Research On The Optimization Of Investor Rights Protection Mechanism Under The Comprehensive Registration System

Through extensive preparatory work,the revision of the new Securities Law was finally completed at the end of 2019 and took effect on March 1,2020.The implementation of the new Securities Law provides a legal basis for the registration system reform and opens a new chapter in the reform and development of China’s securities market.The emergence of new system will inevitably bring new challenges.Investor protection has always been a focus topic in the securities market,after each innovative system,can produce some due to the lack of initial experience unpredictable problem,so try to avoid the new system is not mature the systemic risk,caused by the inhibition of fanaticism,irrational investment behavior,reduce capital market fluctuations caused by system is not perfect,Damage to the rights and interests of investors.Based on the reform of the registration system of listed companies,this thesis will put forward a series of changes in the protection of investors’ rights and interests.Through the analysis on the basis of the existing mechanism,using the investor survey feedback,timely find problems,solve problems,and then seek the best way of investment protection.At present,the protection measures of investors’ rights and interests have achieved great results,but they still need to be further improved.One of the main reasons is that our country is in a critical period of comprehensive registration system reform,the main board stock market,the interests of disputes is complex.And intermediary agencies,regulators lack the sense of responsibility,regulation is not in place and to a certain extent,indulge the opportunism behaviors of the enterprise,coupled with our country capital market of small and medium-sized investors accounted on the high side,its ability in information analysis,risk to bear ability,professional ability,financial strength and institutional investors in such aspects as there is an obvious difference,This makes it impossible for investors to obtain true,comprehensive and accurate information about the capital market.To sum up,the improvement of the protection system of investors’ rights and interests in China’s securities market should take into account the national conditions of China,start from the actual situation of China,and solve the practical problems through strengthening supervision.This thesis mainly studies the innovative measures and achievements made by the Science and Technology Innovation Board,GEM Board and Beijing Stock Exchange in the protection of investors’ rights and interests under the first-use registration system,mainly including the protection of access system,information disclosure system,delisting system and investor rights protection relief system,and analyzes the specific provisions of relevant systems in detail.Through the relevant data and cases to reflect the successful application of investor rights and interests protection measures,to interpret their important significance in investor protection.At the same time,through the online survey of investors on official platforms such as securities market regulators and service agencies,it is found that the current investor rights protection system is still not fully implemented,and there are still defects in the implementation of information disclosure content,investor relationship management of listed companies,and investor self-protection consciousness.The protection of investors’ rights and interests has always been the primary concern of the securities market,so it is still necessary to further improve the institutional system to provide support for investor protection.