Research On The Legal System Of Information Disclosure Under The Registration System

Since the Third Plenary Session of the 18 th Central Committee of the Communist Party of China first advocated the “improvement of the reform of the registration system for stock issuance”,my country’s securities market has launched active explorations for this purpose.The newly revised Securities Law was passed on December 28,2019,which formally The abolition of the approval system and the full implementation of the registration system have historical significance as a milestone.On February 29,2020,the General Office of the State Council issued the "Notice on the Implementation of the Relevant Work of the Revised Securities Law" and emphasized that my country is currently adopting a step-by-step registration system and is summing up and improving the existing pilot experience of the sci-tech innovation board registration system.On the basis of the research,implementation and exploration of the registration system reform implementation plan for the founding board and other sectors,it will be implemented after approval by the State Council.At this critical historical period in the transition of the approval system to the registration system,the importance of the information disclosure legal system as the core of the registration system is self-evident.my country has successively reformed and explored the information disclosure legal system through the establishment of the Science and Technology Innovation Board and the pilot registration reform,the revision of the "New Securities Law",and the in-depth promotion of the Chi Next registration system reform,providing for the comprehensive implementation of the registration system in the A-share market.Valuable experience.The registration system is the development direction of my country’s capital market,and information disclosure is the basic project of the registration system.Based on the current background of the promulgation and implementation of the new "Securities Law" and the imperative implementation of the registration system,the author combines the latest research results and legislative developments to implement the registration system reform on the Sci-tech Innovation Board and the Chi Next Board as a practical blueprint.Actively reflect on and solve the problems exposed in the process of its operation.The research purpose is to help the registration system to be fully implemented in the capital market of our country.In addition to the introduction and conclusion,the content of the article includes five parts:The first part expounds the basic concepts of the information disclosure legal system in my country,and briefly analyzes the concepts of information disclosure,academic classification,legal basis and legal functions,clarifies its connotation and extension,analyzes the mechanism of system operation,and the Analyzing the functions and effects of information disclosure in the securities market,especially under the registration system,highlights the importance of studying the information disclosure system.The second part analyzes and summarizes the current situation of information disclosure in my country under the current registration system and analyzes the new changes in information disclosure from the new "Securities Law" legislation and the latest practices of the Science and Technology Innovation Board and Chi Next to summarize the information disclosure system.Relevant experience,based on this,carry out the research of the next problem and the exploration of the perfect path.The third part lists and analyzes the problems arising under the current registration system and concludes that the information disclosure system still exists under the current registration system.The CSRC’s "paternalistic" supervision inertia still exists,and the intermediary structure has not effectively performed the role of "gatekeeper",The disciplinary mechanism for violations of information disclosure is not perfect,the effectiveness of the content of information disclosure by listed companies is still insufficient,and the supporting measures related to information disclosure need to be further improved.The fourth part critically draws on relevant extraterritorial experience,draws nourishment from the advanced information disclosure systems of the United States,Japan,Chinese Hong Kong and Chinese Taiwan,and seeks to improve my country’s system optimization from the aspects of regulatory mode,civil litigation relief,and investor protection management.Enlightenment,and summarize it.The fifth part is the exploration of the reform path of information disclosure.It proposes to optimize the regulatory functions of the Securities Regulatory Commission and return to the service market standard;strengthen the reputation of intermediary agencies and implement the "gatekeeper" responsibilities;improve the punishment mechanism for letter violations,and the normal state of civil and private remedies Improve the effectiveness of information disclosure,strengthen internal control of listed companies;improve relevant supporting measures,and build a scientific and reasonable information disclosure system to explore and prospect in five aspects.