Research On The Supervision System Of Registration System

At the end of 2019,after a long time of deliberation,China has finally completed the revision of the new securities law to adapt to the reform of modern registration system.The revision of the new securities law has fundamentally changed the stock issuance system based on the approval system.Instead,it has applied the stock issuance principle based on the registration system,opening up a new chapter for the development of the capital market.But just because of the important difference between the registration system and the approval system,it highlights the disclosure principle which is the core of the basic "three fair" principle in securities,that is,the information disclosure system becomes particularly important.Information disclosure,as the basic principle of protecting investors in the securities market,has attracted great attention in recent years,and the relevant theoretical research around the registration system information disclosure is becoming more and more mature.At the same time,in order to meet the information disclosure requirements related to registration system,it also puts forward new challenges for the function transformation of regulatory agencies and their ability to adapt to the market.Therefore,this paper will mainly start from the regulatory system,reveal the relationship between the regulatory system and information disclosure and investor protection,and make a legal analysis on the responsibilities and related rights and obligations of the regulatory authorities in the information disclosure system,so as to better adapt to the information disclosure requirements under the registration system through the precise matching of the functions of the regulatory agencies,and point out the existing problems Finally,the ultimate goal of strengthening investor protection and promoting the reform and improvement of the securities market are achieved.The main line of this paper is as followings: Firstly,it shows clearly that the information disclosure system is the core efficient requirement and the substantial audit is the core fairness requirement.It points out that the difference between old and new Security Laws in supervision aspect and the factors need to be improved in the New Security Laws.Secondly,by analyzing the relevant theories of supervision,the paper tries to sort out the legal basis of regulatory reform,and explains it based on the actual supervision of the scientific and technological innovation board.Thirdly,from the perspective of comparative law,taking the mature securities regulation in the United States as an example,this paper analyzes the legal source of American regulation and the way of investor protection,and strives to learn from the perspective of comparative law,so as to provide useful reference for China's securities regulation.Finally,through the above analysis,comprehensive legal theory and practical measures,we will provide suggestions for the improvement of China's securities market.The specific framework of this paper is as follows:The introduction explains the situation of the topic selection,and clarifies the research progress and situation of scholars at home and abroad through literature review.On this basis,based on the existing research data and comprehensive analysis,the method of in-depth research topic selection is determined,and the analysis framework of the full text is established,which lays a solid foundation for the writing of the text.The first chapter clarifies the concept of registration system and the differences between the existing regulatory system and the regulatory requirements under the registration system,and points out the problems existing in the existing regulatory system.First of all,starting from the concept,the paper analyzes the two core connotations of registration system information disclosure and substantive supervision,and the relevant significance of investor protection.Secondly,by comparing the differences between the current main regulatory rules of the approval system and the registration system,it points out that there are still some problems in the implementation of the registration system supervision in China.The main purpose of this chapter is to elaborate the actual state of the existing regulatory mechanism,to clarify the differences by comparing the registration system and the approval system,and to point out the problems and deficiencies of the existing regulatory policies,so as to lay the foundation for exploring the proper state of information disclosure supervision under the registration system.The second chapter aims to discuss the legal principle of investor protection.This paper will demonstrate the significance of supervision for information disclosure from the theoretical and practical levels,as well as the relevant legal basis.The theoretical level is mainly based on the public interest theory and its significance for the information disclosure regulatory system,the effective market hypothesis,the relationship between behavioral finance and information disclosure regulation,and the theory of shareholders' right to know and its application in the field of information disclosure supervision.On the practical level,this paper analyzes the operation of the scientific and technological innovation board in practice,introducing the operation of the science and technology innovation board which has implemented the registration system,and demonstrates the impact of the supervision under the registration system on information disclosure and investor protection based on the actual data.The third chapter aims to refer to the typical American information disclosure requirements with registration system as the core and the enlightenment for investor protection from the perspective of comparative law.By analyzing the practices of the United States in the aspect of information disclosure regulation and investor protection measures,this paper absorbs the beneficial factors of China's formal and substantive supervision,and puts forward improvement suggestions for the improvement of the existing regulatory system combined with relevant theories and practices.In view of the above theoretical and practical problems,the fourth chapter puts forward suggestions for improving the supervision from four aspects,including: strengthening the industry self-discipline organization and using financial instruments to strengthen the functions of intermediary agencies;strengthening the capacity-building of investor protection agencies;strengthening the management of investors' suitability from the regulatory level and formulating appropriate information according to different market entities Disclosure format.Finally,we can not only protect individual investors from the micro level,but also provide useful suggestions for improving and developing the information disclosure regulatory system under the registration system from the macro level.