The Influence Of The Reform Of Stock Issue Registration System On The Legal System Of Securities In China

Stock issued registration system reform is of paramount importance to the security market of our country in recent years.This is the stock issuance approval system drawbacks of innovations,but also adapt to the wise choice for China's securities market development.But the registration system and not the mere exclamation slogan,but through the modification of the policies,laws and regulations of the securities market to influence many aspects of the securities market.First for the definition and essence of the registration system is again a lot of investors misunderstood that registration system is purely registration system,as long as the issuer in preparation for the issuance of securities,will be in accordance with the needs public information complete,true and accurate to the securities authority and apply for registration.In the form of a review by the competent authority,after the filing of the declaration documents,the competent authority shall take effect automatically if no objection is made during the statutory period.In fact,whether it is registered or approved system,it is emphasized that the principle of information disclosure requires the issuer to be true,accurate and complete disclosure of all information related to the issue of securities.And even in the registration of the typical American,it does not,of course,exclude examination as to substance,the operation of the United States federal level registration system is to state the essence of audit based and the securities and Exchange Commission in the United States in on what shall disclose significant fact judge,in a certain extent a substantive review.Therefore,firstly,this paper defines the stock issue registration system definition and essence and demonstrated by examples.To indicate that the registration system and approval system difference lies in their belief in the idea is different: registration system to pursue market autonomy,approved the issuance of securities shall belong to the category of company autonomy,rather than vested in the state,emphasizing on freedom and market efficiency,fully respect the regulatory role of the invisible hand of the market in the allocation of resources;and approval of praise highly the government intervention,stressed the fairness and order of the market,fully reflects the administrative power to participate in the issuance of securities.In the environmental legal system,registration system on the issue of human intermediaries and the integrity of law-abiding awareness and self-discipline put forward higher requirements;and registration system than the approved of more emphasis on ex post control and relief mechanism,including supervision of intermediaries Commission Post supervision and exchange,so as to realize the issuance review the balance between efficiency and fair market.At the end of this paper,from the registration system reform on two aspects of China's securities market operation and regulation of legal effect to discuss the registration system reform caused to the securities market regulators and participants of real change,including not only the Commission regulations to modify the expansion,including the transaction intermediary agencies,the functions of the increased requirement or obligation to improve.