Study On China Securities Issuance Registration System Reform

In November 2013 the third plenary session of the 18 "on comprehensively deepen the reform of the central committee of the communist party of certain major issue decision" points out,in "the multi-level capital market system,promote the reform of stock issuance of registration system,through various channels to promote equity financing",followed by April 2015,the securities law(revised draft),puts forward a system of stock issuance of registration.Since then,registered securities issue system reform officially kicked off.Registration system reform is to adapt to the government and to delegate,major move,give play to the role of resource allocation in capital market is an important part of the revised "securities law".How to from the current authorization to register system reform,the securities and futures commission,exchange,and other market main body function change what is the role,registered under how to protect investors' legitimate rights and interests is of legal issues to be discussed.Based on the historical background of the longitudinal comparison,combed the different development stages of the securities issuance auditing system in China,which leads to the registration system of the related concepts,the paper expounds the characteristics of different legal authorization and registration system,and combining with our country market development present situation,demonstrates the necessity and feasibility of the registration system reform in our country.In the case of the jingdongu.s.-listed way,from issuing conditions,review procedures,regulatory authorities and market main body reaction,etc.,in the form of transverse comparison of China and the United States,the pros and cons of the two securities issue system is analyzed,and accordingly puts forward our country registered securities issue system reform will face problems and specific reform proposals.In this paper,the main research conclusions are:(1)the existing drawbacks of the securities issuance of authorization growing,its conditions of rigid,audit program trival,administrative intervention of emerging enterprise listed financing,has not adapt to the current development of capital market;(2)the registration system is conducive to balance the rights of administrative supervision power and the securities issue,the relationship between the reduce administrative intervention,are on the market,should have the right to be the embodiment of the respect and guarantee,is the requirement of market economy should be brought into the legal system,the reform has the necessity and feasibility;(3)register system reform is to our country securities issuance and supervision system and the reconstruction of the concept,the need to re-examine the role of the CSRC,exchange,and other market parties function;(4)adopts a registration system need to draw lessons from the advanced system in our country,on the basis of combining the reality of their own development,centered on information disclosure amend the "securities law" to a "reform promotion law",improve the system of judicial relief under the registration system,intensify fraud issue disciplinary,better protection for small and medium-sized investors.