The registration system originated in America. In the state blue sky law of 19 1 1, Kansas established the "substantial supervision" system for the examination and approval of securities issuance, and authorized the registration authority to make substantive judgments on whether the business plan of the securities issuer is fair, just and reasonable to investors. 1929 after the great depression, the United States promulgated the 1933 securities law, which did not adopt the "substantial supervision" securities issuance system, but established a securities issuance registration system based on "compulsory information disclosure". At present, the registration system has become a common practice of securities issuance supervision in overseas mature markets. In addition to the United States, Britain, Singapore, South Korea, Hongkong and Taiwan Province all adopt the securities issuance system characterized by registration system. Due to the huge differences in development history, investor structure, tradition of rule of law and judicial guarantee in different countries or regions, the specific practices of implementing the registration system in different markets are not exactly the same.
20 13 The Third Plenary Session of the 18th CPC Central Committee proposed "promoting the reform of stock issuance registration system". 20 19, 1 6, with the consent of the CPC central Committee and the State Council, the CSRC issued the "implementation opinions on setting up a science and technology innovation board and launching a pilot registration system on the Shanghai stock exchange", which marked that China's securities market started with setting up a science and technology innovation board, steadily promoted the pilot registration system, and gradually explored a securities issuance registration system in line with China's national conditions. The pilot registration system of science and technology innovation board draws lessons from the relevant practices of overseas mature markets, simplifies the optimization of registration conditions to the bottom line and principle requirements, realizes the whole process of auditing standards, auditing procedures and inquiries, and embodies the basic characteristics and overall direction of the registration system, which takes information disclosure as the core and allows investors to make value judgments. According to the requirements of the registration system of science and technology innovation board, the issuer is the first person responsible for information disclosure, and has the obligation to fully disclose the information necessary for investors to make value judgments and investment decisions, and ensure that the information disclosure is true, accurate, complete, timely and fair; Intermediaries, mainly sponsors, use professional knowledge and experience to fully understand the issuer's operating conditions and risks, conduct comprehensive verification and verification of the issuer's information disclosure materials, and make professional judgments for investors to make investment decisions; The audit department of issuance and listing mainly carries out the audit work by asking questions and answering questions, aiming at urging the issuer to improve the information disclosure content. The quality of the issuer's business, whether the stock is worth investing, the investment price and value of the stock are judged by the investors. The price, scale and rhythm of stock issuance are mainly determined by market entities such as issuers, sponsors, underwriters and institutional investors through market mechanisms such as inquiry, pricing and placement, and the regulatory authorities do not impose any administrative restrictions.
Considering that the development of China's securities market is short, the basic system and market mechanism are not mature, and the market binding force and judicial guarantee mechanism are not perfect, the registration system in science and technology innovation board still needs some substantive requirements from the competent department of stock issuance and registration to play a certain role. First of all, based on the positioning of the science and technology innovation board, it puts forward requirements for the industry category and direction of the issuing applicant. Second, the stock exchange can make a decision to terminate the issuance and listing of enterprises that obviously do not meet the positioning and basic issuance conditions of the science and technology innovation board. Third, on the basis of the examination and approval of the stock exchange, the CSRC will make a judgment on whether the issuance examination work and the issuer meet the requirements in the main aspects such as the issuance conditions and information disclosure requirements, and may not register those who do not meet the requirements. In the future, with the maturity of investors, market constraints gradually formed, and the level of integrity gradually improved, relevant requirements and specific practices will be gradually adjusted and improved according to market practice.