Research On Disclosure Rules Of Equity In Listed Companies Acquisition

Disclosure rules of equity in listed companies acquisition is that investors and coordinated actors hold the voted shares of one listed company to a statutory proportion,or after the proportion and occur a certain percentage of the increase and decrease,have the obligation to disclose the share information to the relevant authorities with legal procedures.At present,the provisions of early warning disclosure mainly stipulates in the securities law of the People's Republic of China and Administrative Rules on Acquisition of Listed Company,but some of the rules has not adapt to our country securities market development,and there exist contradictions between rules,result in many disputes in the application of law.This article is based on the disclosure rules of equity in listed companies acquisition,combined with practical cases and the related provisions of foreign countries and regions,analyze the deficiencies of disclosure rules of equity in listed companies acquisition and try to put forward some suggestions.The first part,the connotation,meaning,system structure,and significance of the disclosure rules of equity in listed companies acquisition,lay a foundation for expansion of the whole article.The second part,introduces the disclosure boundaries,including initial disclosure of setting boundaries,shareholding proportion changes revealed during line after the initial disclosure,disclosure of processing and calculation of the disclosure of boundaries,fully introduce the disclosure duty boundary.The third part,the disclosure of time limit and contents,discusses when the acquirer discloses after reaching disclosures boundaries to disclosure,as well as the determination of the content of the disclosure.The fourth part,the legal consequences of violating the disclosure rules of equity in listed companies acquisition,and the the legal consequence of administrative liability,civil liability.The fifth part,based on the problem of equity disclosure system in our country,try to put forward to some suggestions,for example,The fifth part,in view of the problem of disclosure system in our country try to put forward Suggestions,including set stricter information disclosure rules during the stockholding changes,the introduction of civil compensation systerm.