A Study On The Disclosure System Of Large Shareholding

In the secondary market,when investors transfer or buy shares to a certain proportion of the company's share capital,or whenever they increase or reduce their holdings of a certain proportion of shares,laws and regulations require investors to fulfill their obligations such as notification,reporting,and so on.It is called a large shareholding disclosure system.In the securities market,the illegal actor violates the disclosure system of large shareholding,and the behavior of illegally increasing the shareholding is an illegal listing.In recent years,the illegal increase of shares of cards has occurred frequently in our country,and the number and frequency of such cases in the capital market are also increasing,exposing the defects in the design of the large shareholding disclosure system.The close relationship between the disclosure system of large shareholding and illegal increase of shares also provides an opportunity to further improve the disclo sure system of large shareholding by exploring the regulatory methods of illegal increase of shares.The author believes that the regulation of illegal increase of shares should be considered from three aspects:first,from the level of system design,the provisions of the law of our country on the disclo sure system of large shareholdings limit the efficiency of investors in stock acquisitions.Too strict regulation will lead to illegal increase of shares.Therefore,China's large shareholding disclo sure system needs to be changed in the light of the current level of economic and technological development,cancel the "slow walking rules",maintain the 5%disclosure threshold and set up a 1%shareholding change disclosure standard.Second,for the legal liability for illegal increase of shares,it is not appropriate to apply the illegal increase of shares behavior through the civil liability of false statements and insider trading.The regulation of illegal increase of shares behavior should be based on the value standard of promoting more coordination between the acquisition activities of the securities market and the transparency of the securities market,and the legal liability of the illegal increase of shares actors should be appropriately increased.Third,combined with the reasons for the occurrence of illegal increase of shares,we can see that the cost of illegal acts is too low.Increasing the illegal cost is an important means to regulate the illegal increase of shares behavior.The increase in the illegal cost of the illegal increase of shares actor can be manifested in increasing the illegal cost of the illegal actor in the economy,For example,the introduction of the "vomiting rule" established by the United States District Court,the increase in illegal costs can also be reflected in the imposition of market prohibitions on offenders and restrictions on the voting rights of illegal increase of shares actors.