The Dilemma And The Solution Of The Determination Of The Corrective Disclosure Date

After 30 years of development,China’s securities market has been becoming mature.However,the false statement has troubled the development of the securities market.As for the case of the false statement,it is decisive to determine the corrective disclosure date.Realistically,74 cases not only show different judicial determinations of the corrective disclosure date,but also reveal the determination dilemma: the investigation-based corrective disclosure date lacks semantic clarity;and the punishment-based corrective disclosure date ignores the timeliness of disclosure.The essence of the false statement is that the disclosure obligor uses false information to influence the securities price and make the securities price deviate from the securities value.What’s more,the essence of the disclosure is to show the falsehood or misleading of the historical information and make the securities price close to the securities value.Therefore,the core of the determination dilemma is that the formal requirements of the corrective disclosure date do not coincide with the essential requirements of the disclosure,which is rooted in randomness of the disclosure of the securities regulatory information and the frequency of the occurrence of resistance disclosure situations.As a consequence,it is necessary to sound the securities regulatory information disclosure system,construct the alternative disclosure mechanism,the accelerate disclosure mechanism and the segment disclosure mechanism.