Legal Research On Investor Protection System Of SSE STRA Market Under The Background Of Registration System

In June 2019,the Science and Technology Innovation Board was officially launched on the Shanghai Stock Exchange.As an important part of the establishment of a multi-level capital market in China,the Science and Technology Innovation Board first piloted a securities issuance registration system and implemented new measures in listing,trading,and delisting.Investor protection has always been the focus of attention after the establishment of each emerging market.It is necessary to deeply understand the basic institutional structure of the science and technology board and explore the best path for investor protection.This article starts from the specific system of the science and technology board market,introduces the basic concepts involved in the science and technology board market,analyzes the specific system of the science and technology board and its shortcomings in investor protection,and combines various domestic and foreign emerging markets.System,to provide experience for the improvement of various mechanisms of the investor protection system in the science and technology board market,and finally start with specific institutional construction recommendations,in order to maximize the protection of investors' legal rights and maintain the stability and development of the capital market.This article is divided into six sections:The first and second sections introduce the background and actual needs of the establishment of the science and technology board,stressing the role of the securities market and the shortcomings of stock speculation in the era of technological games,starting from the registration system,the science and technology board,and investor protection.The related basic concepts are introduced,and the market mechanism,supervision mechanism and legal mechanism in the investor protection system are explained.The third part is the introduction and explanation of the core system of the science and technology board market.Through detailed analysis of the five characteristics of the listing system,information disclosure system,investor suitability management system,intermediary agency related systems and the most stringent delisting system,the five Specific regulations in this regard have realized the significance of various basic systems for investment protection.The fourth part is to study the defects of investor protection in the science and technology board market.In the information disclosure system,there are problems such as low information quality,incomplete content,insufficient platforms,and strict penalties for violating the information disclosure system.There are also problems with the system of investors and intermediary agencies.There are no legal provisions on investor rights and obligations,intermediary agencies lack the constraints of diligence and loyalty obligations,and service capabilities are not in place.In terms of supervision,the self-disciplinary regulatory agency,the Securities and Futures Commission,as the subject of supervision There are cases where the regulatory authority is not clearly distinguished,and a regulatory information interworking system with consistent internal communication has not yet been established.Finally,in terms of legal regulations,at the legislative level,a complete and unified investor protection law has not been established,and investor protection lacks the most direct laws.It is stipulated that in terms of penalties for violations of law,the mechanism for accountability and compensation for violations of law is not perfect,and the class action system is still in the initial stage of construction.The fifth part is a comparison of the system of the intra-regional market and the extra-regional emerging market.It also compares the main market sectors in the A-share market in China.It also introduces the relevant GEM market,the British AIM market,and the US NASDAQ market.The various systems are explained,and the ideological guidance and useful experience of improving the investor protection system in the science and technology board market are summarized.The last part is specific suggestions for improving the investor protection system in the science and technology board market.It is necessary to establish investor-oriented and differentiated information disclosure,strengthen investor education and the management of intermediary institutions in the science and technology board,and the regulatory body must be updated.Supervision concept,the use of scientific and technological supervision methods to establish a coordinated andunified information interconnection and supervision system,and finally establish an independent investor protection law,improve the litigation system,and protect investors' physical and procedural rights.