Study Of Securites Disclosing Legal System

The system of revelation of securityinformation is the core cornerstone of security market,which is the basic legal system for maintaining an open ,fair and impartial security market.This paper attempts ,based on the research of other scholars,to conduct a systematic research on the revelation by using the theories of financial supervision law and economics and collecting abundant detailed materials.In addition to the preface,there are five other sections in this paper. The first section is the sununary of the legalsystem of revelation.It first reviews the history of the emergence and development of the system with the aim to illustrate that it is the product of state?s intervention into economy and now has internationalized. And then it elaborates the concept in narrow sense and wide sense as well as its issuing market and circulaion market .The section points out the significance of the system in such four aspects as the protection of investors?interests,the promotion of the management of puplic companies,the convenience of security supervision,and the promotion of the development of security market.In order to realize the above aims and flinction,I conder the principles of truth,sufficiency,accuracy,and promptness as the five principles of the system. The second section is about the theoretical base of the system.It profoundly illustrates the value of the system from the perspective of theories in law philosophy and economics.It points out the system,as one of the important legal value of faimess.The malfunction of security market is the economic theoretical base of the system,which is shown in two aspects:one is the uncertainty and non-symmetry of information;the other is that the information has the features of public products.But no legal system is perfect.As a result,the significanceof the system is re-proved and some inspiring thoughts about the implementation of the system are provoked in the reviewing of the system and in the positive and negative comparative analysis. The third section is about the system of information regulation.One is anti- inside deal system in which the concept of inside deal,its legal factors,and its regulation are elaborated.The other is the information-isolated system in which the concept and function and objective analyse?ofinformation-isolated are introduced on the basis of specifying this concept in our nation.This section finally elaborates that the three system are indispensable in a fair security market. The fourth section is about the liability system.It fist illustrates the necessity for the establishment of the revelation system.And then it analyzes the nature of the fictitious statement which is one of the illegal acts in the information revelation on the basis of theory and practice,comparison,and analysis. The fifth section is about the existing condition,problems,and completion of the system in our country.It comments in detail on the achievements from five aspects and points out the existing problems from four perpective.And then it recommends some improvement measures in such aspects as open consciousness,legal construction,network technology,and implementation force on the basis of the above content and the reality and trend of the system.