A Study On Administrative Penalties For Illegal Activities In Information Disclosure In China’s Stock Market

On June 5,2019,the China Securities Regulatory Commission officially announced that it would severely punish listed companies for information disclosure violations.At the same time,in the context of the third instance of the Securities Law,the importance of information disclosure was once again emphasized."Fair,just and open" is the basic principle of the operation of the capital market,and the principle of openness is of primary importance.Under the principle of disclosure,information disclosure must be performed in accordance with the requirements of "truthful,accurate,and complete." This standard applies to both mandatory and voluntary information disclosure.With the development of the capital market,the forms of information disclosure violations have become more diverse.How the CSRC uses limited regulatory resources to conduct more effective supervision is a question worthy of in-depth consideration.The current information disclosure system is centered on mandatory information disclosure and supplemented by voluntary information disclosure.The CSRC often faces the pressure of judicial review after punishing information disclosure violations.Therefore,it is necessary to clarify the administrative penalty and judicial review.The relationship between them and the administrative supervision relationship between the civil subject and the administrative subject are sufficient to play the role of securities supervision in correcting market failures.Aiming at the problems of unclear definition,few samples,influential factors,and in-depth analysis of the existing problems in the research of securities supervision in China,this article has perfected and deepened the securities supervision.An empirical analysis of the changes is made to have a rough grasp of the development and focus of the information disclosure supervision system at each stage.At present,China’s legislation on the securities information disclosure system is still under perfection,and the supervision in practice is not strong.The problems of the information disclosure system in China’s securities capital market are endless.Analyze the strength,distribution,and timeliness of penalties imposed by the Securities Regulatory Commission for information disclosure violations,analyze the reasons for listed companies’ illegal disclosure,and provide a reliable basis for improving the regulatory system,unifying the applicable standards of laws and regulations,and building a new mechanism that integrates administration and justice.The stability of the capital market and how to safeguard the rights and interests of small and medium investors provide some new ideas.