Research On Legal Issues Of Information Disclosure Supervision Of Listed Companies Under The New《Securities Law》

On December 28,2019,the Standing Committee of the National People’s Congress reviewed and approved the amendments to the Securities Law(4).The newly revised Securities Law will be officially implemented on March 1,2020.The passage of the amendment of the new "Securities Law" does not mean the end of the reform of the registration system,it is exactly the starting point of the reform.The new "Securities Law" aims to fully implement the registration system and improves the information disclosure system and investor protection system of listed companies.However,the new "Securities Law" information disclosure supervision system has just been established,and there are still some problems at the system level that need to be improved.Through a comparative analysis of the new Securities Law and the 14-year Securities Law,this paper proposes that the information disclosure supervision under the new Securities Law has low legislative levels,failure of negotiation and decision-making mechanisms,lack of prior supervision by the Securities and Futures Commission,weak enforcement power,and self-regulatory supervision Issues such as strong administrative colors and unclear "continuing management capabilities".In addition,this article introduces the construction process of the information disclosure regulatory system in the US and Hong Kong of China stock markets,and draws on the mature overseas securities market information disclosure regulatory system to provide suggestions for the improvement of the information disclosure regulatory system of listed companies in China.This article is based on the research on the legal issues of information disclosure supervision of listed companies under the new "Securities Law",and is divided into four parts:The first part introduces the theory and practice of information disclosure supervision.It starts with the concept of information disclosure supervision,introduces substantiveism and openness,and then analyzes the corresponding approval and registration system of information disclosure supervision.Finally,it puts forward the practical level of information disclosure supervision,and introduces the practical experience of information disclosure supervision systems in foreign and domestic securities markets.The second part analyzes the legal issues of information disclosure supervision of listed companies from the perspective of the new Securities Law.By comparing the informationdisclosure supervision system of the Securities Act of 14 and the new Securities Law,one point out that the new Securities Law did not all solve the problems existing in the Securities Act of 14 and the other is the new Securities Law.New problems in the reformed system.These include issues such as low legislative level,failure of the negotiation and decision-making mechanism,lack of prior supervision by the CSRC,weak law enforcement,strong self-regulatory administration,and unclear "continuing capabilities",and a detailed analysis of the above issues.The third part introduces the mature experience of overseas securities markets,including the information disclosure regulatory system of the US securities market and the information disclosure regulatory system of the Hong Kong securities market.The US stock market is the world’s largest stock market.In addition,the Nasdaq market is also an excellent representative of the practice of the registration system,so it is of great significance for reference.The Hong Kong stock market has always been the object of imitation of China’s stock market reform.Finally,it draws the perfect enlightenment to the information disclosure supervision system of China’s listed companies.The fourth part proposes the solution of the information disclosure supervision system of listed companies.This section focuses on the following four perspectives: legislation first,strengthening the negotiation and decision-making mechanism,constructing the supervision and competition mechanism of the CSRC,improving the law enforcement system,returning the self-regulatory regulatory agency to the market,clarifying the "continuing capacity",and supporting measures.In the process of improving the information disclosure supervision system of listed companies,it has not only taken into consideration the excellent system outside the region,but also considered the actual situation of China’s securities market.I hope that this will provide some suggestions for the full implementation of the registration system in China.