英文摘要 |
When the Securities Exchange Act enacted and promulgated on April 30, 1968 in Taiwan, it originally adopted the substantive regulation philosophy and implemented a merit review system. Then, as the Securities Exchange Act amended on January 29, 1988, it adopted the coexistence model of the merit review system and registration system. Until the Securities Exchange Law was amended on January 11, 2006, under the leadership of the legislators, the registration system was fully adopted. When deciding how to adjust the model of securities issuance regulation in Taiwan, what is the logic of supervision thinking or the legal basis, and whether there is any legal experience in properly planning related supporting measures, should be used as a reference for other countries to transform from a merit review system to a registration system. In addition, considering factors such as the hierarchical phenomenon of the capital market, changes in the economic environment, and the innovation of financial technology, it is a topic worthy of attention at present that why the competent authority can exempt or how to exempt securities from the issuance market to meet the needs of funds and investors. This article starts from the legal basis of securities issuance regulation and the corresponding information disclosure and accountability mechanism, and then analyzes the changes in Taiwan’s securities issuance regulation model and the legal system, the registration system of re-issuance and the exemption design of securities issuance regulation. The main purpose of this article is to outline a complete legal system for securities issuance regulation and make an in-depth analysis. Finally, the conclusion of this article is presented for consideration. |