What are the three principles of securities law?

Openness, fairness and justice. The specific contents of the principle of "three publics" include: (1) disclosure principle, also known as information disclosure principle. The principle of openness usually includes two aspects, namely the initial disclosure of securities information and the continuous disclosure. (2) the principle of fairness. The principle of equity in the securities market requires that all participants in securities issuance and trading activities have equal legal status and their legitimate rights and interests can be fairly protected.

(3) the principle of justice. The principle of justice is aimed at the supervision behavior of securities regulatory agencies, which requires securities regulatory authorities to treat all regulated objects fairly on the basis of the principle of openness and fairness.

1. According to the openness principle of the Securities Law, the information disclosed by the company and relevant units must be true, accurate, complete, sufficient, timely and available, and there must be no false records, misleading statements or major omissions. From the process of publicity, it includes public offering, public listing and continuous disclosure of its information after listing. From the public content, it mainly includes the company's prospectus, the way of raising corporate bonds, financial and accounting reports and operating conditions, and other major issues that affect securities trading.

Second, the principle of fairness emphasizes substantive justice and substantive justice, while the principle of fairness emphasizes procedural justice and formal justice. The core of fairness is equality, and the core of justice is selflessness and neutrality [1]. Therefore, according to the principle of justice, first of all, legislators are required to formulate fair rules to achieve the balance of interests among market participants. Secondly, it requires law enforcers and judiciaries to enforce the law fairly within the scope of the law and solve conflicts of interest and disputes. Article 4 of China's Securities Law stipulates: "The parties to securities issuance and trading activities have equal legal status and should abide by the principles of voluntariness, compensation, honesty and credibility".

Three, this provision established the principle of good faith in China's securities law. The concrete embodiment of this principle in the Securities Law is to require securities parties not to engage in fraud or deception in securities issuance and trading activities, and to engage in securities activities with the utmost goodwill. No one may abuse his rights and prohibit fraud, insider trading, market manipulation and all acts that mislead and harm the interests of others. The principle of good faith and the principles of openness, fairness and justice complement each other and together constitute the basic principles of securities law.