Legal Basis And Path Selection Of Securities Issuance Regulation System In China

The current auditing system of securities issuance is still an auditing system with deep color of administration in fact in our country. Although it is called "authorization", it is different from the authorization in mature capital markets like Britain and France. It caused a lot of bad influence to our securities markets since it is launched, for example, low efficiency, fake issuance and rent-seeking, etc. In comparison, registration is better than authorization for solving these problems. Securities issuance shall belong to a kind of commercial rights based on legal theory, than permission of government. Securities issuers only should disclose the information of their companies in the demand of government, without having to be evaluated. With the development of capital market, the target of the securities issue supervision should focus on improving the efficiency of the market rather than to protect the security of the market by strengthening administrative controls. Therefore, it is urgent for us to reform our audit system of securities issuance. Our country should learn from HK's "Dual Filing", and establish a system of securities issuance. The securities issuers must apply for registration from the CSRC, and the Stock Exchange is responsible for listing review and then submits the documents to the CSRC for a record, and the Stock Exchange must accept the supervision of the CSRC.This paper is divided into four parts. The first part points out that the securities issuance auditing system is the core of securities market system, and reviewed the history of issuance auditing system since the establishment of securities market in our country, which expose many defects existing in our securities market; The second part expounds the common two kinds of audit mode of the issuance regulation, namely, registration and authorization, and makes compare and analysis between them; The third part discusses the legal basis of registration reformation based on the securities-issue right attribute, the value target of securities issuance of audit, and the rights and obligations of the main bodies in our country; The fourth part discusses the route choice of register system reformation in our country and the establishment of related mechanism. Then it analyzes the “Double Registration” in the United States and the “Dual Filing” in Hong Kong, which suggests us that we should reject the American mode, and learn form Hong Kong.