Legal Matter Research Of Share Issue Resignation System In China

Third Plenum of the Chinese Communist Party eighteenth stock issuance registration system reform promoted to national strategy, "Decision on Some Major Issues Concerning Comprehensively Deepening the Reform" request to make explicit by "to promote the stock issuance registration system reform".In May 2014 9, the State Council issued the "opinions on further promote the healthy development of capital markets"(the new "national nine") once again put forward "actively and steadily push forward the reform of the stock issuance registration system." What registration system is ?why registered pushing reform? It is compared with the current system of issuing what are the advantages. It is currently with the conditions of reform, how to promote the registration system reforms.From the practical point of view, the combination of theory and relevant laws and regulations of law, the legal issues are closely related and registration system reform legislation, information disclosure, regulators, small investors claim relief for a more detailed analysis and reflection. The structure and content of the full text of the following arrangements:The first part illustrates the research background, purpose and methods herein. China's capital market after 20 years of development, there is still lack of rule of law, weak supervision, insider trading, excessive speculation and other issues, the performance of rises and falls, "Bull short bear long", many investors in the stock market crash in the previous scarred. Abnormal fluctuations in the stock market in 2015, fusing mechanism in early 2016 short-lived, had to seriously consider what the Chinese stock market is the most fatal flaw is? Registration system reform this key, can unlock it hard to open the lock. To avoid registration system reform, "miss is as good sweeps clean", to strengthen the research registration system legal issues not only necessary but urgent.The second part is about fundamentals of the stock issuance registration system reform. Reviewed the evolution of the stock issuance system, it has experienced the evolution from the approval system of examination to the approval system. Analysis of the defects of the existing distribution system, approval system has become an important cause of alienation and regulatory functions of the securities market chaos. This part of the registration system concept, features, and so defines the legal basis. On the necessity and feasibility of the implementation of the stock issuance registration system was discussed, should adhere to the path of gradual change, the establishment of market-oriented, disclosure-based, responsibility, expected to clear and effective supervision market.The third part of the registration system reform legislation. Market and Legal legs stock market, the introduction of a registration system requires draconian laws escort revised "Securities Law" and related legal systems,.Construction of complete legal system and establish a more favorable hand of the market to play a role in the system rule, than the implementation of a registration system reform more urgent task itself. Complete legal system not only need to modify the "Securities Act", also we need to modify a series of accompanying administrative regulations.The fourth part of the issuer of information disclosure. Registration system to information disclosure as the center, emphasizing the things expost regulation, information disclosure of listed companies a direct impact on investment decisions and investment decisions of investors, and its importance is self-evident. Registration system reform, both inseparable from mandatory disclosure, voluntary disclosure can not be separated, to maximize value for investors independent information to support judgments. Regulators should be granted subject to supervision, which is to maintain a clear disclosure border protection, while gugethe SFC and the stock exchange itself should never be placed outside the regulation.Part V is about securities regulatory responsibility. There are many defects existing regulatory system, a registration system does not mean completely retire "power type" SFC contrary requires a regulatory functions upgraded version of the Commission.On the one hand do reduce political decentralization "subtraction", on the other hand do strengthen supervision "addition." In particular to strengthen the regulatory aspects of the IPO, building prior review, a matter of supervision and punishment afterwards transferred to harmonize securities regulation organization as a whole linkage.The sixth part of small investors rights remedies. Under the background of the registration system, small investors will face unprecedented risks and challenges. Strengthen the protection of legitimate rights and interests of small investors, should improve based civil liability, administrative liability and criminal liability, supplemented by accountability system, build a "legal protection, regulatory protection, self-protection, market protection, self-protection," the multiple protection system.