Research On The Legal Issues Of The Implementation Of The Science And Technology Board Registration System

On November 5,2018,General Secretary Xi Jinping announced the establishment of a science and technology board on the Shanghai Stock Exchange and a pilot registration system.On December 28,2019,the newly revised "Securities Law" was passed as the basic law regulating direct financing.The "Securities Law" further provided legislative guidance for regulating the implementation of the registration system for science and technology boards.The introduction of the registration system is the only way for China's securities market system reform.The establishment of the science and technology board provides fertile ground for the implementation of the registration system.In the registration system with information disclosure as the core,the exchange and the Securities and Exchange Commission no longer "endorses" the issuer's securities value and investment value,but hand over the power of judgment to investors as long as the issuer submits the registration the application documents meet the requirements for issuance and listing,and meet the requirements for information disclosure.The issuer can complete the issuance and listing of securities through the examination procedures of the Shanghai Stock Exchange and the registration of the CSRC.In the first part of this article,starting from the research background and significance of the implementation of the science and technology board registration system,it introduces the research overview of the science and technology board registration system at home and abroad,and discusses the related concepts and system design.The second part of this article systematically sorts out the basic contents of the current science and technology board registration system in China,such as the positioning of science and technology boards,market access standards,audit procedures,statutory responsibilities of intermediaries,and regulatory requirements for information disclosure,to consolidate the rationale of the article.The implementation of the science and technology board registration system injects a cardiotonic agent into the development of China's capital market,and has obvious advantages in many sectors.However,due to its short development time,there are still many problems in the implementation of the science and technology board registration system.The third part of this article combines the practical cases of Huaxing Yuanchuang and Hengan Jiaxin,etc.,and has implemented the registration system of the science and technology board for one year.In the aspects of science and technology board positioning,market access standards,audit procedures,intermediary agency responsibilities and information disclosure supervision,etc.The implementation status is compared with the legislative requirements of the science and technology board registration system.It is concluded that the science and technology board registration system has unclear positioning of the science and technology board,unreasonable listing standards,unscientific auditing and inquiry,unclear intermediary responsibilities,and information.Disclosure issues such as low regulatory requirements.Although the development of the registration system has matured in the capital markets of countries or regions outside the region,transplanting its registration system does not mean copying it.The fourth part of the article combs and analyzes the requirements and implementation of the registration system in the United States and Hong Kong,China.Based on the basic national conditions of China's capital market in the fifth part of the article,based on the successful experience of the United States and Hong Kong,China,it proposes Accurately define the localization of science and technology board positioning,establish multi-level listing standards,establish scientific auditing inquiries,clarify the responsibilities of intermediaries,and strengthen information disclosure supervision to improve the implementation of the science and technology board registration system for China 's better The market has fully expanded the registration system to provide realistic theoretical and practical basis.