The Research For Protection Of Medium And Small Inrestor In Information Disclosure

The primary protection for operation of the security market is the publicizing principle of Three-fair principles, which requires publicizing the information, namely is, disclosure in the early and continuous disclosure of security information. As the bridge between public company and investors, the system of disclosing information fundamentally aims at protecting the vast c’right of to be informed, thus maintaining the investors’ essential interests. From the actual situation of China’s security market, the unlawful conduct is here and there and the investors’ lawful interests is privileged seriously, especially thevast medium and small investors. A important reason is that many disadvantages exist in Chna’s law system of disclosing information, which leads to full public、fair、justice. Furthermore, laws and regulations for protection of medium and small investors is not wholesome, so they are hard to take use of lawful measures to protect their own right and to make up for their losses. On the contrary, the legislation in publicizing information is mature in America, where sound measures of judicial remedy is provided to medium and small investors. Given this, this passage will make some research and analysis on protection of medium and small investors and compare lawful system for relieving disclosure of information in China and America, looking forward to finding deficiency in lawful system and putting forward to reasonable advices.The first part mainly introduces the notion and principle for disclosure of information and make a further analysis to the notion、basic character、necessity of protection of medium and small investors in security market. Subsequently the relationship between disclosure of information and protection of investors is discussed, the bridge is clear that connects public company and protection of medium and small investors, which plays role in protection and maintains the development of securities capital market.The second third part aims at the empirical research of hurting the investors’ essential interests. Through the research method of case studies and statistical analysis, we can demonstrate that medium and small investors’interest is privileged prominently by disclosure of information, thus further analyzing the actual situation.The third part mainly analyzes the main problem which medium and small investors face in searching civil remedy and respectively analyzes the deficiency existing in civil litigation relief system and the deficiency existing in the civil relief system without the need for continued litigationThe fourth part mainly makes a comparative study inthe legal system of information disclosure relief of China and America. Firstly we introduce and analyze the securities group lawsuit system in America. Secondly we introduce the legal system of securities non-litigation relief in America and evaluate and analyze it deeply. At last, author makes a comparative analysis on securities class action in America and securities civil lawsuit system in China.The fifth part mainly put forward to some suggestion to perfect the protection of investors in disclosure of information, which includes perfecting the litigation relief legal system on tort and explores the non-litigation relief legal system.