Research On The Subject Of Disclosure Obligation Of Chinese Depository Receipt

The subject of disclosure obligation guarantees the implementation of the compulsory disclosure system in the securities market.The subject of disclosure obligation should be the producer and the source of information.Under the current framework of the Securities Law,it is the issuers and listed companies that mainly undertake the disclosure obligation.This paper applies the general theory of the subject of disclosure obligation to Chinese Depository Receipt and analyzes the subject of disclosure obligation of Chinese Depository Receipt through various research methods.This paper holds that the depositor is the nominal issuer of Chinese Depository Receipt,the source and manufacturer of relevant information,and can be regarded as the subject of disclosure obligation of Chinese Depository Receipt.As the substantial issuer of Chinese Depository Receipt,the issuer of overseas basic securities is another subject of disclosure obligation of Chinese Depository Receipt.There is a division of responsibilities between the two.The current regulations that overseas enterprises should undertake the whole disclosure obligation are not consistent with the theoretical analysis of this paper.This paper holds that the causes of the contradiction are various and there are many disadvantages.Therefore,this paper reconstructs the subject system of disclosure obligation of Chinese Depository Receipt.