, exploring joint enforcement mechanism and promoting the effective connection between the administrative enforcement of law and the criminal justice.The forth part is a conclusion which summarizing the main ideas of the thesis.