Research On Information Disclosure Regime Of Securities Issuance Under Registration System

The third plenary session of the 18 th central committee of the CPC proposed to "promote the reform of the registration system of stock issuance",which kicked off the reform of China’s registration system.The newly revised securities law in 2019 will make the registration system the only way to review stock offerings,indicating that the registration system for stock offerings will soon be fully implemented in China.In the registration system,the information disclosure of securities issuance as a link connecting all parties.Intermediaries conduct substantive examination,exchanges conduct inquiries and investors make rational investment decisions according to it.Therefore,we must pay full attention to the construction of the issuance information disclosure system,not only from the macro level to improve the system supply,but also from the micro aspect to improve the quality of information disclosure and transmission efficiency,so as to provide a basic guarantee for the full implementation of China’s registration system.The first chapter of this paper through combing the development of China’s securities issuance audit system,found out the logical context of China’s capital market reform in recent years,then introduced the basic theory of the issuance information disclosure system,and then analyzed the challenges that China may face in constructing the information disclosure system under the background of the registration system.The second chapter tries to explore the enlightenment for the full implementation of registration system from the Star Market.At first,from the theoretical level,through sorting out the laws and regulations related to the issuance information disclosure of the Star Market,summarizes its characteristics.Then,paper analyzes the actual operation of the issuance information disclosure of the Star Market,and probes into the causes of deficiencies in practice.The third chapter of this paper starts from the details,finding out some advantages in disclosure technology of the HongKong stock’s prospectus by comparing that of the Star Market and HongKong stock,then exploring the reasons for the deficiency of the Star Market in related aspects.The fourth chapter of this paper provides a feasible path for The perfection of The information disclosure under China’s registration system origin from The previous analysis.Firstly,based on the shortage of system supply,the paper puts forward some Suggestions,such as raising the cost of illegal information disclosure,establishing the reputation mechanism of intermediary institutions,and strengthening the internal control of information disclosure.Then on the problems existing in the prospectus of the Star Market,This paper puts forward that the prospectus under the registration system of China should pay more attention to the disclosure of risk factors and differential disclosure,and at the same time,The wording style of the prospectus should be more simple and easy to understand,Exchanges also need to guide the preparation of prospectuses.Finally,on the opportunity brought by the new securities law,the paper puts forward specific measures to implement the repurchase obligation of illegal letters,advance compensation regime and the safe harbor regime.