Research On Legal Supervision System Of Information Disclosure Of Listed Companies Under Registration System

The capital market plays a significant role in the national development process.The advanced capital market can rationally allocate market resources and foster economic prosperity and development.The development of securities market is the top priority of the development of capital market.On February 17,2023,the China Securities Regulatory Commission reviewed and adopted the Measures for the Administration of Securities Issuance Registration of Listed Companies,marking that the reform of the registration system of China’s securities market has developed from the trial implementation of the Science and Technology Innovation board and GEM board to the full implementation of the main board market,opening a new chapter in the full implementation of the registration system.At the same time,the China Securities Regulatory Commission promulgated and implemented the Measures for the Registration of Initial Public Offerings of Stocks,which also made relevant provisions on the information disclosure of listed companies and the supervision system of information disclosure.To this end,the Shanghai Stock Exchange and the Shenzhen Stock Exchange also revised relevant business rules in order to implement the comprehensive registration system.The Shanghai Stock Exchange published the Rules for the Review of Stock Offerings and Listings of the Shanghai Stock Exchange,and the Shenzhen Stock Exchange published the Rules for the Review of Stock Offerings and Listings of the Shenzhen Stock Exchange.The revision of these systems and rules reflects the importance of strengthening information disclosure and supervision of listed companies under the background of fully implementing the registration system.This means that under the background of fully implementing the registration system,the threshold for companies to go public is greatly reduced,and higher requirements are put forward for the information disclosure standards and legal supervision of listed companies.Therefore,under the comprehensive registration system,how to improve the Legal Supervision System of Information Disclosure of listed companies in China,to ensure the steady implementation of the comprehensive registration system,and the steady and healthy development of the capital market has become the main problem of theoretical and practical circles studying and concerned.In view of this,this thesis tries to take the information disclosure legal regulatory system of listed companies under the registration system as the subject of research,and through the study of related legislation and practice in our country,to propose some suggestions to optimize the legal supervision system for information disclosure of listed companies.This thesis is organized into four parts,in addition to the introduction and abstract.The first part is an overview of the basic theories of information disclosure regulation of listed companies.This thesis mainly expounds and analyzes the connotation,system value and legal basis for the Supervision of Information Disclosure of listed companies.It not only clarifies the necessity of strengthening the legal supervision of information disclosure under the registration system,but also lays a theoretical foundation for a more in-depth research information disclosure legal supervision system.The second part is about the status quo and existing problems of the information disclosure legal supervision system of listed companies under the registration system.Firstly,through the systematic review of the legislation and practice of the legal supervision system of information disclosure of Chinese listed companies,points out that there are many problems in the supervision of information disclosure of Chinese listed companies in recent years,mainly reflected in legislation,enforcement and judicature three aspects;Secondly,summarize and analyze the reasons for the existence of the problem.The third part is about the practice and experience of the legal supervision system of information disclosure of overseas listed companies.First,the thesis discusses the practice of information disclosure supervision in the United States,Japan and Britain,such as the dual registration system in the United States and the levy system in Japan.Secondly,summarize and analyze the legal regulatory system of information disclosure in these countries,point out the beneficial experience of optimizing the legal regulatory regime of information disclosure of listed companies under our registration system,such as: the separation of issue audit and listing audit system,effective legal liability system,perfect self-regulatory mechanism and so on.The fourth part is about the choice of ways to improve the legal supervision system of information disclosure of listed companies under the background of comprehensive registration system.First of all,in the legislation to further improve the "Securities Law" related legal system,such as the implementation of issuance review and listing review separation system,the establishment of information disclosure classification supervision system,improve the company’s internal supervision system,standardize the voluntary information disclosure system;Secondly,in terms of law enforcement,we should further strengthen the supervision and enforcement measures of information disclosure,such as reasonable division of supervision responsibilities of supervision departments,establishment of information disclosure credit mechanism,improvement of regulatory efficiency of illegal information disclosure,strengthening self-regulation and social supervision,etc.Finally,judicially,further improve the information disclosure responsibility investigation mechanism,such as further refine the administrative punishment responsibility,further optimize the civil compensation responsibility,further improve the criminal punishment responsibility,etc.