Research On The Reconstruction Of The Information Disclosure System Of Issuing Securities Under The Registration Mechanism

Reforming the registered system of issuing securities should not only care about the change in distribution methods, but more significantly require a range of strict institutions supporting the current registered system, such as the information disclosure of issuance, supervision of issuance and operation and the delisting mechanism, especially the information disclosure system of issuing securities. The most important experience learnt from the nations which have successfully implemented the registration mechanism is making legislation to strengthen the information disclosure system of issuing securities, define the legal responsibility of issuing securities, guarantee the issuers, the quality of their securities and the authenticity of their information and fully protect the securities investors. This paper is to discuss the information disclosure system of issuing securities and the relevant problems under the registration mechanism, which mainly includes five parts:The first part is to make clear the concept of the registration mechanism and the information disclosure system of issuing securities under the registration mechanism. It is known that the information disclosure system of issuing securities is the most important institution in securities issuance. This system is useful for improving management, protecting the legitimate rights and interests of investors and helping the securities authorities to take charge of securities market. Besides, the registration system brings in specific and clear requirements for the information disclosure of issuing securities.The second part is comparative analysis of the information disclosure system of issuing securities both under the registration mechanism and the verification mechanism. Due to the different economic, political, historical and cultural environment, the registration mechanism and the verification mechanism present certain distinctions in the implementation of the information disclosure system of issuing securities, such as the definition, focus, demand as well as supervision of the information disclosure.The third part is the overseas practices and their successful experience about the information disclosure system of issuing securities under the registration mechanism. The different countries'economic development, legal tradition and cultural background are all indispensable for the formation of this system under the registration mechanism. It originates in the United Kingdom and fully develops in the United States. In addition, the information disclosure systems both in Japan and Hong Kong Region have different characteristics. The successful experiences of these countries and region are beneficial for China to deepen the reform of the verification system for securities offering.The fourth part will explore the existing problem of the Chinese information disclosure system of issuing securities under the verification mechanism. For instance, since the main entities which dominate the securities market stick to the huge illegal profit, the wrongdoing in implementing the information disclosure system keeps widely spreading. Also,the lack of systematic legislation, adequate supervision, responsibility division and so on exists in the Chinese information disclosure system of issuing securities.The fifth part is to provide several advices on how to build the Chinese information disclosure system of issuing securities. To make clear the current situation of information disclosure in Chinese securities market, it can be divided into three specific aspects to offer advices:reconstruct the content of the information disclosure system, stipulate its supervision mechanism and clarify its responsibility system. From these, it can help to build a substantial foundation for completely implementing the registration mechanism.