What Is Responsible Disclosure?

The information disclosure system is also known as the "information disclosure system". In order to protect the interests of investors and accept the supervision of the public, listed companies must disclose or publish their relevant information and materials in accordance with legal requirements. It can be divided into issuance market information disclosure system and circulation market information disclosure system. The former refers to the disclosure of the business situation and financial situation of the securities issuer to investors in the form of filing and reporting of "portable securities declaration form"; the latter refers to the publication of the operating status of listed companies in the form of "portable securities report form" And some major matters. The information disclosure system is clearly stipulated in the securities laws of various countries. The implementation of information disclosure can understand the operating status, financial status and development trend of listed companies, which is conducive to the management of the securities market by the securities authority and guides the healthy and stable development of the securities market; it is beneficial to the public based on the information obtained, Take timely measures to make the right investment choices; it is also beneficial to the shareholders of the listed company and the public to supervise the listed company. The legal basis of the information disclosure system in China's securities market is mainly the provisions in the "Interim Regulations on the Administration of the Issuance and Transaction of Stocks" regarding the prospectus, listing announcements, information disclosure of listed companies, and mergers and acquisitions of companies. Detailed Rules for the Implementation of Information Disclosure by Public Offering Companies (Trial) and "Content and Format Guidelines for Information Disclosure by Public Offering Companies" (Nos. 1 to 6). ^[1]

Information disclosure system

The information disclosure system is also known as the "information disclosure system". In order to protect the interests of investors and accept the supervision of the public, listed companies must disclose or publish their relevant information and materials in accordance with legal requirements. It can be divided into issuance market information disclosure system and circulation market information disclosure system. The former refers to the disclosure of the business situation and financial situation of the securities issuer to investors in the form of filing and reporting of "portable securities declaration form"; the latter refers to the publication of the operating status of listed companies in the form of "portable securities report form" And some major matters. The information disclosure system is clearly stipulated in the securities laws of various countries. The implementation of information disclosure can understand the operating status, financial status and development trend of listed companies, which is conducive to the management of the securities market by the securities authority and guides the healthy and stable development of the securities market; it is beneficial to the public based on the information obtained, Take timely measures to make the right investment choices; it is also beneficial to the shareholders of the listed company and the public to supervise the listed company. The legal basis of the information disclosure system in China's securities market is mainly the provisions in the "Interim Regulations on the Administration of the Issuance and Transaction of Stocks" regarding the prospectus, listing announcements, information disclosure of listed companies, and mergers and acquisitions of companies. Detailed Rules for the Implementation of Information Disclosure by Public Offering Companies (Trial) and "Content and Format Guidelines for Information Disclosure by Public Offering Companies" (Nos. 1 to 6). ^[1]

From the perspective of the main body of the information disclosure legal system, it is a system where the issuer is the main line and multiple parties participate together. Judging from the role and atmosphere of various subjects in the information disclosure system, they are roughly divided into four categories; the first category is the important subjects of information disclosure, and the information they release is often related

The information disclosure system is a permanent process in the time of information disclosure, which is a combination of regular and irregular. The experience of companies in different countries has proved that

The main thing during this period is the prospectus and

The internet

The information disclosure system includes information disclosure of securities issuance and continuous information disclosure.

(1) Information disclosure of securities issuance refers to the disclosure of the issuer, the securities to be issued and the information related to the securities when the securities are publicly issued. Such information disclosure documents mainly include prospectus, prospectus and listing announcement.

1. The securities issue application documents submitted by the issuer to the securities regulatory authority of the State Council or a department authorized by the State Council must be true, accurate, and complete. There must be no false records, misleading statements or major omissions. Listed companies issuing securities must disclose or provide information truthfully, accurately, completely, timely, and fairly, and there must be no false records, misleading statements, or major omissions.

2. The issuer shall compile and disclose the prospectus in accordance with the relevant regulations of the China Securities Regulatory Commission. The prospectus content and format guidelines are the minimum requirements for information disclosure. Regardless of whether the standard clearly states that any information that has a significant impact on investors' investment decisions should be disclosed. The issuer and all its directors, supervisors and senior management shall sign and seal the prospectus to ensure that the content of the prospectus is true, accurate and complete.

3.

Problems with information disclosure in the securities market:

Institutional Defects in the Securities Market

Further improve the information disclosure system of listed companies

Unsmooth information is an important cause of information asymmetry. The continuous information disclosure system helps market investors to understand the company's overall risk on the one hand, and also provides more information to the government, and gradually reduces the incomplete and asymmetric information on the securities market.

Information disclosure system

The securities market is now transparent and regulated; Chinese law requires that all listed companies must disclose their annual financial reports, interim financial reports, and announcements of major events in a timely and accurate manner. ST and PT companies are also required to publish quarterly reports, which is a great improvement. At present, in the practice of information disclosure, we must first improve the accounting system of the enterprise and move closer to the accounting system. The adjustment of the accounting system should take the primary goal of improving the reliability of accounting information. Secondly, in order to prevent business operators from manipulating financial forecast information and ensuring the quality of profit forecasts, the disclosure of predictive financial information should be standardized, and a set of standardized systems for the generation, disclosure and review of predictive financial information of listed companies should be established and improved.