Paradigm shift in securities substantive regulation in the context of the registration system

Yumeng Jin; Xiaotong Wang; Jiayi Gao; Jiayi Zhang; Yiran Wang

doi:10.54097/56gsfe08

Authors

Yumeng Jin
Xiaotong Wang
Jiayi Gao
Jiayi Zhang
Yiran Wang

DOI:

https://doi.org/10.54097/56gsfe08

Keywords:

Registration-based system; Regulatory fragmentation; Information disclosure; Responsive regulation; Compliance governance.

Abstract

China’s securities registration-based reform shifts regulatory focus from administrative approval to market-driven mechanisms, yet introduces challenges such as fragmented oversight, information disclosure inefficacy, and unintended consequences of strict liability models. This study examines risks from decentralized review processes, including regulatory arbitrage and exchange competition, and highlights limitations in curbing retail investor herd behavior. It proposes a responsive framework integrating interactive supervision, compliance governance, and multi-stakeholder collaboration to balance market efficiency with investor protection under the new regime.

Downloads

Download data is not yet available.

References

[1] China Securities Regulatory Commission.January 19, 2024 Press Conference[EB/OL].https://hfggaf9bdf7c146dd4c38h5p5qpuwvbq6q6p69fhaz.libproxy.ruc.edu.cn/csrc/c100029/c7458464/ content.shtml,2024-1-19.

[2] Dai Wentao, Wang Huijuan. Research on the monitoring of internal control disclosure of listed companies in the era of registration system[J]. Friends of Accounting, 2023(22):85-92.

[3] XU Hong,YANG Xinyi. Re-examination of the Registration System for Stock Issuance in the Context of the New "Nine Articles of the State"[J]. Accounting Friends,2025,(08):18-25.

[4] Shanghai Stock Exchange. Shanghai Stock Exchange Statistical Yearbook (Volume 2023)[M]. Beijing:China Finance Press,2023.

[5] Li Qinyang,Liu Jieping. Spillover Effects of Registration System Reform--Based on the Perspective of Institutional Investors' Herd Behavior[J]. Contemporary Financial Research,2025,8(03):19-39.

[6] Jiang Daxing. The“Power-type” securities regulatory commission in retirement--the reform of registration system and the reorganization of securities regulatory power [J]. Law Review, 2014, (2): 39-53.

[7] Gan Peizhong. On the environment and logical defects of the subversive reform of the company capital system and the system remedy [J]. Science and law, 2014, (3): 498-515.

[8] Stephen Breyer. Li Honglei, et al.. Regulation and its reform [M]. Beijing: Peking University Press, 2008.

[9] Chen Xi. The governance structure and development path of responsive corporate compliance [J] . Enterprise Economy, 2023, (5) : 140-150.

[10] Kumar A., Lee C. M. C.. Retail Investor Sentiment and Return Comovements[J].Journal of Finance, 2006,61(5):2451-2486.