Research On The Protection Of Investors' Rights And Interests In Science And Technology Innovation Board

The proposition of China's capital market registration system reform has been discussed for a long time in the academic circle.Since November 2018,general secretary Xi Jinping announced the establishment of Shanghai science and technology innovation board on the stock exchange of Hong Kong and the trial registration system.Over the past year,the science and technology board system has been improving.In June 2019,the development of the science and technology board has been put on the agenda.Compared with the traditional main board,growth enterprise board,new three board and other on-the-spot markets,due to the trial implementation of registration system,the particularity of service subjects and the addition of special voting rights system,the financial risks faced by the market are different from those faced by the traditional market.These special risks lead to the infringement of investors' rights and interests,and the system protection should also be unique.According to the unique risk characteristics of science and technology innovation board,the formulation of investor rights and interests protection system in line with the interests of science and technology innovation board investors is not only conducive to reducing the financial risks of science and technology innovation board,enhancing investors' information on the market,but also plays a key role in promoting the healthy financing of science and technology innovation board enterprises and the due diligence of relevant intermediaries.Based on the above reasons,this paper takes the research on the protection of the rights and interests of investors in science and technology innovation board as the topic,which not only conforms to the general trend of the development of China's capital market,but also focuses on the hot issues of the current stock registration system reform.The structure of this paper is divided into four chapters.The first chapter is the theoretical basis of science and technology innovation board investor protection law.This chapter is divided into three parts in order to provide theoretical support for the maintenance of investors' rights and interests in the stock market of science and technology innovation board from three angles,and discuss why it is necessary to maintain the rights and interests of investors in science and technology innovation board.Article 1 from the perspective of the theory of substantial justice of economic law,this paper analyzes the substantial inequality of investors' status as market subjects.Article 2 from the perspective of social public interest,it is demonstrated that the maintenance of the rights and interests is related to the maintenance of the interests of other groups and even the whole society.The third is to study the legitimacy of financial security and efficiency theoretically through the interaction and balance between them.At the same time of theoretical discussion,this chapter also explains the connotation,strategic positioning and institutional development of science and technology innovation board,and tries to pave the way for the later argumentation.The second chapter is the behavior of infringing the rights and interests of the investors in science and technology innovation board.The logical structure of this chapter will adopt the perspective of subject argument to demonstrate the causes of the damage of rights and interests from the illegal behaviors of other different subjects in the securities market.Article 1 is the illegal act of the information disclosure obligor.Specifically,this paper expounds from two aspects: issuing fraud and other illegal information disclosure.Article 2 an act committed by a sponsor in violation of the obligation to verify the conditions for the issuance and listing.Article 3 acts of securities companies in violation of the obligations of QFII examination.Article 4 acts of infringing the rights and interests of small and mediumsized investors by special shareholders.The last three articles will discuss the behavior of sponsors,securities companies and special shareholders who infringe on the rights and interests of investors.The third chapter is about the problems in the legal system of protecting the rights and interests of investors in science and technology innovation board.This chapter inherits the argumentation thought of the multi-body perspective of chapter two,respectively from the four levels of information disclosure obligors,sponsors,securities companies and special shareholders to sort out and analyze the rules involved in regulating the four types of illegal acts in the current science and technology innovation board legislation,and on this basis,elaborate the legislative gaps and loopholes to clarify the deficiencies in the current rules.The fourth chapter is the improvement of the legal system for the protection of the rights and interests of investors in the scientific and technological innovation board.It is consistent with chapter two and chapter three in the way of argumentation.Among them,it involves improving the information disclosure system of the science and technology innovation board,formulating the responsibility system matching the core technical personnel and the obligation system,constructing the investor suitability system suitable for the science and technology innovation board,improving the listing condition audit system of the sponsors of the science and technology innovation board,and improving the protection system for small and medium-sized investors under the special voting shares.