The Construction Of Legal Mechanism Of Securities Investor Protection Under Stock Issuance Registration System

With the development of China's economy and the reform of the financial system,the socialist market economy has been developing continuously and the securities market has undergone great changes.The existing "Securities Law" can not fully meet the development needs of the securities market,Of the influx of investors into the securities market.And under the approval system,Securities Issuance long time,resulting in the stock market supply and demand imbalance,at the same time,with the National People's Congress to consider the draft "Securities Act",China is expected to implement the stock offering of stock issuance registration system.Securities regulators no longer be issuing shares under the provisions of substantive conditions of the registration system,but the right to return to the market.Our transition from the approval system to the registration system,there are still many problems: information disclosure system is not perfect,securities investor protection agency is not independent,plus,most of our retail securities investors is the lack of expertise.Therefore,the implementation of the registration system long way to go.This paper to constructive comments on the draft "Securities Act" through literature research and research methods of comparative analysis.This article is divided into three parts,one is the stock issuance registration and approval system is mainly in three different aspects,respectively,the contents of the review is different,the degree of information disclosure is different,the risk of facing different,leading to its investor protection is also different,Through the study of registration and approval system,to explore China's stock issuance after the implementation of the registration system for investors to protect the existing problems and the corresponding legal mechanism for the construction of investor protection;Second,China's mainland registration system can learn from the United States,Hong Kong of China,Japan The author has enriched and developed the contents of the reform of China's mainland stock issuance registration system,studied and learned from the foreign investor protection system,and elaborated from several aspects of investor protection institution,information disclosure system,protection bill and dispute resolution mechanism.It is to improve the content of the revised draft of the Securities Law of our country,to build the legal mechanism of investor protection under the registration system,to improve the investor's right to know,to perfect the information disclosure system,to standardize the information disclosure responsibility of the issuer and to clarify the responsibility of the regulatory body obligations refinement securities institutions,improve the supporting sponsor system The final recommendations of the feasibility of the implementation of investor protection issues under the registration system for the share issue.With the increase of the risk of investors,investors are the providers of securities market funds,which is the source of active securities market.Therefore,China must be committed to the securities issuers under the stock registration system to protect the legal mechanism of securities investors.Build and improve the investor 's right to know.