The Study Of The Information Disclosure System Of IPO Under The Registration System Reform

In 2016,during the two conferences of the securities and futures commission chairman LiuShiyu at the news conference emphasized the importance of registration system implementation,at the same time made it clear that before the registration system is widely spread,the first thing to perfect the construction of related facilities,steadily promote the reform of registration system.The core of the reform of the securities issuance registration system is the perfect IPO information disclosure system,which will directly affect the process of the reform of China's securities issuance registration system.However,at present our country has not yet possess and matching information disclosure standardized conditions,also to suit the requirements of registration under the system of information disclosure system,the specific performance in the current information disclosure quality is not high,lack personalized information disclosure for the issuer,and the existence of false disclosure;The standard and process of the audit of information disclosure by the securities regulator are not transparent,and the regulation of the function of the regulator is insufficient.Investors' rights protection system is not sound,investors'relief channels are inadequate and so on.To solve these problems,this paper,starting from the information disclosure system of the role of comprehensive analysis of the existing information link under the authorization of the causes of deficiency of the above,then discusses the authorization and registered under different requirements for information disclosure,finally through to the registration system of developing countries and regions of relatively mature system of information disclosure of comparative analysis,combining with the actual situation of our country to register system reform in the process of perfecting the information disclosure system of IPO innovative Suggestions:First,the standard IPO information disclosure process,from the way and the content of information disclosure and the unified standard,improve the availability of information disclosure,IPO to simplify the IPO application approval process,decrease the cost of issuers and regulators;Second,on the basis of the current centralized supervision,perfect the supervision model of the CSRC,exchange and the securities industry association,and strengthen their respective regulatory functions,determine the regulatory status of clear,make it an independent exercise of the functions,strengthen the self-discipline of listed companies at the same time,actively to fulfill the obligation of information disclosure;Finally,perfect the system of laws and regulations,make the mutual supplement between civil law and criminal law,increase the intensity of civil liability and criminal liability punishment,thus improve the information disclosure subject because of illegal disclosure of the cost.To further improve the system of representative lawsuit,establish and improve the investor benefit protection and compensation mechanism.All in all,IPO registration system reform cannot be achieved overnight,the advance of the continuous improvement of information disclosure system and relevant supporting system is the reform of the thrust,as well as the guarantee for healthy and orderly development of capital market.