A Research Of China’s Securities Offering Regulation System Under Regulation System

The supervision of securities offering is the first barrier of securities market. This offering supervision affects the effectiveness of resource reallocation, holds a important role to the whole securities market. There are three parts in securities offering supervision, which are: offering approval system, pricing system and information disclosure system. The offering approval system is the first part and has fundamental influence to pricing system and information disclosure system. The different supervision systems under different background of market form reflect the different value orientation of supervision. Currently, China uses approval system, which includes Issuance Examination Committee system and Sponsorship system. This approval system had replaced the old endorsement system, and made positive effects to the securities market administration. However, more and more short comes have been found on this approval system along with the Chinese securities market development. the Third Plenary Session of the18 th Central Committee of the CPC and the working conference of China Securities Regulatory Commission both expressly promote the reform of the issuance of securities towards registration system.This article presents a design and arrangements of a regulatory regime of China under the registration system, based on issuance of securities regulation theories, through the problems of securities supervision, with references to the regulatory experiences of the US, Hong Kong and other more developed capital market.