Research On The Information Disclosure Supervision System Of The Securities Market

The 15 th meeting of the Standing Committee of the Thirteenth National People's Congress on December 28,2019 revised and passed the new Securities Law for the second time The new law will come into effect on March 1,2020.On the day before the new "Securities Law"(1)came into effect-February 29,2020,the General Office of the State Council issued the "Notice on the Implementation of the Relevant Work on the Revised Securities Law",proposing to implement the securities issuance registration system and continue to improve The relevant system rules of the registration system of the Science and Technology Board,and at the same time study and formulate the GEM implementation of the registration system plan,and explore the implementation of the registration system in other sectors and other national securities trading venues,and the plan will be implemented after approval by the State Council.Before the registration system is implemented in each sector and trading venue,the approval system will continue to be implemented.It can be seen that China is in a critical period of transition from the securities issuance approval system to the registration system.As the core of the registration system,the information disclosure system is being pushed to the forefront of its importance.However,even in the context of the new law,through the study of the new law,we can find that there are still some regrets in the current information disclosure system in China.The first most prominent problem is that the new law provides mostly principled and framework rules,and the information disclosure system needs to be determined urgently.Sexual rules are not suitable,and it is urgent to formulate more detailed rules to improve the system of information disclosure system for better supervision.During the transition period when the securities market implemented the registration system step by step,information disclosure as the core of the registration system,it is extremely urgent and necessary to systematically study the supervision of information disclosure in China 's securities market.The improvement of the information disclosure supervision system is beneficial.In summary,this article explores the issue of information disclosure supervision in China's securities market through the following four parts:The first part introduces the basic concepts of information disclosure and the supervision of information disclosure in China's securities market,gives an overview of the supervision of information disclosure,and sorts out the concepts.The second part introduces the problems that still exist in China's securities market information disclosure supervision during the registration system transition under the background of China's new "Securities Law".Five issues,including the absence of an education system,the lack of specialized information disclosure enquiries for listed companies,and the lack of clarity in the disclosure requirements under the new law,were discussed in detail.The third part discusses mature securities markets such as the United States,Japan,and Hong Kong in three subsections,introduces the characteristics of their respective information disclosure regulatory systems,and summarizes and briefly analyzes in the fourth subsection.Based on the second and third parts,and combining with China's own situation,the fourth part puts forward five aspects that should be improved in the current stage of China under the dialectical reference of the information disclosure supervision system in mature securities markets: Establish an information disclosure system with an incentive mechanism,pay attention to the lagging situation of illegal information disclosure supervision,establish a sequence mechanism for the inclusion of a variety of professionals into the CSRC staff,improve the investor education system suitable for the comprehensive implementation of the registration system,and establish listed companies in legislation The establishment of a special information disclosure enquiry office and the legislative detailing of the conciseness requirements of information disclosure have carried out detailed discussions and put forward relatively detailed and highly feasible suggestions.