Perfection Of The Information Disclosure System Of Stock Issuance Under The Reform Of Registration System

The reform of the registration system is the trend of the continuous maturity and development of Chinese capital market.The old approval system has become increasingly serious and has been unable to meet the needs of market players."The implementation of the registration system reform is not a one-step process." We know that the establishment and operation of a system requires a lot of supporting basic measures to assist it.The information disclosure system is one of them.It is the focus of this paper.What information disclosure system do we need to disclose?How to disclose? How is the disclosure of information regulated? What angle should I start with? Does the United States have experience to learn from? Wait,only to find out these issues,to establish and improve the information disclosure system compatible with the registration system is one of the steps to implement the registration system reform.Due to space limitations,this article will not study other supporting measures,only the core system of information disclosure.This is the research value and significance of this article.“Xi Jinping delivered a keynote speech at the opening ceremony of the first China International Import Expo.The speech mentioned that the Shanghai Stock Exchange will set up a science and technology board and a pilot registration system to support the Shanghai International Financial Center and the construction of a science and technology innovation center to continuously improve capital.Market-based system." This points to the path of China's registration reform.This is a major strategic arrangement made by the Party Central Committee based on the current world economic and financial situation and based on the overall situation of national reform and opening up.It is a major institutional innovation in the capital market and a major measure to improve China's multi-level capital market system.The core of the registration system is information disclosure.What kind of information disclosure system can meet the requirements of the registration system will be the main point and focus of this paper.When exploring the specific plan of Chinese information disclosure system,it may be useful to study the information disclosure mechanism under the registration system of the mature capital market in the United States,digest and absorb it,and learn from its essence.This is also the content of this article.On the other hand,only discussing the information disclosure system is still far from enough for the registration system,and other supporting systems are needed.Under the overall guidance of the China Securities Regulatory Commission,the Shanghai Stock Exchange has gone all out to actively promote and research and develop the supporting business rules at the exchange level.After approval by the China Securities Regulatory Commission,it is officially released to the market.At the same time,issuers must also change their thinking in a timely manner,recognizing that high-quality information disclosure is fast-forward listing and listing,and is a self-interest for the long-term development of enterprises.In addition,to fully play the role of the sponsor institution,whether in the process of sponsorship review before the event,or continuous supervision after the release,we must do our duty.This puts higher demands on the sponsor institution and should strengthen its own integrity and authority.Finally,investors must improve their own quality in all aspects.Through a large amount of disclosure information,investors need to screen and identify information that is useful to them,and understand the essence behind this information.Investors must not only improve their ethical awareness of complying with the laws and regulations of the securities market,but also improve their professional level,enhance the concept of rational investment,eliminate blindfollow-up and reduce speculation,which will stabilize the securities market and maintain its stability and prosperity.It is also important to minimize your investment risk.At present,the relevant implementation opinions on the establishment of the science and technology board and the pilot registration system have been filed by the State Council and reported to the Standing Committee of the National People's Congress.The CSRC has officially issued the relevant institutional rules for the pilot registration system of the science and technology board,and the reform of the stock issuance registration system has begun to advance in substance.It is recommended to add relevant content to the revised draft.The Constitutional and Legal Committee has studied and considered that the reform of the stock issuance registration system is still in the pilot stage.According to the specific circumstances of the pilot,the relevant provisions of the relevant cohesiveness can be added to the revised draft;after practice,the experience that can be copied and promoted can be summarized.And then make a comprehensive revision of the legal system for public offering of securities.Accordingly,it is proposed to make the following changes to the relevant contents of the revised draft: in the chapter of the revised draft "securities issuance",add a section "Special Provisions on the Registration System of the Science and Technology Board",the conditions for the issuance of shares in the Science and Technology Board,registration procedures,and supervision.The basic system for inspection and other provisions shall be made;and the specific measures for the securities regulatory authority under the State Council to establish securities registration in accordance with this Law shall be clarified.At the same time,the current securities law on the issuance of special rules on securities issuance as a "general rule",a separate section.We know that reforms are often not done overnight,and registration is no exception.The implementation of the registration system requires comprehensive supporting measures.As the saying goes,"the system is first" and "legislation is the first",which shows the status and importance of the basic system and legislation in the reform.We can learn from the information disclosure system of the maturecapital market in the United States.Of course,we can not copy it.We can learn the form of information disclosure,the requirements of SEC review,and the procedures for SEC review.We will infiltrate these core elements into the soil of reform in China.In the design,we have developed an institutional system suitable for China's national conditions.In short,the road to reform and construction is still very long,and the road is long and long-term,and I will search for it.The stock issuance registration system centered on information disclosure is based on the gradual development of marketization.During the period of pilot registration,the information disclosure system should focus on new requirements,new standards,and new forms.Compliance and even falsification,continuous trials and strict implementation,can make the system preset close to the most real practice,so that the new system can be smoothly promoted and fully implemented.