发行信息披露

第二部分首先指出了我国公司股票场外IPO和非上市公众公司新股发行信息披露标准的缺失，然后集中评述了我国代办股份转让系统这一主要场外交易市场的持续披露规则。

Part two argues that there lacks a disclosure standard for the IPO of unlisted securities and Secondary Public Offerings by unlisted public companies , then gives comments on the continuous disclosure regime of the Stock Transfer Agent System , which is the principle OTC market in China .

第三节是证券私募发行信息披露制度。

Section Three is an analysis on the information disclosure system for private offerings .

其中，正文分为四章。第一章为证券私募发行信息披露制度的理论基础。

The main body can also be divided into four sections as follows : Chapter one discusses the basic theories of information disclosure system of securities private placement .

通过对美国私募发行信息披露制度及制度中反射出的理念进行分析，论述了我国构建私募发行信息披露制度的意义及具体制度的构建。

By analyzing the American private offering information disclosure system and the conceptions reflected from the system , the section discusses the significance of structuring our own information disclosure system for private offerings and suggests a system structure in detail .

上市公司发行的信息披露制度研究

A Study of Information Disclosing of Listed Companies

第二章证券发行中信息披露义务的表现形式。

The second chapter is the concerning forms of information disclosure duties in issuing securities .

证券市场上信息的首次披露制度包括证券发行时的信息披露和证券上市时的信息披露。

Initial disclosure system in the securities market includes information disclosure at issuing time and information disclosure while going on the securities market .

其中主要包括网络证券发行、网络信息披露及宣传、网络证券交易、网络结算和交收等等。

The said business mainly involves the issuance of securities on the internet , on-line information disclosure and propaganda , on-line securities trading , on-line securities clearing and settlement etc.

本章论述了证券发行主体在信息披露中承担的不同义务，并对虚假陈述行为进行界定。前者分为信息披露主体和信息披露参与主体，后者包括虚假陈述、误导性陈述和重大遗漏。

It discusses different duties of securities issuing subjects including primary subjects and participants in information disclosure and defines the action of false statement including misrepresentation , misleading statement and major omission .

督促证券公司及发行人建立信息披露制度，依法披露企业债券的有关风险、财务状况和重大事项，增强企业债券发行的透明度；

The securities companies and the issuer shall be forwarded to establish information disclosure procedures , to disclose risks , financial conditions and significant matters in relation to the enterprise debentures and to strengthen the transparency of issuing enterprise debentures ;

最后，针对转变监管部门监管理念、完善首次公开发行制度、完善信息披露制度、抑制投资者的过度投机四个方面，提出了解决IPO抑价问题的对策建议。

Finally , in view of changing supervising notion , consummating the issue pricing system , also the information disclosure system and restraining speculation of investor , propose suggestions about solving the problem of IPO underpricing .

高盛称，指控将涉及其作为13亿美元按揭抵押债券发行承销商的信息披露问题。

The firm said the charges would relate to the disclosures Goldman made as underwriter of an offering of $ 1.3 billion worth of mortgage-backed securities .

2001年12月24日中国证监督会颁布了《公开发行证券的公司信息披露规范问答第6号》，要求上市公司从2001年年报开始披露支付给会计师事务所的报酬。

December 24 , 2001 the China Securities Authority will be issuing a " public offering of securities of companies standardize information disclosure quiz 6 " require listed companies from the beginning of the 2001 annual report of the disclosure of payments to the accounting firm paid .

政府主导模式与证券公开规制的失效首次公开发行制度包括证券发行信息披露制度、发行监管制度、证券商行业状况、证券承销制度及证券发行定价方式五个环节。

IPO institution is composed of five components : IPO information disclosure system , IPO regulation , the state of security companies , the underwriting pattern and the method of security price-setting .

但近年来，许多中介机构公然违反勤勉尽责义务，或者与发行人通谋，造成证券发行和交易信息披露的瑕疵，给投资者带来损失。

However , in recent years the violation of due diligence and colluding with issuers by some intermediate agencies give rise to flaws in issuing of securities and leakage of transaction information , which cause great losses for investors .

而私募发行法律制度是指对私募发行的审核制度、发行对象、信息披露、发行方式、转售限制等进行规制的法律规则的总称。

The legal norms of private offerings are the legal rules of regulating the filing and approving system , the way of issuing , the purchasers , the information disclosure , limitations on the resale .

第二章在阐述证券发行监管的理论基础上，具体论述了发行审核制度、发行定价制度、信息披露制度，并结合我国的实践情况作了进一步分析。

The system consist of three parts , i.e. issuing authorizing system , issuing pricing system and information disclosure system .

为保护发行公司的真正股东&存托凭证持有人，存托凭证市场监管机构通常会明确规定发行人的信息披露义务及违反义务所应承担的责任。

In order to protect the real shareholder of the Company & holder of DR , the regulation organs will specify the disclosure duty of the Company and the liability when violating the duty .

任何国家要跨国发行证券，都要接受发行地国的法律监管，发行地国监管主要体现在证券的发行审核制度和证券发行的信息披露制度两个方面。

The supervision of the country that the securities issued is mainly embodied by the supervision system and the rule of information disclosure .