Research On The Information Disclosure System Under The Registration System Of Stock Issuance In My Country

The new Securities Law has been implemented nationwide since March 1,2020,which is an important symbol of the deepening of registration system.After the announcement of the new Securities Law,the door of the capital market has begun to gradually open to enterprises,the capital marketization trend is becoming more and more obvious,with an overwhelming market vitality.Information disclosure system plays a decisive role in stock issuance,its importance is therefore self-evident.However,from the perspective of legal system and under the background of registration system,the mode,standard and civil liability of information disclosure are still facing a series of risks and challenges.Under the background of the transformation from approval system to registration system and combined with a series of innovations of registration system,this paper asserts that there are still some problems in the information disclosure system,namely the excessive proportion of mandatory disclosure,the ambiguity in the standard of "significance",and the lack of protection for civil liability of information disclosure.Firstly,for the information disclosure mode,the current system has established a combined mode of mandatory and voluntary disclosure.However,the effectiveness and initiative of voluntary disclosure is still to be stimulated.On the one hand,mandatory disclosure still needs to be updated and optimized.It is necessary to better adapt to the connotation of registration system within the scope of "simplicity" regulation and mandatory disclosure.On the other hand,there has not been a complete system for voluntary disclosure,which needs to be standardized in the future practice.It is necessary to start from establishing the dynamic relationship between mandatory disclosure and voluntary disclosure,find the balance between them,so as to adjust and optimize mandatory disclosure and protect investors who voluntarily disclose.Secondly,in terms of the formulation of the "significance" standard in information disclosure,registration system more often tends to protect investors with measuring value,while the "significance" standard is difficult to apply in practice so far.At present,there is no mechanism to combine "price standard" with "investor decision standard",and there are many difficulties in practical operation.The "significance test" standard shall be introduced to construct a new duality theory of "significance ",actively play the complementary role of "price standard" and "investor decision standard",as well as set up a remedy channel for investors to separately sue for "significant information".Finally,for the civil liability of information disclosure,the canceling of pre-litigation procedure has greatly activated the autonomy of the market and opened up the "last mile" for investors to take the remedy channel.However,the difficulty and number of cases has increased.The problem shall be solved from two aspects of entity and procedure.For entity,it is focused to unify the constitutive elements of civil liability for securities tort,especially to link up with "significance standard".For procedure,the establishment of diversified securities dispute litigation and mediation docking mechanism needs to be actively explored,so as to open a new thought of dealing with securities cases.