Research On Legal Issues Of Investor Protection Under Registration System Of Science And Technology Innovation Board

At present,the party and the country elevate the problem of scientific and technological innovation to the height of strategy,aiming to solve the problem that the western countries are "stuck" in our core technology.In terms of the development of the capital market,the CPC Central Committee with Comrade Xi Jinping as the core has taken a far-sighted view.It first decided to launch the science and technology innovation Board on the Shanghai Stock Exchange and pilot the registration system,thus enabling high-tech enterprises with independent intellectual property rights and core competitive technologies to obtain more convenient listing and financing opportunities.In the face of the new situation,Chinese investors are also faced with unprecedented challenges in the securities market.After the trial implementation of the registration system,different from the audit method of the previous approval system,enterprises no longer undergo strict substantive examination,but enter the market through formal examination.Investors have to face the information of numerous listed enterprises and judge the value of enterprises independently.However,China’s current legal protection system for investors is not perfect,the lack of legal regulations for the science and innovation board market,the interests of investors are easily damaged,and the unstable factors in the investment market increase.Therefore,this paper starts from the perspectives of investors,market and supervisors.Firstly,it analyzes the legal risks investors may face in the current registration system of science and technology innovation Board in China.Meanwhile,it takes the information disclosure system,the core issue of investor protection under the registration system of science and technology innovation board as the main entry point.It mainly focuses on the legal loopholes of information disclosure regulations after enterprises enter the market,it is difficult to clarify the legal issues related to intellectual property rights,the delisting system is not specific enough,and there is no unified standard for the trial of relevant cases due to the few securities investment cases at present.Then it summarizes the integration of legal norms for investor protection under the registration system of science and technology innovation Board and the development status of investor legal protection under the pilot registration system of science and technology innovation board in China.It concludes that due to the short development time of China’s securities market,In particular,the implementation of relevant legal mechanisms in the science and technology Innovation Board market after the trial registration system for the first time leads to problems existing in the current legal normative system,such as imperfect information disclosure system,confused responsibilities of intermediary agencies,and partial lack of legal supervision mechanism.In view of the above legal problems,This paper compares and analyzes the mature experience of foreign legal regulations on investor protection similar to the registration system of science and technology innovation Board in China,and analyzes the mature legal regulations on investor protection in the United States,The United Kingdom and Hong Kong of China,also from the three aspects of the market,regulators and investors.Draw investors classification management,intermediary responsibilities clear,formulate detailed agency duty of care standard,establish differentiation information disclosure system,perfecting supervision mechanism afterwards,regulate specific feasible solving measures,such as investors’ legal rights protection channel expectations to our country kechuang plate registration system of investor protection under the law regulation,The author also hopes to provide new ideas for the legal regulation method of investor protection in the development process of the upcoming BSE science and technology Innovation Board.