Registration system implementation country

The registration system is a stock issuance system. Its core is the disclosure of the information of the securities issuer. Investors judge the value of investment based on the disclosed information and make independent decisions.The registration system is conducive to improving market transparency, reducing market risks, and also conducive to optimizing resource allocation.Here are some of the countries and regions that have implemented the registration system:

The United States is one of the world's largest capital markets, and Nasdaq and the New York Stock Exchange are one of the two most important exchanges in the world.The registered system in the United States has a long history, which is mainly suitable for the first public issuance (IPO) of listed companies and bond issuance of non -listed companies.Under the registration system, securities issuers need to submit the prospectus and other related documents to the SEC in accordance with the prescribed formats and content, and the SEC will review the issuer's information disclosure.If the SEC has no objection, the issuer can be issued in accordance with the prescribed procedures.Mumbai Stock Exchange

India's registration system reform began in 2013. At that time, the Securities and Futures Commission released the "First Publicly issued shares and the Management Measures for Listing on the GEM", which clarified the implementation of the GEM registration system.Since then, the science and technology board has also implemented the registration system.Under the registration system, securities issuers need to submit the prospectus and other related documents to the CSRC, and the CSRC reviews the issuer's information disclosure.If the opinions of the CSRC have no objection, the issuer can issue it in accordance with the prescribed procedures.

The Reform of India's registration system began in 2013. At that time, the Indian Securities and Exchange Commission issued the "Indian Securities Exchange Commission (Release and Information Disclosure Requirements) Rules), 2014, which stipulated the disclosure requirements of issuers and exchanges.Under the registration system, securities issuers need to submit a prospectus and other related documents to the Indian Securities and Exchange Commission in accordance with the prescribed formats and content, and the Indian Securities and Exchange Commission will review the issuer's information disclosure.If the Indian Securities Exchange Commission has no objection, the issuer can issue it in accordance with the prescribed procedures.

Mumbai Stock Exchange

Mumbai Stock Exchange

Registration system implementation time

20th century

In general, the registration system has become one of the main issuance systems of the global capital market.In the United States, India, and India, the registration system has been widely used in the first public offering (IPO) and other securities distribution activities of listed companies.With the continuous development of the capital market, the registration system will continue to be promoted and applied globally.

(Editor in charge: Dong Pingping)