First, the principle of openness of the securities law
The principle of openness is the basis of modern securities law, and the requirements of fairness and justice in this principle are subordinate. Since 1934 was initiated by the American Securities Exchange Law, this principle has been repeatedly emphasized in the securities laws of various countries. According to China's securities law system, any type of securities issuance and trading must follow the principle of openness, so that the investing public can have a full, true, accurate, complete and misleading understanding of the rights and properties they intend to purchase. The provisions of China's securities laws and regulations on the necessary terms and contents of the offering documents, on the unified disclosure of securities offering documents, on the issuer's responsibility for continuous information disclosure, and on the quality assurance of information disclosure of issuers and lead underwriters are the concrete manifestations of this principle. Under the condition that the rules of China's securities law are not perfect, the legal adjustment function of the principle of three publics can not be ignored. It is worth noting that the principle of openness does not mean that securities can only be issued in the form of public offering, nor does it mean that securities transactions can only be conducted in the form of centralized trading in stock exchanges. However, China's current laws and regulations still exclude private placement and diversified trading markets.
Second, the behavior of prohibiting securities trading.
The restriction and prohibition of securities trading refers to the behavior that participants in the securities market are restricted or prohibited by laws and regulations such as China's Securities Law and Company Law in the process of securities trading. Prohibited trading behaviors include insider trading, manipulating the securities market, creating false information and deceiving customers.
Third, the core of securities law.
In the principle of securities law, the general view lists "fairness, justice, openness, honesty and efficiency" as the basic principles of securities law. (See Yang Zhihua's Research on Securities Legal System, University of Political Science and Law Press 1995); Xu Jiashu and Zheng Shao's Reflections on Several Issues of Securities Legislation, Social Science 1993 No.5) In fact, some of these principles are basic principles of civil and commercial law, such as the principle of good faith.
I hope the above content can help you. Please consult a professional lawyer if you have any other questions.
Legal basis: According to the Securities Law of People's Republic of China (PRC).
Article 1 This Law is formulated in order to regulate the issuance and trading of securities, protect the legitimate rights and interests of investors, safeguard social and economic order and public interests, and promote the development of the socialist market economy.
Article 3 The issuance and trading of securities must follow the principles of openness, fairness and impartiality.
Article 4 The parties involved in securities issuance and trading activities have equal legal status and should follow the principles of voluntariness, compensation, honesty and credibility.
Article 5 The issuance and trading of securities must abide by laws and administrative regulations. Fraud, insider trading and manipulation of the securities market are prohibited.
Article 6 Securities industry, banking industry, trust industry and insurance industry are operated and managed separately, and securities companies are established separately from banks, trusts and insurance institutions. Unless otherwise stipulated by the state.
Article 7 The securities regulatory authority in the State Council shall exercise centralized and unified supervision and management over the national securities market according to law.