Research On The Legal System Of Differentiated Information Disclosure

The revised "Securities Law of the People’s Republic of China" came into effect on March 1,2020.The public offering of securities has changed to a registration system,which means investors judge the value independently,then makes the investment judgment choice.The Securities and Exchange Supervision Commission dd not examine the qualifications of issuers too much.The law enforcement and supervision methods for information disclosure of listed companies changed to supervision during and after the fact.The information disclosure obligations of listed companies run through the entire process of securities issuance.Sufficient information disclosure of listed companies can not only fully embody the principle of disclosure,also can ensure the capital market more efficiency.Chapter 5 of the Securities Law provides for information disclosure,including the circumstances under which listed companies should disclose information and the requirements for information disclosure.Looking at the more mature securities markets in many countries,such as the United States,the United Kingdom,and Japan,they have formed more detailed regulations on differentiated information disclosure from legal regulations to supporting implementation measures.Differentiated information disclosure legal system,protecting investors’ legitimate rights and interests,as well as improving the efficiency of the securities market.Differentiated information disclosure is a useful supplement to the current information disclosure system.The infsimormation disclosed is still for all investors,but in terms of content,it takes a more straightforward and readable form for ordinary investors to make it easier to clarify.The content disclosed by the information of listed companies,while for investment institutions,more professional disclosure content can be adopted.As far as the form of disclosure is concerned,a more time-sensitive online information disclosure form can be added to the existing disclosure form,allowing some listed companies to adopt this form to communicate with investors online.Differentiated information disclosure is of great benefit to reducing the cost of listed companies.However,the current legal system cannot fully meet the needs of the securities market for the development of differentiated information disclosure.First of all,in the legislative system,"Securities Law","Company Law",administrative regulations,and departmental rules are not stipulated differentiated information disclosure.The regulations can be scattered in departmental normative documents and the self-discipline rules of the Shanghai Stock Exchange and Shenzhen Stock Exchange.Low rank is one of the main factors that discriminate against the development of differentiated information disclosure systems in certain securities.Secondly,in terms of disclosure content,the problems that arise are reflected in the lack of effectiveness of information disclosure,which cannot meet the investment needs of investors;for the standards of differentiated information disclosure and the critical factors involved in the requirements of differentiated information disclosure,scattered documents There is no uniform standard in China.Finally,in terms of the regulatory requirements of the differentiated information disclosure legal system,because the differentiated information disclosure system has not yet formed a regulatory system,it has not yet been able to make full use of regulatory resources.Besides,the law does not stipulate the regulatory enforcement authority of stock exchanges.The law does not stipulate the supervision and enforcement authority of stock exchanges,so that in practice,stock exchanges can take limited enforcement measures and have limited intervention in violation of laws and regulations.Accordingly,a legal system for differentiated infonmation disclosure of listed companies should be established in legislation,and legislation should provide legal principle guidance for the formulation of detailed regulations by the lower law.It also establishes a unified standard for the differentiated information disclosure system,and can update and replace the specific content of the standard according to the needs of practical development.Also,in terms of disclosure requirements,my country’s differentiated information disclosure legal system needs to pay more attention to the needs of investors,and this guidance can improve the effectiveness of information disclosure.Regarding the establishment of standards,the risk of listed companies is used as a measurement factor,and relatively relaxed information disclosure requirements are adopted for listed companies with low-risk factors and sound development.In addition,the detailed regulations on the disclosure of listed companies’ information disclosure,brief and unambiguous disclosure,and the differentiation of disclosure forms make the differentiated information disclosure system more practical.Finally,concerning the construction of the regulatory structure of the differentiated information disclosure legal system,the upper law needs to clarify the regulatory authority of the regulatory body and the basis for exercising power,and to provide the supervision power of the stock exchange with legal protection.At the same time,the risk level classification standards of listed companies in the disclosure content are closely integrated with the classification supervision system,and the risk results obtained from the classification standards are used as the basis for classification supervision for differentiated supervision,the supervision indicators are regularly considered scientifically.