Research On Information Disclosure System Of Securities Issuance Under The Registration System In China

The Third Plenary Session of the Eighteenth Central Committee of the Communist Party of China put forward the goal of "the registration reform of the stock issuance",and then officially began the reform of securities issuance registration system.The revision of the Securities Law was also put on the agenda of the legislative planning of the National People's Congress.It is an important goal to realize the reform of the registration system,which is based on the full disclosure of information and takes the careful review of issuance as the core.The new securities issuance system is backed by strict legal liability.From the approval system to the registration system,market forces take the place of administrative power.Information disclosure system will become a key link to build a registered ecosystem.The current information disclosure system under approval system dose not really achieve the effectiveness in the securities market in despite of the strict supervision of the SFC.False disclosure,major omission,delayed disclosure often occur to listed companies during the securities issuance.Strong administrative not only fails to curb the excessive packaging and fraud,but also fails to meet financing needs.Complicated and formalized information disclosure process increases the cost of the issuing companies.We need to take the reform of registration system as an opportunity,consider the problems of the existing system and legal system,innovate the differentiated information disclosure system,and clarify clear responsibilities for information disclosure supervision,so as to reconstruct our securities issuance information disclosure system.The title of the paper is Research on Information Disclosure System of Securities Issuance under the Registration System in China.The paper is divided into four parts:The first part analyzes the information disclosure of securities issuance in China.This part introduces some common information disclosure with cases in recent years,such as false disclosure,major omissions,delayed disclosure.By the empirical analysis,this paper analyzes the causes of the existing problems in the information disclosure of securities issuance in China,and points out the problems of listed companies,legislatures,investors,intermediaries and supervisors.The second part evaluates current situation of information disclosure system of securities issuance in China.Our current laws and regulations are based on the securities issuance approval system.The part focuses on the analysis of the legal system,documents,regulatory system about information disclosure.It introduces presupposed registrations of the information disclosure system under the Securities Law(revised draft)which was public on April 20,2015.Finally,it assesses the similarities and differences between the two kinds of information disclosure system of securities issuance.The third part introduces the path of reforming the differentiated information disclosure system of securities issuance under the registration system in China.First of all,it introduces the concept of differentiated information disclosure.The system must meet the investors' needs of information disclosure,optimize the efficiency of issuers' information disclosure,and focus on the emphasis of regulatory authorities' supervision of information disclosure.Secondly,it introduces the criterion of differentiated information disclosure,which is based on the company's risk level,the company's industry categories,the plate of securities issuance.And then the part distinguishes the content of differentiated information disclosure from the perspective of the mandatory disclosure and voluntary disclosure,comprehensive disclosure and simplified disclosure,and key disclosure and non-key disclosure.Finally,it introduces the way of differentiated information disclosure.The fourth part introduces the method of review about information disclosure of securities issuance under the reform of registration system in China.Our existing regulatory system of information disclosure should be properly adjusted.The Securities and Futures Commission supervises securities issuance by compliance review.The stock exchange reviews the listing of securities by commercial judgments.Intermediary institutions carry out professional supervision and the substantive review.The system needs to improve the supporting measures to perform their own function.