Research On The Legal Issues Of GEM Patent Information Disclosure

Information disclosure is the soul of the securities legislation, which runs through the issuance of securities among legal systems and all transactions, and it is the cornerstone of existence and development of the securities market. GEM is an effective complement to China's securities market, the complexity and particularity of GEM makes patent information disclosure at the center and foundation status.A patent is an important indicator to assess the GEM company's innovative capability. Having high-quality core invention patent is the key to enhance the company's market competitiveness. With the patent constitute an increasing proportion of the GEM company's assets, the value of patent information disclosure has become increasingly important. It is one of most important element investors care. Whether patent information is true, complete and accurate or not is very important for investor to make decision, and also directly affect the efficiency of information disclosure regulation. By the research to western GEM companies, we found that disclosure of patent information is untrue, incomplete, untimely, and the validity of the patent disclosure is not strong. This shows that China's patent laws and regulations related to information disclosure is not perfect, operability is not strong, accountable mechanism is not perfect, the degree of punishment is not enough, the illegal cost is too low. Patent disclosure of false information is hard to eliminate. Driven by huge economic interests, companies blindly pursue the number of patents and not pay attention to quality.To solve these problems, I think we should concern about the disclosure of patent information in the new round of the "Securities Law"; proceed to develop a unified comprehensive patent information disclosure standards and guidelines; clean up the existing patent rules for information disclosure document. At the same time, we should establish a disclosure of information as the core concept of regulation, make the industry self-regulatory organization to play a role in the patent disclosure, strengthen the social function of public opinion and media agencies, and improve legal mechanisms accountable illegal disclosure of patent information.