Research On The Cooperative Regulation Of Information Disclosure In Hong Kong And Mainland Securities Markets

Since China's accession to the WTO,the degree of globalization of the securities market has become deeper and deeper.As an emerging market,China 's securities market is facing various risks brought by the internationalization of the securities market while trying to integrate into the international securities market.How to improve the internationalization of the securities market at the same time to establish a suitable for China 's national conditions,a wide range of cross-jurisdictional regulatory mechanisms,is an important historical task we have to solve.On the basis of summarizing the basic theories of securities market regulation and information disclosure system,this paper sorts out and analyzes the cross-jurisdictional cooperation mechanism of major securities markets in the world,and draws lessons from their successful experience.Based on the summary of experience and lessons,combined with the status quo and needs of supervision in China,this paper puts forward the idea of constructing the cooperative supervision mechanism of securities information disclosure between the two places.The first chapter is about the basic theory of cooperative regulation of information disclosure in securities market.This chapter can be divided into two parts,the first part is the introduction of the main concepts mentioned in this paper,such as securities information,securities market regulation,regulatory objectives and principles.The second part is to introduce the main rules of cooperative supervision of information disclosure.The second chapter is about the necessity of the cooperative supervision of information disclosure between Hong Kong and the mainland securities market.Firstly,this chapter sorts out the cooperation documents signed by China Securities Regulatory Commission(CSRC)and Hong Kong Stock Connect(HKSC)since 1992,divides the time into three periods,and enumerates the important documents in each time period with China's accession to WTO and the establishment of "Stock Connect" as two-time nodes.Then on this basis,it analyzes the necessity of strengthening the cooperation and supervision of securities information disclosure between the twoplaces.The third chapter is about the mode selection of information disclosure cooperation supervision between Hong Kong and the mainland securities market.This chapter is mainly through the United States and Canada MJDS model and the EU information disclosure regulatory mechanism of the two cross-jurisdictional cooperation practice to elaborate on their respective advantages and disadvantages in the application process.Then synthesize the actual situation of the two places,from the applicable basis and feasibility of two considerations to choose a more appropriate mode of cooperative supervision.The fourth chapter,the system design of information disclosure cooperation supervision between Hong Kong and the mainland securities market.In this chapter,we will return to the specific construction of the two-stock market information disclosure cooperation regulatory system,and establish the objectives and principles of the construction.Then from the four aspects of the main body of listed companies,continuous information disclosure,related persons and related transactions,regular financial reports and standards,the paper puts forward specific feasible measures on how to construct the securities market information disclosure cooperation supervision system in line with the actual situation of the two places.Finally,in the conclusion chapter,the author summarizes the contents of this paper,and points out that strengthening the cooperation and supervision of information disclosure between the two stock markets is not only conducive to enhancing the attractiveness of China's inland stock market,but also conducive to the development of China's inland stock market.But also,to accelerate the development of internationalization;But also,to promote the development and progress of the securities market.