Research On System Of Major Offenses And Forced Delisting Of Listed Companies

Perfecting the system of major illegal and mandatory delisting of listed companies is a system guarantee for realizing the healthy and orderly market of China’s securities market,and is the basic premise for promoting the modernization of the securities market.Forcing a delisting of a listed company that commits major illegal acts such as fraudulent issuance,information disclosure and fraud,can serve as a deterrent to illegal and illegal companies and play a legal punishment function,ultimately helping to protect the legitimate rights and interests of investors.Since the revision of the Securities Law in 2014,China has introduced many new regulations on the issue of delisting of listed companies.However,from the analysis of the delisting situation of the Shanghai and Shenzhen Stock Exchanges in recent years,the implementation of the delisting system has not fully adapted to the pace of market development,especially the number of cases of delisting due to major illegal acts is rare.Summarizing the problem of China’s major illegal decommissioning,it can be seen that the delisting of major illegal acts is more general and the judgment is subjective.The implementation of the delisting procedure is difficult to apply to various violations of laws and regulations,and the enforcement procedures for securities supervision are hindered.In particular,the existing laws and regulations on the civil liability of the company’s delisting are unclear,and the legitimate rights and interests of investors lack sufficient legal protection.In view of the problems of the major illegal and mandatory delisting system of listed companies,it is necessary to follow the trend of the deregulation system of securities regulatory reform in 2018 to explore this delisting system.By learning from the experience of other mature securities markets,combined with the actual development of China’s securities market,we will improve the legal mechanism for the mandatory delisting of major illegal laws in China.As far as the delisting conditions are concerned,it is necessary to improve the provisions of laws and regulations on major illegal acts,clarify the meaning of major illegal acts,and refine the major illegal delisting standards.In terms of delisting procedures,it is necessary to shorten the delisting cycle,strengthen the supervision of information disclosure of delisting companies,improve the delisting procedures,and guarantee the delisting company’s review of hearing rights.The most important thing is to establish a reasonable responsibility distribution mechanism,intermediaries first payment mechanism,delisting insurance mechanism and investor protection fund system from the perspective of investor rights protection,because protecting the legitimate rights and interests of investors is the key to ensuring the smooth implementation of this system.