On The Perfection Of Information Disclosure Rules Of The Securities Law In China

The securities law of China has made more detailed provisions on the disclosure system of securities information since 2006.But after ten years,with the introduction of various kinds of securities products,the securities law which regulates the stock as the main object has not been fully adapted to the development of the current securities market.Corporate bonds,for example,differ substantially from stocks.However,the current securities law confuses the information disclosure rules of the two,apparently ignoring the particularity of the disclosure of bond information.Therefore,perfecting the information disclosure rules in the securities law is in fact very extensive.The main object of this dissertation is the public issuance of shares of issuers and listed companies.The purpose of the study is to propose some suggestions on how to perfect the relevant information disclosure rules in the Securities law in China,especially when the stock issuance is transformed from the approval system to the registration system.The points that this paper discussed are mainly about:(1)voluntary information disclosure,relating to the initiative of issuers and listed companies,this paper will compare it to the forced disclosure,referencing American' experience,providing some recommendations for how to encourage and guide to disclose information voluntarily;(2)predictive information disclosure,referencing the US "safe harbor" system and pre-warning system,paper analysis the applicability of this system in China;(3)civil remedies,largely from the perspective of private remedies,paper makes an analysis of the Class Lawsuit between United States law firms and Alibaba Corporation,combined with the situation in China that the civil claims efficiency are low,putting forward reasonable proposals for the application of these measures in China;(4)the securities regulatory system,paper mainly discusses how to clear the division of responsibilities between The Securities Regulatory Commission and the stock exchange and how to strengthening the supervisory effectiveness of self-discipline organizations and investors;(5)strengthening the penalties,compared with inside and outside the region the provisions in the administrative penalty and criminal punishment,the author provides some references about the necessity and some specific measures for strengthening the punishment;(6)forced delisting,paper analyzes the shortage of volunteering delisting and the status of the delisting system in China,discussing how to use forced delisting to improve issuers disclosure information.