최근 중국 증권법의 개정 동향

The Recent Movement of Revision of the Securities Law of the People's Republic of China

“The Securities Law of the People's Republic of China(Amendment Draft)”was first reviewed by the National People's Congress Standing Committee on April 20, 2015. It was one of the most important amendment of the Securities Law of China since the first amendment ten years ago. This revision was made both to re-examine or straighten out the market framework and to achieve the goal of the marketization in capital market. From legal perspective, it was the first time to give a clear definition on the requirements of equity issuance application and registration process of the stock issue registration system. In addition, some new provisions in this amendment draft include information disclosure system and protecting the investor increased. Generally speaking, this revision is not only a positive response to the transition of Chinese stock market but also some kind of satisfaction to the requirement of recently developments. However, after the amendment draft was submitted to the National People's Congress Standing Committee, Chinese stock market suffered an exceptionally serious market crisis. In this economic climate, it should be more cautious on the amendment of the Securities Law in terms of the deregulation of government. Meanwhile, the crisis exposed many technical problems that not considered or poorly considered and need further research of the amendment draft.